Posted 1/9/2024, 10:11:00 PM
Workforce Exodus: 5 Million Exit Job Market Since COVID, Pushing Real Unemployment Near 6.7%
- Unemployment rate would be nearly double current 3.7% rate if workforce returned to pre-pandemic levels, around 6.7%
- 5 million people permanently left workforce after COVID-19 pandemic
- People shifting from unemployment to disability and welfare programs not counted as unemployed
- Labor force participation rate dropped from 63.3% pre-pandemic to 62.5% in December 2022
- Initial monthly jobs reports in 2022 overstated job gains by total of 749,000 jobs