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How to Explain This Weird Job Market
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The 2021 labor-market story should have been one of a strong—if incomplete—recovery. The unemployment rate fell to 4.2% in November after ending 2020 at 6.7%. The economy gained more than 555,000 jobs a month on average. Although still about four million shy of pre-pandemic levels, the pace of job growth was quick.
Instead, 2021 has been a head-scratcher. Since May, there have been more job openings than unemployed workers. Three million people still haven’t returned to the labor force. Quits
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