The jobs report this morning seemed like good news (3.6% unemployment) until you look at the details: “The U.S. labor force shrank by 363,000 people in April from a month earlier, the Labor Department said Friday. The labor force participation rate, or the share of American adults working or looking for a job, ticked down to 62.2% in April from 62.4% in March.”
The devastation of the lockdowns is still with us: a demoralized workforce, women with kids slow to come back due to a childcare shortage, men having scaled back their professional ambitions to live off savings and accumulate debt, plus a general disruption of the liturgy of life that has not fixed itself.
Continue reading “Governments Giveth and Taketh Away”
