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Tuesday, January 11, 2022
CHART: Unemployed Finding Work at Above-Average Rate
An analysis by Gad Levanon, Vice
President, Labor Markets
Click on the
chart to enlarge
High demand for labor is resulting in rapid hiring of the
unemployed. While the labor force participation rate remains depressed
in the aftermath of the pandemic recession in 2020, those that are in
the labor market have been able to find a new job relatively easily in
recent months.
The chart above shows the number of people who moved from unemployment
to employment, divided by the number of unemployed. Or, what percent of
the unemployed landed a job. Through June 2021, this ratio was
historically low. Potential explanations for the low ratio are factors
that may have reduced the necessity of quickly finding a job. For
example, the (now expired) enhanced unemployment benefits, the fear of
getting infected, school closings, and unemployed workers being more
selective. However, in November and December this trend was upended,
and the share of the unemployed finding jobs is now well above average.
The unemployed are now much more likely to land a job.
This trend should be monitored closely as it may lessen the severity of
the ongoing labor shortage. For more information, please visit our website.
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