People line up outside a temporary unemployment office established by the Kentucky Labor Cabinet at the State Capitol Annex in Frankfort, Kentucky, U.S. June 17, 2020. REUTERS/Bryan Woolston

In April, the employment-to-population ratio — the percentage of those above 16 who currently have a job — fell to an all-time low of 51.3%. That means only half of working-age Americans are currently employed.
“To get the employment-to-population ratio back to where it was at its peak in 2000 we need to create 30 million jobs,” Torsten Slok, chief economist at Deutsche Bank, wrote in a Monday note.
The US economy added 2.5 million jobs in May, and economists expect Thursday’s jobs report to show it added another 3 million in June. That’s still a long way off from recovering the 20.5 million jobs lost in April.
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The coronavirus pandemic devastated the US labor market, pushing unemployment up to highs not seen since the Great Depression by putting millions of Americans out of work.

In April, the employment-to-population ratio — the percentage of those above age 16 who currently have a job — fell to an all-time low of 51.3%. In May, it ticked up slightly, but was still 52.8%, meaning that only half of working-age Americans currently have a job.

Even as the US economy reopens and people go back to work, there’s a long road ahead for the recovery, according to Torsten Slok, chief economist at Deutsche Bank.

“To get the employment-to-population ratio back to where it was at its peak in 2000 we need to create 30 million jobs,” Slok wrote in a Monday note. Slok said that in February there were 6 million unemployed people in the US — today, there are 21 million.

Before the coronavirus pandemic, the employment-to-population ratio was steadily gaining toward the all-time high of 64.7% in April 2000. In January, before the coronavirus pandemic hit the US, the key ratio was 61.2%.

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Source:: Business Insider

      

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