A Wobbly Recovery
The U.S. labor force reached a high of 164.6 million persons in February 2020, just at the start of the COVID-19 pandemic in the United States.
Nearly 21.5 million Americans lost their jobs in March and April and only around half of those jobs have returned. The latest Bureau of Labor Statistics data show around 141 million employed in the U.S., compared to 152.5 million in February. Both the labor participation rate at 61.7 percent, and the employment to population ratio, at 56.5 percent, are historically low and well below their levels in February. As of Aug. 22, according to labor data, 29.6 million people were on some form of unemployment insurance, nearly 20 times
Escape from New York We're watching this trend closely, if indeed it truly is a trend. More and more people appear to be leaving major cities, at least some major cities, for places with more space, fewer people and greater affordability. Both San Francisco and New York saw 80 percent more people leave than move in during the months of March and June, according to a report from HireAHelper, an online marketplace for moving services. Signed contracts for sales of condos and co-ops in Manhattan plunged nearly 60 percent in July, while contracts for single-family homes in areas outside of New York City skyrocketed, according to a recent report from brokerage firm Douglas Elliman and Miller Samu