The Job Market Is Tighter Than You Think

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Solid wage growth and unfilled job openings point to much less economic slack than after the previous recession, writes greg_ip

One set of numbers shows a labor market in dire straits. Total employment,, is still down 8.4 million from its pre-pandemic peak, on a par with the worst point of the 2007-09 recession and its aftermath.

Weirdly, that isn’t what a different set of numbers suggests. It shows a labor market starting to look, well, tight.

 

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greg_ip The divide is widening

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