U.S. labor market is showing shades of 2019

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Understanding similarities and differences between 2019 and today is key for what’s next.

Given the pandemic distortions to our collective sense of time, 2019 can feel like either a decade ago or a month ago. Either way, the labor market is showing shades of 2019.

Relatedly, job creation has been faster this year, with an average of 345,000 a month versus 163,000 a month in 2019. One is that high inflation persists, which would depress American buying power and lead to yet more Fed tightening, with all the future pain that would entail.

 

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Not quite. The economy has entered recession already and Republicans are going to make it worse by dragging out debt ceiling instead of raising it.

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