The labor market has made a strong recovery from the initial employment shock of the global COVID-19 pandemic in 2021. The total number of employed began to tick upward in March, after which monthly year over year (YoY) employment gains consistently h...
The labor market has made a strong recovery from the initial employment shock of the global COVID-19 pandemic in 2021. The total number of employed began to tick upward in March, after which monthly year over year (YoY) employment gains consistently hovered around the 600,000 mark, which is more than the decrease in the number of workers during 2020 by about 200,000. Seasonally-adjusted employment has recorded YoY growth for 8 consecutive months, having as of December 2021 reached 99.9% of pre-crisis (February 2020) levels. Assuming no sudden contraction of the global economy or domestic market, and ruling out any exceptional phenomena that might negatively impact the labor market, the total number of workers should increase by 243,000 in 2022.