It looks as if it simply took time for potential workers to match up with jobs and return to the labor force after the pandemic, White House economists argue.
One of the most persistent economic narratives of 2021 and 2022 was that of
And contrary to a widespread economic narrative of the last couple of years, that seems to be happening — as the Biden team seeks to emphasize.There has been ample speculation about why labor supply was depressed in the aftermath of the pandemic, the White House Council of Economic Advisers notes., kept people out of work. Maybe it was excess savings from the pandemic, or reassessment of life priorities, or a "collective loss of work ethic.
Moreover, immigration rates surged in 2022 after a pandemic collapse, also adding to the supply of labor."The swift but lagged response of labor supply to surging demand suggests that with time workers do respond to favorable economic conditions," the White House economists write.
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