[gregimba]

I think the overall workforce participation rate paints the reality much better than unemployment numbers. The drop was the sharpest in the entire dataset going back to 1950 and while a portion of jobs have returned the possibility we may not see workforce participation return to pre COVID levels within the next 2-3 years is a definite possibility.

https://fred.stlouisfed.org/series/CIVPART

Edit:

St. Louis Fed quote from article on unemployment

> For perspective, in June, we were short by about 7.1 million jobs compared with the pre-pandemic level. This analysis suggests that this gap will only close about half by June 2022.

https://www.stlouisfed.org/on-the-economy/2021/october/labor...

[advael]

Came here to say this. Unemployment numbers are such a joke of a statistic in a situation where unprecedented numbers of young adults left the workforce entirely in two subsequent recessions and we just don't count them

[frankbreetz]

I don't think it's a joke, basically all statistics are useless in isolation. While it's true unemployment doesn't paint the whole picture, I see a declining labor participation rate as mostly a good thing. It implies families with one working parent, people living longing in retirement and more people going to school. If we tried to maximize for labor participation rate like we do unemployment rate, it would be a very depressing society.