Today's employment report shows an unmistakably, painfully slowing recovery. The chart below shocked me when I saw it this morning. More like it in this thread.

(To be fair, gross flows into employment in the CPS have also declined but not as dramatically)

As a result, the employment recovery has almost stalled out

Also worrying is a recent decline in the prime-age (ie age 25-54) labor force participation rate

How did this happen? A lot of the explanation must be the disappearance of fiscal support, shown clearly in this thread from @ShaiAkabas https://twitter.com/ShaiAkabas/status/1305477205791834112https://twitter.com/ShaiAkabas/status/1305477205791834112