Thread by @Claudia_Sahm, morning chart. attempt to figure out how I totally missed surge back [...]

morning chart.

attempt to figure out how I totally missed surge back to work after stay-at-home orders ended last year AND totally missed slower return to work now even with vaccinations.

easier for temp laid off to go back to work than other unemployed or left labor market.

inspired by this line in @byHeatherLong's piece:

"Economists describe this phenomenon as reallocation friction, the idea that the types of jobs in the economy are changing and workers are taking awhile to figure out what new jobs they want." https://www.washingtonpost.com/business/2021/05/07/jobs-report-labor-shortage-analysis/?utm_campaign=wp_todays_headlines&utm_medium=email&utm_source=newsletter&wpisrc=nl_headlines&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F323d3bb%2F6096612a9d2fdae30247678d%2F596a4fddade4e20ee370a82c%2F14%2F61%2F6096612a9d2fdae30247678d

Analysis | It’s not a ‘labor shortage.’ It’s a great reassessment of work in America.

Hiring was much weaker than expected in April. Wall Street thinks it’s a blip, but there could be much deeper rethinking going on of what jobs are needed and what workers want to do on a daily basis.

https://www.washingtonpost.com/business/2021/05/07/jobs-report-labor-shortage-analysis/?utm_campaign=wp_todays_headlines&utm_medium=email&utm_source=newsletter&wpisrc=nl_headlines&carta-url=https%3A%2F%2Fs2.washingtonpost.com%2Fcar-ln-tr%2F323d3bb%2F6096612a9d2fdae30247678d%2F596a4fddade4e20ee370a82c%2F14%2F61%2F6096612a9d2fdae30247678d

PS I don't think 'reassessment' is as important as costs of severing of employer-employee relationships: takes time and effort to find a new employer even for same kind of job. big rethinks likely at play too, especially for those who left labor market. that takes even longer.

PPS for those convinced that extra unemployment benefits are wrecking our economy:

1) people who quit jobs and left the labor force DO NOT GET BENEFITS.

2) NOT EVERYONE eligible for benefits get them. unemployment insurance system is broken. FIX IT. https://www.bloomberg.com/opinion/articles/2021-01-25/u-s-unemployment-system-is-broken-but-fixable?sref=YAR8Qcu4

The U.S. Unemployment System Is Broken But Fixable

Bigger checks are good but not enough for the millions of unemployed Americans who need more help.

https://www.bloomberg.com/opinion/articles/2021-01-25/u-s-unemployment-system-is-broken-but-fixable?sref=YAR8Qcu4

pass Jobs and Families plans to push us toward better than pre-Covid. we've never achieved full employment, a good job for everyone who wants to work. living wage, predictable schedule, career path, etc. do it!! https://twitter.com/Claudia_Sahm/status/1391372016255647746?s=20

https://twitter.com/Claudia_Sahm/status/1391372016255647746?s=20

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