February 2020 signaled the peak of a strong pre-COVID economy, with unemployment at 3.5%. However, by April, the pandemic caused a severe job loss of 22 million, peaking unemployment at nearly 15%. Swift recovery followed, with 7.2 million additional jobs by December 2024 versus pre-pandemic levels. Jason Furman emphasized that current job levels exceeded prior expectations, partly due to aggressive government intervention that facilitated faster job growth compared to the post-2008 crisis recovery.
February 2020 marked the peak of the pre-COVID economy with low unemployment, but by April, the pandemic resulted in the loss of 22 million jobs.
The economy recovered faster than anticipated post-COVID, with 7.2 million more jobs by December 2024 than in February 2020, surpassing expectations.
Harvard economist Jason Furman noted that the current job numbers exceed the Congressional Budget Office's pre-COVID expectations by 3.5 million jobs.
The swift post-2020 labor market recovery can be attributed to aggressive government relief policies, facilitating faster job creation than seen after the 2008 crisis.
Collection
[
|
...
]