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The US labour market after the COVID-19 recession

Author

Listed:
  • Gomez-Salvador, Ramon
  • Soudan, Michel

Abstract

The US economy has endured an exceptionally severe recession caused by the measures put in place to contain the spread of COVID-19. This occasional paper assesses the impact of this crisis on key labour market variables, such as (un-)employment, wages and productivity, and highlights the differences versus past recessions, with an emphasis on the global financial crisis (GFC). It also presents a comparison of developments in certain key variables between the euro area and the United States, and it discusses the outlook in the United States for the ongoing recovery. JEL Classification: J20, J30, J60

Suggested Citation

  • Gomez-Salvador, Ramon & Soudan, Michel, 2022. "The US labour market after the COVID-19 recession," Occasional Paper Series 298, European Central Bank.
    • Handle: RePEc:ecb:ecbops:2022298
    Note: 375755
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    File URL: https://www.ecb.europa.eu//pub/pdf/scpops/ecb.op298~f3f39e0b4f.en.pdf
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    References listed on IDEAS

    as
    1. Olivia Lofton & Nicolas Petrosky-Nadeau & Lily Seitelman, 2021. "Parental Participation in a Pandemic Labor Market," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2021(10), pages 01-05, April.
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    4. Robert E. Hall & Marianna Kudlyak, 2021. "Comparing Pandemic Unemployment to Past U.S. Recoveries," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2021(33), pages 1-05, November.
    5. Dan Andrews & Andrew Charlton & Angus Moore, 2021. "COVID-19, productivity and reallocation: Timely evidence from three OECD countries," OECD Economics Department Working Papers 1676, OECD Publishing.
    6. Bodnár, Katalin & O'Brien, Derry, 2021. "Labour supply developments in the euro area during the COVID-19 pandemic," Economic Bulletin Boxes, European Central Bank, vol. 7.
    7. Gary Solon & Ryan Michaels & Michael W. L. Elsby, 2009. "The Ins and Outs of Cyclical Unemployment," American Economic Journal: Macroeconomics, American Economic Association, vol. 1(1), pages 84-110, January.
    8. Evgeniya A. Duzhak, 2021. "How Do Business Cycles Affect Worker Groups Differently?," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2021(25), pages 01-06, September.
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    Cited by:

    1. Lalinsky, Tibor & Anyfantaki, Sofia & Benkovskis, Konstantins & Bergeaud, Antonin & Bun, Maurice & Bunel, Simon & Colciago, Andrea & De Mulder, Jan & Lopez, Beatriz Gonzalez & Jarvis, Valerie & Krasno, 2024. "The impact of the COVID-19 pandemic and policy support on productivity," Occasional Paper Series 341, European Central Bank.

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    Keywords

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    JEL classification:

    • J20 - Labor and Demographic Economics - - Demand and Supply of Labor - - - General
    • J30 - Labor and Demographic Economics - - Wages, Compensation, and Labor Costs - - - General
    • J60 - Labor and Demographic Economics - - Mobility, Unemployment, Vacancies, and Immigrant Workers - - - General

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