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How Equitable Has the COVID Labor Market Recovery Been?

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Abstract

One of the two monetary policy goals of the Federal Reserve System— one-half of our dual mandate—is to aim for “maximum employment.” However, labor market outcomes are not monolithic, and different demographic and economic groups experience different labor market outcomes. In this post, we analyze heterogeneity in employment rates by race and ethnicity, focusing on the COVID-19 recession of March-April 2020 and its aftermath. We find that the demographic employment gaps temporarily increased during the onset of the pandemic but narrowed back by spring 2022 to close to where they were in 2019. In the second post of this series, we will focus on heterogeneity in inflation rates, the second part of our dual mandate.

Suggested Citation

  • Ruchi Avtar & Rajashri Chakrabarti & Maxim L. Pinkovskiy, 2022. "How Equitable Has the COVID Labor Market Recovery Been?," Liberty Street Economics 20220630a, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:94415
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/06/how-equitable-has-the-covid-labor-market-recovery-been/
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    More about this item

    Keywords

    equitable growth; inflation; COVID-19; recession;
    All these keywords.

    JEL classification:

    • E31 - Macroeconomics and Monetary Economics - - Prices, Business Fluctuations, and Cycles - - - Price Level; Inflation; Deflation
    • I14 - Health, Education, and Welfare - - Health - - - Health and Inequality

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