- by
- 07 25, 2024
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AMERICA’S LATEST jobs report was both encouraging and sobering. The world’s largest economy added 943,000 jobs in July. That is the best tally in nearly a year—but even at this pace employment with its pre-crisis level until early 2022, six months after output regained its peak. Jobs in the rest of the rich world, too, are likely to take a while to return to pre-pandemic highs. Demand for workers is still lower than it was before covid-19 struck; and, more important, people have withdrawn from the world of work.Before the pandemic the rich world enjoyed an extraordinary . In 2019 a higher share of people over the age of 15 was in the labour force—ie, either in work or looking for it—than at any point since at least 1990. The working-age employment rate (the share of 16- to 64-year-olds in a job) was at an all-time high in over half of rich countries.