How Have the Euro Area and U.S. Labor Market Recoveries Differed?

Thomas Klitgaard

No 20220330, Liberty Street Economics from Federal Reserve Bank of New York

Abstract: The initial phase of the pandemic saw the euro area and U.S unemployment rates behave quite differently, with the rate for the United States rising much more dramatically than the euro area rate. Two years on, the rates for both regions are back near pre-pandemic levels. A key difference, though, is that U.S. employment levels were down by 3.0 million jobs in 2021:Q4 relative to pre-pandemic levels, while the number of euro area jobs was up 600,000. A look at employment by industry shows that both regions had large shortfalls in the accommodation and food services industries, as expected. A key difference is the government sector, with the number of those jobs in the euro area up by 1.5 million, while the government sector in the United States shed 600,000.

Keywords: labor markets; United States; euro area; employment; unemployment rates; public sector; government; leisure; hospitality; pandemic; recovery; COVID-19; job retention schemes (search for similar items in EconPapers)
JEL-codes: J00 J21 (search for similar items in EconPapers)
Date: 2022-03-30
New Economics Papers: this item is included in nep-ban, nep-eec and nep-mac
References: Add references at CitEc
Citations:

Downloads: (external link)
https://libertystreeteconomics.newyorkfed.org/2022 ... recoveries-differed/ Full text (text/html)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:fip:fednls:93891

Ordering information: This working paper can be ordered from

Access Statistics for this paper

More papers in Liberty Street Economics from Federal Reserve Bank of New York Contact information at EDIRC.
Bibliographic data for series maintained by Gabriella Bucciarelli ().