How Equitable Has the COVID Labor Market Recovery Been?

Ruchi Avtar, Rajashri Chakrabarti and Maxim Pinkovskiy

No 20220630a, Liberty Street Economics from Federal Reserve Bank of New York

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.

Keywords: equitable growth; inflation; COVID-19; recession (search for similar items in EconPapers)
JEL-codes: E31 I14 (search for similar items in EconPapers)
Date: 2022-06-30
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