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US Job Market Slack Will Persist Until Late 2022
A return to full employment in the US is still 18 months away and will require the creation of a further seven million jobs, Fitch Ratings says in a new report. Labour-market slack will limit upward pressures on wage inflation. The job market was hit particularly hard by the pandemic last April and the recovery in employment has lagged output. The huge shock to labour-intensive leisure and transport industries hit demand for labour very hard. Massive job market disruption in 2020 is likely to lead to some medium-term ‘scarring’ and reduced labour supply as long-term unemployment rises and some older workers are ... (full story)