The April jobs report was sponsored, apparently, by the number “26”. That’s the number of months since the February 2020 pre-Covid peak, when the index of labor hours worked first crossed the level posted for last month.
Index of Aggregate Labor Hours, February 2020-April 2022
For the life of us, we don’t see how the Fed and Wall Street come off gumming about a “strong” labor market. Every bit of the rise in the black bars above was accounted for by “born again” hours that were dumped during the Covid-Lockdowns.
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