AEI colleague Michael Strain notes, in a blog post, that the employment-to-population ratio is his favourite way of looking at the U.S. labour market.
This number is simply the number of folks holding any jobs as a percentage of population. Before the Great Recession, that number was around 63%.
In the July jobs report, that numbers was 58.4%. To get back to the pre-Great Recession level, we need to create an addition 11 million workers.
Right now, America just isn’t working the way it should.