Intelligent Economics recently released a report detailing notable labor market tendencies in 2021, the findings are summarized below:
- Monthly employment and labor force averages bounced back to their pre-pandemic levels in 2021
- Full-time employment grew by 93,000 or 14.1% when compared to 2021
- Full-time employment increased when compared to 2019 while part-time employment decreased
- There is no evidence that one is driving the other
- In December 2021 the average amount of hours worked by people employed in non-farm industries decreased while it increased in the agriculture industry.
- Unemployment rate in 2021 averaged 8.3% for males and 7.4% for females
- The amount of people out of the labor force due to being at school decreased by 10.9% when compared to 2020 and 15.1% when compared to 2019
- Labor force participation rate increased in the youngest age group (16-19 years old)
- Lower enrollment in university and secondary school enrollment suggest that these individuals are no longer attending a school, rather than just simply joining the labor force
- The amount of people out of the labor force due to retirement increased in January 2020 and remains higher than in 2019
For a more in-depth analysis from our team of economists subscribe to our Intelligent Platform
