Literally since the pandemic began, I have cautioned that, unlike previous economic dislocations, this one is inextricably linked to a health crisis. Complete recovery can only occur when we reach the point of peaceful coexistence with the virus. Nowhere is this phenomenon more evident than in the job market.
COVID-19 and measures to slow its spread caused the disappearance of well over 22 million US jobs in just two months (March and April 2020). Each of these lost positions represented an associated reduction in income and financial security. For many families, the consequences included increased stress, hunger, and myriad other issues.
As hiring began to resume, it was a tremendous relief. Through the summer of 2020 as things gradually reopened, millions of jobs were restored, with 2.8 million in May, 4.8 million in June, 1.7 million in July, and 1.6 million in August. During that time, COVID-19 cases were generally trending in the 20-50,000 daily range. Much of the economy remained closed or curtailed, but enough had been learned to permit some progress.
