Job Growth
In September, U.S. jobs reached a record 153 million. Unlike the Great Recession, jobs have recovered quickly since the pandemic struck.
Total jobs by month, U.S.
Jan 2000 - Sep 2022
Source: Bureau of Labor Statistics. Note: Seasonally adjusted. Data for Aug 2022 and Sep 2022 are preliminary.
While almost 22 million jobs were lost when Covid hit, they have now, some two years later, been fully recouped. In contrast, the Great Recession caused a loss of more than 8 million jobs, which took more than four years to recoup. The nation has reached a record 153 million jobs (500,000 more than the pre-pandemic February 2020 level) and an unemployment rate of 3.5% (which is equal to the pre-pandemic February 2020 level).1,2
Together the Bipartisan Infrastructure Law and the Inflation Reduction Act are predicted to create over 2 million new jobs each year for 10 years.3,4 Importantly, these new jobs will encompass a large variety of occupations.5 Helping workers build the skills necessary to fill these jobs, and to transition from old industries to new sustainable industries will require substantial retooling of current workforce development systems, ramping up paid apprenticeships, and a host of new approaches to rapidly onboard new workers.6,7
In addition, the labor force may need to grow to accommodate this increased job creation. Lack of child care currently hampers many parents of young children with some 2 million cutting work hours and another million unable to look for work in July/August (Child Care Disruptions. Moreover, experts estimate that as many as 4 million workers are sidelined each month because of Long Covid symptoms (Long Covid Estimates).8 Ensuring that Americans are healthy and have the skills and family care they need to take advantage of these jobs will be important for ensuring a sufficient supply of workers.
“Civilian Labor Force Level”. FRED. https://fred.stlouisfed.org/series/CLF16OV
“Unemployment Rate”. FRED. https://fred.stlouisfed.org/series/UNRATE
“Job Creation Estimates Through Proposed Inflation Reduction Act”. Pollen, Lala, Chakraborty. University of Massachusetts Amherst Political Economy Research Institute. August, 2022. https://peri.umass.edu/publication/item/1633-job-creation-estimates-through-proposed-inflation-reduction-act
“15 Million Infrastructure Jobs. Georgetown University Center on Education and the Workforce. https://cew.georgetown.edu/cew-reports/infrastructure/
“Inflation Reduction Act Benefits: Good Paying Jobs and Revitalized U.S. Manufacturing”. Spengeman. Forbes. September, 2022. https://www.forbes.com/sites/energyinnovation/2022/09/28/inflation-reduction-act-benefits-good-paying-jobs-and-revitalized-us-manufacturing/?sh=7820165f6ff9
“The Insightful Leader Live: What You Need to Know about the New Climate Bill. Kellogg Insight. October, 2022. https://insight.kellogg.northwestern.edu/webinars/the-insightful-leader-live-new-climate-bill
“Biden needs to create an infrastructure talent pipeline, not just more jobs”. Kane. Brookings. January, 2021. https://www.brookings.edu/blog/the-avenue/2021/01/29/biden-needs-to-create-an-infrastructure-talent-pipeline-not-just-more-jobs/
“New data shows long Covid is keeping as many as 4 million people out of work”. Bach. Brookings. August, 2022. https://www.brookings.edu/research/new-data-shows-long-covid-is-keeping-as-many-as-4-million-people