The Labor Market and the Pandemic

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The number of Americans who were in the labor force actually continues to be quite low. There's a belief still lower than it was before the pandemic. In terms of what the issue in the labor market is, in one sense it's amazing and wonderful. It's hard to look at the last employment report where you saw the black unemployment rate was the lowest it ever had been.

Jason Furman is a professor of economics in the Economics Department at Harvard and at the Harvard Kennedy School. He also served as the chair of the Council of Economic Advisers under President Barack Obama.

In this week’s conversation, Yascha Mounk and Jason Furman discuss the causes of today’s persistent inflation in the US and whether it is likely to continue; how concerned we should be about the recent failures of mid-sized regional banks; and why America’s share of world GDP has remained resilient over the past decades even though it sometimes feels dysfunctional relative to other developed economies like Germany and Japan.

This transcript has been condensed and lightly edited for clarity.

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