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The labor market in the US, 2000–2020

Author

Listed:
  • Daniel S. Hamermesh

    (Barnard College, USA, and IZA, Germany)

Abstract

As the largest economy in the world, the US labor market is crucial to the economic well-being of citizens worldwide as well as, of course, that of its own citizens. Since 2000 the US labor market has undergone substantial changes, reflecting the Great Recession and the Covid Recession, but also resulting from some striking trends. Most interesting have been a remarkable drop in the labor force participation rate, reversing a nearly 50-year trend; the full recovery of unemployment after 2010 and its skyrocketing in 2020; and the little-known continuing growth in post-inflation average earnings.

Suggested Citation

  • Daniel S. Hamermesh, 2021. "The labor market in the US, 2000–2020," IZA World of Labor, Institute of Labor Economics (IZA), pages 361-361, October.
    • Handle: RePEc:iza:izawol:journl:2021:n:361
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    More about this item

    Keywords

    unemployment; real earnings; inequality; US;
    All these keywords.

    JEL classification:

    • E24 - Macroeconomics and Monetary Economics - - Consumption, Saving, Production, Employment, and Investment - - - Employment; Unemployment; Wages; Intergenerational Income Distribution; Aggregate Human Capital; Aggregate Labor Productivity
    • N32 - Economic History - - Labor and Consumers, Demography, Education, Health, Welfare, Income, Wealth, Religion, and Philanthropy - - - U.S.; Canada: 1913-

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