People Gave Up Looking

Pre-Covid, the labor force force was 164,516,000. 

Despite the recovery, the labor force is only up to 160,867,000. 

That's a decline of 3,649,000 people. Realistically, unemployment is understated by at least that amount.

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Civilian Labor Force 1998-Present

Civilian Labor Force 2020-10 Long Term

Because of the way the BLS carefully constructs its questions, those people are not considered unemployed even if they still want a job.

The unemployment rate was distorted enough pre-Covid. Now it's even worse.

Mish

Unemployment Rate Dives as People Drop Out of the Labor Force and Life

The unemployment rate plunged to 6.3% from 6.7%. Let's investigate a peculiar reason why.

Unemployment Rate Jumps to 4.4% But Worst is Yet to Come

The unemployment rate jumped to 4.4% in March, but the stat is more than a bit misleading. Things will get much worse.