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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