ADP Economist Says U.S. Economy Hasn’t Added One Job Compared with 2019
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While the Biden administration is touting its jobs record as a big accomplishment, the fact is the labor market has still not recovered all the jobs lost in the early months of the pandemic.
Total nonfarm employment in the U.S. is now just under 149 million, In February 2019, there were 152.5 million people employed.
Similarly, the labor force participation rate remains well below the prepandemic level.
“The economy hasn’t added one single job from the 2019 watermark. Not one. All the jobs that we have seen gained are recovered jobs that were lost. We are not yet producing new jobs,” said Neela Richardson, chief economist at payroll processor ADP, on CNBC Tuesday.
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