The US is right around the corner from recovering the jobs lost during the pandemic
, companies are adding jobs at nearly twice the rate seen before the pandemic crash.
The pace at which the US is still adding jobs is"truly remarkable," Daniel Zhao, a senior economist at Glassdoor, told Insider. The payroll rebound mirrors the unemployment rate's extraordinarily quick recovery. The measure hit 3.6% in March and has stayed there since. That's just above the 50-year low of 3.5% observed just before the pandemic slammed the US.
To be sure, a full payroll recovery doesn't necessarily mean the US labor market has fully healed. Labor force participation ticked lower in June and remains well below pre-crisis levels. That means there are still millions of Americans who were working before the pandemic and remain on the labor market's sidelines. Though retirements count for some of the trend, it doesn't explain the full decline.
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