The V Shaped Recovery Never Happened
Channel: The Nomad Economist
Date: 2021-03-10

The V-Shaped Recovery Never Happened

In a display of unconvincing enthusiasm, NBC reported today that payroll employment “surged” in February. Specifically, total nonfarm payrolls (seasonally adjusted) grew 379,000 month over month, which was above the expected increase of 210,000.

That might sound great to some, but a closer look suggests jobs growth is quite a bit more sedate than the media narrative suggests. Moreover, a look at the job growth situation in recent months is a helpful reminder that the “V-shaped recovery” we were promised last spring never happened. 

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