The 559,000 gain in non-farm payrolls in May was at least an improvement on the 278,000 gain in April but, with the level of employment still 7.6 million below its pre-pandemic peak, it would take more than 12 months at that pace to fully eradicate the shortfall. Only a few months ago we had expected to see several months' worth of gains north of one million, as the economy reopened, but labour supply is bouncing back much more slowly than demand.
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