Is unemployment higher than the headline data imply?

Fed Chair Jerome Powell’s claim that the ‘true’ unemployment rate is still close to 10% only makes sense if the four million workers who left the labour force last year will return. It’s still too soon to tell for sure, but the evidence so far suggests that may prove to be overly optimistic.   WEBINAR INVITE: To mark the upcoming launch of The Long Run, our dedicated long-term service, we’re holding a special webinar on 11th February to discuss how we see economies and markets performing out to 2050. Complimentary registration here for either of two sessions.