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2021 Labor Market Summary

Intelligent Economics > Analysis > 2021 Labor Market Summary

Intelligent Economics recently released a report detailing notable labor market tendencies in 2021, the findings are summarized below:

  • Monthly employment and labor force averages bounced back to their pre-pandemic levels in 2021
  • Full-time employment grew by 93,000 or 14.1% when compared to 2021
  • Full-time employment increased when compared to 2019 while part-time employment decreased
    • There is no evidence that one is driving the other
  • In December 2021 the average amount of hours worked by people employed in non-farm industries decreased while it increased in the agriculture industry.
  • Unemployment rate in 2021 averaged 8.3% for males and 7.4% for females
  • The amount of people out of the labor force due to being at school decreased by 10.9% when compared to 2020 and 15.1% when compared to 2019
    • Labor force participation rate increased in the youngest age group (16-19 years old)
    • Lower enrollment in university and secondary school enrollment suggest that these individuals are no longer attending a school, rather than just simply joining the labor force
  • The amount of people out of the labor force due to retirement increased in January 2020 and remains higher than in 2019

For a more in-depth analysis from our team of economists subscribe to our Intelligent Platform

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