US labor market hit little by pandemic, researchers say

The important documents were presented at the Boston Fed research conference. They say that despite the COVID-19 pandemic, the job market, in general, remains favorable.

In 2020 the level of unemployment in the USA experienced rapid rises and falls. In the same year, it first rose sharply from 3.5% in February to 14.7% in April. Then, a very rapid recovery followed, with many jobs created and unemployment falling to 3.7%.

Harvard University professor Lawrence Summers, applying for the post of central bank’s head, criticized FRS again.  It happened on Saturday during the discussion on a document.

Summers said that the job market has only temporarily changed due to the pandemic. According to him, it was a mistake of the FRS and the government to overstimulate the economy. Now, because of these measures, inflation is too high, and these actions couldn’t lead to anything else.