"Since the pandemic upended the global economy a little over a year ago, we have made considerable progress along the path to economic recovery. By many measures, the gaps that opened in early 2020 have narrowed. Real gross domestic product (GDP), the broadest measure of the nation’s economic output, increased at a robust 6½% annual rate in the first quarter. The unemployment rate, at just over 6% in April, has improved considerably from its peak a year ago of nearly 15%.
That progress alone is reason to be optimistic. Even so, we remain more than 8 million jobs shy relative to pre-pandemic levels. While this shortfall partly reflects the still-elevated unemployment rate, another factor has been a decline in labor force participation, with many potential workers sitting on the sidelines."
Click here to read KC Fed President Esther George's complete message.