Agenda - Council - 09/13/2022 - Laserfiche WebLink

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from May to November 2021 ;83 the unemployment rate fell more than 1.5 percentage points to 4.2 percent, which is the lowest rate since February 2020;84 and the size of the nation's economy surpassed the pre -pandemic peak in the second quarter of 2021.85 While the economy has made immense progress in its recovery since May 2021, the economy has also faced setbacks that illustrate the continued risks to the recovery. As the Delta variant spread across the country this summer and fall, the United States faced another severe wave of cases, deaths, and strain on the healthcare system, which contributed to a slowdown in the pace of recovery in the third quarter.86 Supply chain disruptions have also demonstrated the difficulties of restarting a global economy.87 Moreover, although many Americans have returned to work as of November 2021, the economy remains 3.9 million jobs below its pre -pandemic peak,88 and 2.4 million workers have dropped out of the labor market altogether relative to February 2020.89 Thus, despite much progress, there is a continued need to respond to the pandemic's economic effects to ensure a full, broad -based, and equitable recovery. Indeed, the pandemic's economic impacts continue to affect some demographic groups more than others. Rates of unemployment remain particularly severe among workers of color and workers with lower levels of educational attainment; for example, the overall unemployment rate in the United States was 4.2 percent in November 2021, but certain groups saw much higher 83 U.S. Bureau of Labor Statistics, supra note 79. 84 U.S. Bureau of Labor Statistics, supra note 81. 85 U.S. Bureau of Economic Analysis, Real Gross Domestic Product [GDPC 1 ], retrieved from FRED, Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/GDPC1 (last visited December 7, 2021). 86 U.S. Department of the Treasury, Economy Statement by Catherine Wolfram, Acting Assistant Secretary for Economy Policy, for the Treasury Borrowing Advisory Committee (November 1, 2021), available at https://home.treasury.gov/news/press-releases/jy0453 . 87 Yuka Hayashi, IMF Cuts Global Growth Forecast Amid Supply -Chain Disruptions, Pandemic Pressures, Wall Street Journal (October 12, 2021), available at https://www.wsj.com/articles/imf-cuts-global-growth-forecast-amid- supply-chain-disruptions-warns-of-inflation-risks-11634043601. 88 U.S. Bureau of Labor Statistics, supra note 79. 89 U.S. Bureau of Labor Statistics, Civilian Labor Force Level [CLF 16OV], retrieved from FRED, Federal Reserve Bank of St. Louis, https://fred.stlouisfed.org/series/CLF160V (last visited December 7, 2021). 73