European Shadow Unemployment Is a Real Dilemma

Freelancers demonstrate for their rights in Seville, Spain, after nearly three months the country's economy was paralysed by lockdown to stop the spread of the novel coronavirus, on June 27, 2020. Cristina Quicler/AFP via Getty Images

Commentary

The latest jobs report in the United States shows strengths and weaknesses. Total nonfarm payroll employment increased by 223,000 in December, and the unemployment rate fell to 3.5 percent. However, the U.S. job market continues to show negative real wage growth, the employment-to-population ratio is 60.1 percent, and the labor force participation rate is 62.3 percent.