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Two years after the onset of the COVID-19 pandemic, a puzzle has emerged in several advanced economies: unfilled job vacancies have increased sharply even though employment has yet to fully recover. This note sheds light on three contributing factors, namely barriers to returning to work, changing worker preferences away from certain types of jobs, and sectoral and occupational job mismatch. The note also assesses the impact of labor market tightness on wage growth, showing that it has been large for low-pay jobs but milder overall. Bringing disadvantaged groups of workers into the labor force, including by controlling the pandemic itself, would ease labor market pressures while amplifying the recovery and making it more inclusive.

Labor market --- Unemployment. --- Aggregate Human Capital --- Aggregate Labor Productivity --- Business Fluctuations --- Communicable diseases --- Cycles --- Deflation --- Demand and Supply of Labor: General --- Diseases: Contagious --- Economic theory --- Employment --- Health Behavior --- Health --- Income economics --- Infectious & contagious diseases --- Inflation --- Intergenerational Income Distribution --- Job, Occupational, and Intergenerational Mobility --- Labor Economics Policies --- Labor economics --- Labor Force and Employment, Size, and Structure --- Labor --- Labour --- Price Level --- Promotion --- Social impact of disasters --- Unemployment --- Wage Differentials --- Wage Level and Structure --- Wages --- Wages, Compensation, and Labor Costs: General

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In 2020, the COVID-19 pandemic caused by far the largest shock to European economies since World War II. Yet, astonishingly, the EU unemployment rate had already declined to its pre-crisis level by 2021Q3, and in some countries the labor force participation rate is at a record high. This paper documents that the widespread use of job retention schemes has played an essential role in mitigating the pandemic’s impact on labor markets and thereby facilitating the restart of European economies after the initial lockdowns.

Labor market --- COVID-19 Pandemic, 2020 --- -Labor market --- -Aggregate Human Capital --- Aggregate Labor Productivity --- Automation --- Business Taxes and Subsidies --- Communicable diseases --- Covid-19 --- Crisis Management --- Demand and Supply of Labor: General --- Diseases: Contagious --- Economic theory --- Employment --- Fiscal Policies and Behavior of Economic Agents: Household --- Forecasting and Simulation: Models and Applications --- Health Behavior --- Health --- Human Capital --- Income economics --- Infectious & contagious diseases --- Intergenerational Income Distribution --- Job creation --- Job, Occupational, and Intergenerational Mobility --- Labor Demand --- Labor Economics Policies --- Labor Force and Employment, Size, and Structure --- Labor markets --- Labor Productivity --- Labor Turnover --- Labor --- Labour --- Layoffs --- Occupational Choice --- Plant Closings --- Promotion --- Severance Pay --- Skills --- Social impact of disasters --- Technology --- Time Allocation and Labor Supply --- Unemployment Insurance --- Unemployment rate --- Unemployment --- Unemployment: Models, Duration, Incidence, and Job Search --- Vacancies --- Wages --- United States --- -United States