Two graphs on how fast the economy is producing jobs relative to workers.

First, we use the over 16 non-institutionalized population. This is basically everyone legally allowed to work.

FRED Graph

Rates above zero indicates jobs created at a faster rate than workers, below zero the opposite.

As you can see we are closing in on rates achieved in the mid 2000s and much sooner than after the dot-com bust. The V shaped nature of this recovery in terms of labor soakage is much more pronounced than after 2001.

Second, we’ll  compare to the civilian labor force. These are folks who tell us they are looking for a job.

FRED Graph

By this metric we are currently beating anything achieved during the naughts and in the ballpark of the late 90s.

Notedly the recovery was actually faster than decline so that the V is skewed backwards.