The Federal Reserve is raising rates, the U.S. economy is weakening and recession talk is on the rise. But the biggest impediment to the job market still isn’t any of those things—it is the availability of workers.

Despite recent gains in employment, there are still 524,000 fewer jobs than there were in February 2020, before the Covid-19 crisis hit. Allowing for population growth, there would need to be something on the order of three million jobs to declare a complete recovery for employment.

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