Impacted by the COVID-19 crisis, neither the United States nor the European Union is at pre-pandemic employment levels. The E.U., however, is closer to a full recovery than the U.S., according to BRINK analysis of OECD and U.S. Bureau Labor and Statistics data.
OECD data show that the European Union’s employment rate dropped less than 1% during the pandemic and has already recovered to nearly pre-pandemic levels. According to European Commission President Ursula von der Leyen, the limited impact was mainly “because governments were quick to expand their national job-retention schemes.”
The United States, on the other hand, suffered a substantial dip in the employment rate and — while its increase from 2020 is more dramatic than the E.U. — increased retirements among the great resignation and a mass refusal to work under “poor conditions” have contributed to a slow recovery in 2021, leaving 7.4 million Americans unemployed.