June 4, 2021, Opinion: "The US economy added 559,000 jobs in May, similar to the average of 533,000 jobs over the previous three months and much faster than the pace in the three months before that. This still leaves the economy 10 million jobs short of its trend. At the same time the unemployment rate fell to 5.8 percent, but labor force participation also fell slightly and is lower than it was last summer. The “realistic” unemployment rate (which adjusts for the unusually large reduction in labor force participation) also improved."
HKS Authors - Jason Furman and Willie Powell