Causality is a funny thing sometimes. Covid did not cause a recession, the government caused a recession because of Covid. The economy contracted because of self-imposed lockdowns and unemployment exploded. The rebound from the removal of Covid restrictions reduced unemployment levels drastically and, in fact, created some jobs.  Economists call labour markets ‘tight’ when the supply of available labour reduces, making it harder for employers to find the right people. Tight labour markets and a shortage of workers have been a defining characteristic across much of the OECD this year. By June of this year, OECD countries had registered an…

Read on for just €1

For a limited time, get your first month for €1 and unlock full access to The Currency and The Wall Street Journal – two premium memberships, one subscription.

Subscribe

Cancel at any time.

Are you already a member? .