A lot of this is being articulated by central bankers around the world, as they try and distill the lessons of the crisis into what they should be doing more or less of, or differently and how they should go about fulfilling possibly changed objectives.
This sector accounts for more than 40 percent of the net decline in private payrolls since February 2020. Overall, with 9.5 million fewer jobs than pre-COVID levels, we are far from our broad-based and inclusive maximum-employment goal. Inflation similarly remains far from the goal of 2 percent inflation on average over time.