On balance, I anticipate that employment will continue to move up in the months ahead, although for several reasons that are unrelated to the stance of monetary policy, I don’t expect that we will see employment fully return to prepandemic levels any time soon.
First, despite all of the economic progress, it is clear that switching off economic activity for such a long period has had lasting consequences, and expectations of a smooth resumption of production, transportation, and business operations may not be met for some time.