The unemployed with jobs and without jobs

Potential workers are classified as unemployed if they seek work but not working. The population contains two groups—those with jobs and those without jobs. Those on furlough or temporary layoff. This group expanded tremendously in April 2020, at the trough of pandemic recession. They wait out periods non-work understanding that their still exist will be recalled. We show resulting temporary-layoff unemployment mostly dissipated by end 2020. constitute what we call jobless unemployment. Shocks elevate have much more persistent effects. Historical major adverse shocks, such financial crisis 2008, created consequently caused extended elevated Jobless reached its peak November 4.9%, modest historical standards, has declined a faster-than-historical pace since.