Another View: Why we should stop waiting for the pre-COVID economy to return

For those waiting and hoping to see the economy return to levels of activity achieved before the COVID-19 pandemic, recent employment data, while showing considerable strength, must be discouraging.

The data are reminiscent of American novelist and playwright Gertrude Stein’s comment following a disappointing visit to her childhood hometown, where she had hoped to see familiar sites from long ago: “There is no there there.”

In our case, rock-solid employment growth in manufacturing and goods activity just isn’t there.