Labour markets in the rich world are recovering from covid-19

NEARLY A YEAR and a half ago, covid-19 was spreading rapidly across the rich world and countries were starting to lock down. Millions were left unable to work as everything from factories and building sites to shops and restaurants closed. The number of hours worked in the mostly rich economies in the OECD fell by 15%; in the biggest, America, the unemployment rate rocketed from 3.5% in February 2020 to 14.8% in April. Governments elsewhere hurriedly cobbled together furlough and short-time work schemes, which held down unemployment in many other...