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so becky yeah instead of the 2.3 million missing americans from the labor force that compares to the pre-pandemic level a cnbc analysis suggests the number could be as much as a million lower than that that means the labor market is tight not as tight though as the headline number makes it appear and it means the inflation threat from wage growth still exists but might not be as long lasting heres the data the governments not seasonally adjusted numbers show 1.8 million americans have returned to the workforce this year but the seasonally adjusted number thats the one that everybody follows including most economists is up by only 891 thousand the difference is about a million our analysis shows this is the same gap that existed over much of the past five years through october heres the question whether the pandemic is just too different and too weird for the old patterns to apply well whats different schools have reopened in the past couple months unemployment benefits ended for m
