Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, said unemployment levels are not expected to return to pre-pandemic levels until 2024. McAnneny noted that the pandemic has also pushed people out of the labor force, with 228,000 people having left the labor force entirely since March – which means they are neither working nor looking for work. There are also questions about the long-term impact of the pandemic – for example, if businesses permanently curtail business travel, hotels that rely on business travel will not recover.
December 15, 2020
FY 2022
State economy expected to improve in FY22
Eileen McAnneny, president of the Massachusetts Taxpayers Foundation, said unemployment levels are not expected to return to pre-pandemic levels until 2024. McAnneny noted that the pandemic has also pushed people out of the labor force, with 228,000 people having left the labor force entirely since March – which means they are neither working nor looking for work. There are also questions about the long-term impact of the pandemic – for example, if businesses permanently curtail business travel, hotels that rely on business travel will not recover.