Approximately 83% of the jobs lost early in the pandemic have been regained, he said; that percentage equates to 18.5 million jobs.
But he said further job recovery is being hampered by lower labor force participation.
The pandemic, McInerney said, had a dramatic effect on both labor demand and supply.
With COVID-19 vaccines becoming widely available in the spring, employers, he said, sought to quickly increase staffing to meet the anticipated demand of people returning to economic activities.
McInerney said that the pandemic made the labor market realize the importance and dependence of the economy on education and child care.
In response, he said, employers have to be more mindful of the demands on workers and, where possible, offer more flexibility in job schedules and responsibilities.
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