2.1 Bottlenecks in labor and product markets will take time to ease—with 2.2 different rates of normalization of demand and supply US economy operates above pre-COVID levels ... but with 5 million fewer workers 0 2. n o i s r e 1 V 202 r Trillions of real 2012 USD Number of workers (millions) e b o t c 20 160 25 O ed t a d p u es v i 19 5M t ec 150 p s workers er P e v i t 18 u ec x E 140 G C B . ed 17 v er es r s t h g 130 i r l 16 l A . p u o r G g n i t l 15 120 u s n 2015 16 17 18 19 20 21 2015 16 17 18 19 20 21 o C n o t s o B y b 1 2 0 2 © t h g i r Such a fast divergence is impossible without causing bottlenecks across the economy y p o 1010 C Source: BEA, BLS, BCG