Nearly half of the population in the United States is still unemployed, indicating that there is still a long way to go for the recovery of the US labor market after the COVID-19 epidemic.

According to the Bureau of Labor Statistics (Bureau of Labor Statistics), the employment-to-population ratio (the percentage of employed people as a percentage of the adult population in the United States) fell to 52.8% in May, meaning 47.2% of Americans are unemployed. Affected by the COVID-19 epidemic, the proportion of employed people has fallen sharply from a recent high of 61.2 per cent in January, a far cry from the record high of 64.7 per cent in 2000.

The employment-population ratio is hailed as the best indicator of labor market trends in the United States, taking into account adults who are not in the labor market and those who are discouraged by the prospect of finding a job, while the unemployment rate is for those who are actively looking for work.

"to get the employment-population ratio back to its 2000 peak, we need to create 30 million jobs," said Torsten Slok, chief economist at Deutsche Bank.

Investors will be watching this week's June non-farm payrolls report for the latest information on the pace of recovery in the US labor market. Economists surveyed expect non-farm payrolls to rise by 3.15 million in June, up from a 2.5 million jump in May, the largest monthly increase.

Meanwhile, economists expect the unemployment rate to fall to 12.4% in June from 13.3% in May. The unemployment rate does not cover those who stop looking for work. The labor force accounts for about 60% of the adult population in the United States.

Signs of improvement in the labour market have slowed recently as concerns about a rebound in the epidemic have deepened in recent weeks. Over the past two weeks, the number of Americans applying for unemployment benefits has been higher than expected.

Chris Rupkey, chief financial economist at MUFG Union Bank, said in a report: "at present, the recovery of the US economy is being dragged down by thousands of Americans who are unemployed and do not have jobs at all. Massive unemployment means that the economy is not out of the woods yet. "

States such as Texas and Florida have suspended plans for further economic reopening because of recent record highs in novel coronavirus cases.

The June non-farm payrolls report will be released on Thursday.