Using weekly administrative payroll data from the largest US payroll processing company, we measure the evolution of the US labor market during the first four months of the global COVID-19 pandemic. After aggregate employment fell by 21 percent through late April, employment rebounded somewhat through late June. The reopening of temporarily shuttered businesses contributed significantly to the employment rebound, particularly for smaller businesses. We show that worker recall has been an important component of recent employment gains for both reopening and continuing businesses. Employment losses have been concentrated disproportionately among lower wage workers; as of late June employment for workers in the lowest wage quintile was still 20 percent lower relative to mid-February levels. As a result, average base wages increased between February and June, though this increase arose entirely through a composition effect. Finally, we document that businesses have cut nominal wages for almost 7 million workers while forgoing regularly scheduled wage increases for many others.

我们使用来自美国最大的工资处理公司的每周行政工资数据，来衡量全球COVID-19大流行前四个月美国劳动力市场的变化。在4月底之前的总就业人数下降了21％之后，6月底之前的就业人数有所反弹。暂时关闭的企业的重新开放为就业反弹做出了重要贡献，特别是对小型企业而言。我们证明，工人罢工已经成为重新开业和持续业务的近期就业增长的重要组成部分。就业损失主要集中在低薪工人中；截至6月底，处于最低工资水平的五分之一工人的就业仍比2月中旬的水平低20％。因此，平均基本工资在2月至6月之间有所增加，尽管这种增加完全是由构成效应引起的。最后，我们证明，企业削减了近700万工人的名义工资，而放弃了其他许多人的定期工资增长。