It took 10 years, but a key metric for America's economic health is back at pre-recession levels.

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Data: OECD via Federal Reserve Bank of St. Louis; Chart: Andrew Witherspoon/Axios

The big picture: Nearly 9 million jobs vanished in 2008-09, pushing the unemployment rate to 10% and spurring millions to abandon looking for work, the AP notes.

  • "For five years after the Great Recession ended in 2009, many Americans gave up on their job hunts. ... Because they weren’t actively seeking work, they weren’t even counted as unemployed."

Why it matters: "The rebound has confounded many experts’ projections."

  • "The Federal Reserve has consistently underestimated the likelihood of more people finding jobs."
  • "In 2013, its policymakers estimated that 'full employment' — the lowest point to which unemployment was thought capable of reaching without sparking higher inflation — would arrive when the unemployment rate was between 5.2 percent and 5.8 percent."
  • "And in 2014, the Congressional Budget Office forecast that the proportion of people ages 16 and up either working or looking for work ... would be just 62.5 percent by the end of 2017 and would decline thereafter. Instead, the figure reached 63.2 percent in January, a five-year high."

Between the lines: This is forcing employers to be more flexible about who they hire, which especially benefits people with gaps on their resumes.

  • "Many companies are relaxing their education or experience requirements, according to economists and staffing agencies."
  • "They are considering more applicants with disabilities."
  • "Businesses are expanding their training programs."
  • "Some ... are also looking with a more open mind at people with criminal backgrounds."

P.S. The European Central Bank is launching measures to help revitalize the eurozone's slumping economy, Axios' Courtenay Brown reports.

Go deeper: Sidelined workers could keep job growth from stalling

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Updated 2 hours ago - Politics & Policy

Coronavirus dashboard

Illustration: Sarah Grillo/Axios

  1. Global: Total confirmed cases as of 9 p.m. ET: 18,187,396 — Total deaths: 691,352 — Total recoveries — 10,841,436Map.
  2. U.S.: Total confirmed cases as of 9 p.m. ET: 4,711,323 — Total deaths: 155,379 — Total recoveries: 1,513,446 — Total tests: 57,543,852Map.
  3. Politics: White House will require staff to undergo randomized coronavirus testing — Pelosi says Birx "enabled" Trump on misinformation.
  4. Sports: 13 members of St. Louis Cardinals test positive, prompting MLB to cancel Tigers series — Former FDA chief says MLB outbreaks should be warning sign for schools.
  5. 1 🎥 thing: "Tenet" may be the first major film to get a global pandemic release.

In photos: Thousands evacuated as Southern California fire grows

A plane makes a retardant drop on a ridge at the Apple Fire north of Banning in Riverside County, which "doubled in size" Saturday, per KTLA. Robert Gauthier / Los Angeles Times via Getty Images

A massive wildfire that prompted mandatory evacuations in Southern California over the weekend burned 26,450 acres and was 5% contained by Monday afternoon, the California Department of Forestry and Fire Protection said.

The big picture: As California remains an epicenter of the coronavirus pandemic in the U.S., some 15 separate fires are raging across the state. About 7,800 people were under evacuation orders from the Apple Fire, about 75 miles east of Los Angeles, as hundreds of firefighters battled the blaze. CalFire said Monday that a malfunction involving a "diesel-fueled vehicle emitting burning carbon from the exhaust system" started the Apple Fire.

Twitter faces FTC fine of up to $250 million over alleged privacy violations

Photo: Rafael Henrique/SOPA Images/LightRocket

The Federal Trade Commission has accused Twitter of using phone numbers and emails from its users to make targeted ads between 2013 and 2019, Twitter said in an SEC filing published Monday.

Why it matters: Twitter estimates that the FTC's draft complaint, which was sent a few days after its Q2 earnings report, could cost the company between $150 million and $250 million. The complaint is unrelated to the recent Twitter hack involving a bitcoin scam.