While equity prices have rapidly recovered from their 3/20 lows, the recovery means much less for the economy than in the past. In 1973, publicly traded firms accounted for 41.4% of total non-farm payroll employment. That percentage was just 29% in 2019. Why? In the 1950s, AT&T had the highest market cap and was the top US employer. Today, Apple is most valuable, but they are the 40th largest employer.