In a speech, titled Getting Back to a Strong Labor Market, in February 2021, Jerome Powell, Chair of the Federal Reserve's Board of Governors, stated

"Employment in January of this year [2021] was nearly 10 million below its February 2020 level, a greater shortfall than the worst of the Great Recession's aftermath" (para. 8).

He also stated, "After rising to 14.8 percent in April of last year, the published unemployment rate has fallen relatively swiftly, reaching 6.3 percent in January. But published unemployment rates during COVID have dramatically understated the deterioration in the labor market. Most importantly, the pandemic has led to the largest 12-month decline in labor force participation since at least 1948... All told, nearly 5 million people say the pandemic prevented them from looking for work in January." (para. 9).

Evaluate Powell's two statements and explain how the two statements are related.