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About Us
We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Economic Brief

April 2010, No. 10-04

Comparing Labor Markets across Recessions

Marianna Kudlyak, Devin Reilly and Stephen Slivinski

Simply looking at unadjusted versions of traditional statistics may not be the best way to compare the state of the current economy to previous periods. When comparing recessions, it is important to account for demographic changes.

Additional Resources

Shimer, Robert. "Why is the U.S. Unemployment Rate So Much Lower?" NBER Macroeconomics Annual 1998, vol. 13, pp. 11-74.

Elsby, Michael, Bart Hobijn and Aysegul Sahin. "The Labor Market in the Great Recession." Federal Reserve Bank of San Francisco Working Paper 2010-07, March 2010. (Link revised April 2017.)