Economics Letters
Vol. 247, February 2025
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.
Featured
Blog Post
Affordable College, Unaffordable Living: Innovative Housing Solutions for Community College Students
May 9, 2025
By Davy Sell and Anthony Tringali
Although community college enrollment has increased, housing has also become a growing obstacle for student success.
Article
May 2025, No. 25-18
By Russell Wong and Mengbo Zhang
A new measure suggests reserve balances are more distributed than originally thought.
December 2024, No. 24-15
Andreas Hornstein, Francisco Ruge-Murcia and Alexander L. Wolman
The authors show that there has been a more general relationship between inflation and the distribution of relative price changes during the extended period of inflation stability in the U.S.
November 2024, No. 24-14
Katarína Borovičková and Robert Shimer
Results imply that encouraging high-wage firms to hire low-wage workers may be less effective at reducing wage inequality than wage patterns suggest.
Hornstein-Kudlyak-Lange Non-Employment Index
May 8, 2025
The Hornstein-Kudlyak-Lange Non-Employment Index (NEI) was 7.8 percent in April 2025, essentially unchanged from March 2025. The index increased by 0.2 percentage points compared to April 2024.
Month,HKL Nonemployment Index,HKL Nonemployment Index Including PTER,Civilian Unemployment Rate (U-3),Unemployed plus Marginally Attached (U-5),Unemployed plus Marginally Attached and PTER (U-6) 1994-01-01,10.02221764,11.07556518,6.6,8,11.7 1994-02-01,9.845731677,11.00181931,6.6,7.9,11.4 1994-03-01,9.739525878,10.95358631,6.5,7.8,11.5 1994-04-01,9.608322579,10.79271183,6.4,7.7,11.3 1994-05-01,9.39707869,10.61465412,6.1,7.3,10.9 1994-06-01,9.387609546,10.60213014,6.1,7.3,11 1994-07-01,9.331178656,10.49214603,6.1,7.4,10.8 1994-08-01,9.280061811,10.39855049,6,7.3,10.6 1994-09-01,9.175155576,10.29925992,5.9,7.2,10.4 1994-10-01,9.11433441,10.25391331,5.8,7,10.4 1994-11-01,9.013092605,10.16433366,5.6,6.8,10.1 1994-12-01,8.934012272,10.0519732,5.5,6.7,10.1 1995-01-01,8.954035126,10.13710169,5.6,6.7,10.1 1995-02-01,8.882931484,9.964122043,5.4,6.6,9.9 1995-03-01,8.921623678,10.02403975,5.4,6.6,9.9 1995-04-01,9.00992696,10.10037141,5.8,6.8,10.1 1995-05-01,9.050322316,10.181925,5.6,6.8,10.1 1995-06-01,8.987757383,10.11090243,5.6,6.7,10.1 1995-07-01,8.972313646,10.1078208,5.7,6.8,10.1 1995-08-01,9.014233799,10.15913544,5.7,6.8,10.1 1995-09-01,8.991169132,10.15585442,5.6,6.7,10.2 1995-10-01,8.997083175,10.1185089,5.5,6.7,10 1995-11-01,8.982581674,10.11911479,5.6,6.7,10.1 1995-12-01,9.004951819,10.11424286,5.6,6.7,10 1996-01-01,8.975076328,10.00890199,5.6,6.8,9.8 1996-02-01,8.953683554,10.03763524,5.5,6.7,10 1996-03-01,8.887543755,9.981874567,5.5,6.6,9.9 1996-04-01,8.880521952,9.961392425,5.6,6.7,10 1996-05-01,8.894801998,9.972969715,5.6,6.6,9.8 1996-06-01,8.746985793,9.819932244,5.3,6.5,9.7 1996-07-01,8.750751809,9.857408875,5.5,6.5,9.7 1996-08-01,8.662608318,9.761540359,5.1,6.2,9.4 1996-09-01,8.587853073,9.685702002,5.2,6.2,9.5 1996-10-01,8.650469891,9.733530603,5.2,6.2,9.5 1996-11-01,8.730242572,9.738179916,5.4,6.4,9.4 1996-12-01,8.655033217,9.734913202,5.4,6.4,9.6 1997-01-01,8.651577455,9.708689781,5.3,6.3,9.4 1997-02-01,8.652358703,9.687182385,5.2,6.2,9.3 1997-03-01,8.563461724,9.572852907,5.2,6.2,9.1 1997-04-01,8.464431858,9.505941812,5.1,6.1,9.3 1997-05-01,8.45272006,9.448794744,4.9,5.9,8.9 1997-06-01,8.40879765,9.392434176,5,6,8.9 1997-07-01,8.277566372,9.291291927,4.9,5.8,8.7 1997-08-01,8.238780058,9.236332744,4.8,5.8,8.7 1997-09-01,8.304898531,9.296010206,4.9,5.8,8.7 1997-10-01,8.212533522,9.190191008,4.7,5.6,8.5 1997-11-01,8.184272559,9.157166251,4.6,5.6,8.4 1997-12-01,8.210323654,9.152815579,4.7,5.7,8.5 1998-01-01,8.129942923,9.103696298,4.6,5.6,8.4 1998-02-01,8.081126149,9.02249644,4.6,5.5,8.3 1998-03-01,8.130870692,9.067755056,4.7,5.6,8.4 1998-04-01,7.967783058,8.847645134,4.3,5.2,8 1998-05-01,7.975776656,8.892243715,4.4,5.3,8 1998-06-01,8.042780211,8.965291318,4.5,5.4,8.1 1998-07-01,8.101720419,9.050223533,4.5,5.5,8.2 1998-08-01,8.075800189,8.943523336,4.5,5.4,7.9 1998-09-01,8.015738085,8.865184311,4.6,5.5,8 1998-10-01,8.039520885,8.879093303,4.5,5.4,7.9 1998-11-01,7.941393091,8.747015735,4.4,5.3,7.7 1998-12-01,7.916340529,8.740567155,4.4,5.2,7.6 1999-01-01,7.899797532,8.738909615,4.3,5.2,7.6 1999-02-01,7.940653089,8.766826891,4.4,5.2,7.7 1999-03-01,7.890508095,8.744349203,4.2,5,7.5 1999-04-01,8.077774722,8.868569024,4.3,5.2,7.7 1999-05-01,7.906903497,8.736457069,4.2,5,7.4 1999-06-01,7.929735486,8.749466004,4.3,5.1,7.5 1999-07-01,7.875915564,8.702673572,4.3,5.1,7.5 1999-08-01,7.847492783,8.649008983,4.2,5,7.3 1999-09-01,7.856240524,8.655069285,4.2,5,7.4 1999-10-01,7.760565821,8.523689272,4.1,5,7.2 1999-11-01,7.729807286,8.488603046,4.1,4.9,7.2 1999-12-01,7.682680932,8.463216411,4,4.8,7.1 2000-01-01,7.624126559,8.379190053,4,4.8,7 2000-02-01,7.73968976,8.485592071,4.1,4.9,7.1 2000-03-01,7.763491447,8.522778796,4,4.8,7.1 2000-04-01,7.642814711,8.366125722,3.8,4.7,6.9 2000-05-01,7.812844763,8.599746387,4,4.8,7.1 2000-06-01,7.656680378,8.407554676,4,4.7,7 2000-07-01,7.670488345,8.426355166,4,4.8,7 2000-08-01,7.702509641,8.476675781,4.1,4.8,7.1 2000-09-01,7.660382912,8.423971801,3.9,4.7,7 2000-10-01,7.650264098,8.403088082,3.9,4.6,6.8 2000-11-01,7.685479107,8.474903547,3.9,4.7,7.1 2000-12-01,7.668803571,8.41860767,3.9,4.7,6.9 2001-01-01,7.759357038,8.533166606,4.2,5,7.3 2001-02-01,7.79182443,8.553623586,4.2,5.1,7.3 2001-03-01,7.850762831,8.613629505,4.3,5,7.3 2001-04-01,8.00547442,8.754693139,4.4,5.1,7.4 2001-05-01,8.090482014,8.904457467,4.3,5.1,7.5 2001-06-01,8.169717445,9.051063915,4.5,5.3,7.9 2001-07-01,8.124767449,8.96705145,4.6,5.4,7.9 2001-08-01,8.438283462,9.251746581,4.9,5.8,8.2 2001-09-01,8.408256846,9.390078037,5,5.8,8.7 2001-10-01,8.675807339,9.702608007,5.3,6.3,9.3 2001-11-01,8.76271082,9.73080975,5.5,6.4,9.4 2001-12-01,8.87226605,9.879581362,5.7,6.6,9.6 2002-01-01,8.946244852,9.879743006,5.7,6.6,9.4 2002-02-01,8.852212607,9.827743269,5.7,6.5,9.5 2002-03-01,8.836693287,9.78136082,5.7,6.6,9.4 2002-04-01,8.906079065,9.857838202,5.9,6.9,9.7 2002-05-01,8.829868638,9.784003399,5.8,6.8,9.6 2002-06-01,8.817376826,9.754793552,5.8,6.7,9.5 2002-07-01,8.834114755,9.80229678,5.8,6.8,9.6 2002-08-01,8.769457934,9.795239438,5.7,6.7,9.6 2002-09-01,8.732279043,9.725836605,5.7,6.6,9.6 2002-10-01,8.7092344,9.702946495,5.7,6.6,9.6 2002-11-01,8.849738319,9.80916563,5.9,6.8,9.8 2002-12-01,8.780999337,9.758465242,6,6.9,9.8 2003-01-01,8.827159818,9.869157743,5.8,6.8,9.9 2003-02-01,8.852017621,9.931910038,5.9,6.9,10.1 2003-03-01,8.964954824,10.02367475,5.9,6.9,10 2003-04-01,8.917993953,9.992481216,6,7,10.2 2003-05-01,8.993351633,10.03978024,6.1,7.1,10.1 2003-06-01,9.031180973,10.07807807,6.3,7.2,10.3 2003-07-01,9.001028417,10.06499673,6.2,7.1,10.3 2003-08-01,8.976653103,10.01388268,6.1,7.1,10.1 2003-09-01,8.963990677,10.06656051,6.1,7.1,10.4 2003-10-01,8.951835946,10.02626144,6,7,10.2 2003-11-01,8.815625329,9.878989278,5.8,6.8,10.1 2003-12-01,8.804077548,9.8707426,5.7,6.6,9.8 2004-01-01,8.745343426,9.806518246,5.7,6.7,9.8 2004-02-01,8.69704949,9.706493487,5.6,6.6,9.7 2004-03-01,8.823160845,9.89162197,5.8,6.8,10 2004-04-01,8.693485184,9.70546419,5.6,6.6,9.6 2004-05-01,8.687854852,9.725210157,5.6,6.6,9.7 2004-06-01,8.664108019,9.663736612,5.6,6.6,9.6 2004-07-01,8.656285843,9.657543044,5.5,6.5,9.5 2004-08-01,8.629533341,9.658181048,5.4,6.4,9.4 2004-09-01,8.611629514,9.616629574,5.4,6.4,9.4 2004-10-01,8.652386598,9.717781013,5.5,6.5,9.7 2004-11-01,8.602407909,9.593670404,5.4,6.3,9.4 2004-12-01,8.589356596,9.577459451,5.4,6.3,9.3 2005-01-01,8.540311422,9.51380451,5.3,6.3,9.2 2005-02-01,8.600649751,9.544191646,5.4,6.4,9.2 2005-03-01,8.52409054,9.503635323,5.2,6.2,9.1 2005-04-01,8.482616002,9.412140804,5.2,6.1,9 2005-05-01,8.405486999,9.369579458,5.1,6.1,8.9 2005-06-01,8.438415769,9.422900435,5,6,9 2005-07-01,8.349554513,9.32363808,5,5.9,8.8 2005-08-01,8.26461997,9.278025501,4.9,5.9,8.9 2005-09-01,8.410091271,9.444458306,5,6,9 2005-10-01,8.370520736,9.312045418,5,5.9,8.7 2005-11-01,8.432728746,9.33988146,5,6,8.7 2005-12-01,8.388189838,9.289524744,4.9,5.9,8.6 2006-01-01,8.274247727,9.173883222,4.7,5.6,8.4 2006-02-01,8.270152963,9.188451429,4.8,5.6,8.4 2006-03-01,8.167826003,9.042678386,4.7,5.6,8.2 2006-04-01,8.297328152,9.128357828,4.7,5.6,8.1 2006-05-01,8.12310793,9.027071347,4.6,5.5,8.2 2006-06-01,8.115567846,9.056663648,4.6,5.6,8.4 2006-07-01,8.175914431,9.115344376,4.7,5.7,8.5 2006-08-01,8.144831946,9.081972271,4.7,5.7,8.4 2006-09-01,8.126982032,9.043087285,4.5,5.3,8 2006-10-01,8.092308581,9.043201956,4.4,5.3,8.2 2006-11-01,8.142178563,9.034489328,4.5,5.4,8.1 2006-12-01,8.0401775,8.945763628,4.4,5.2,7.9 2007-01-01,8.11493937,9.033250822,4.6,5.5,8.3 2007-02-01,8.087411802,8.995244192,4.5,5.4,8.1 2007-03-01,7.934366913,8.857966474,4.4,5.3,8 2007-04-01,8.210113517,9.117352537,4.5,5.4,8.2 2007-05-01,8.165134755,9.134642124,4.4,5.3,8.2 2007-06-01,8.13607596,9.066871316,4.6,5.4,8.3 2007-07-01,8.153118623,9.104175951,4.7,5.5,8.4 2007-08-01,8.177811136,9.188562088,4.6,5.5,8.4 2007-09-01,8.225900002,9.221336439,4.7,5.5,8.4 2007-10-01,8.221651742,9.162506518,4.7,5.6,8.4 2007-11-01,8.14017253,9.089869756,4.7,5.6,8.5 2007-12-01,8.311224034,9.29269498,5,5.8,8.8 2008-01-01,8.324658854,9.363739706,5,5.9,9.1 2008-02-01,8.314112377,9.357153974,4.9,5.8,9 2008-03-01,8.431591455,9.484444256,5.1,5.9,9.1 2008-04-01,8.457505259,9.546363395,5,5.9,9.2 2008-05-01,8.617548133,9.752449732,5.4,6.3,9.7 2008-06-01,8.670748455,9.855105319,5.6,6.5,10 2008-07-01,8.855242258,10.14063006,5.8,6.7,10.5 2008-08-01,9.000669908,10.27246478,6.1,7.1,10.8 2008-09-01,9.087772758,10.413744,6.1,7.1,11.1 2008-10-01,9.227066982,10.65551845,6.5,7.5,11.8 2008-11-01,9.48009399,11.01730238,6.8,8,12.7 2008-12-01,9.751409124,11.4524772,7.3,8.4,13.6 2009-01-01,10.18233266,11.91280822,7.8,9,14.1 2009-02-01,10.40162466,12.26232902,8.3,9.5,15.1 2009-03-01,10.59693767,12.53623134,8.7,10,15.8 2009-04-01,10.6914592,12.55030651,9,10.2,15.9 2009-05-01,10.89347644,12.82437919,9.4,10.7,16.5 2009-06-01,10.93213807,12.86029819,9.5,10.7,16.5 2009-07-01,10.76928303,12.70110611,9.5,10.7,16.4 2009-08-01,10.78327835,12.70335834,9.6,10.9,16.7 2009-09-01,10.85493397,12.71478586,9.8,11.1,16.7 2009-10-01,10.96850843,12.86707189,10,11.3,17.1 2009-11-01,10.8237547,12.72529204,9.9,11.3,17.1 2009-12-01,10.88623105,12.79246428,9.9,11.3,17.2 2010-01-01,10.79353375,12.60340982,9.8,11.2,16.6 2010-02-01,10.80421678,12.68208873,9.8,11.2,17 2010-03-01,10.78046092,12.7182947,9.9,11.2,17.1 2010-04-01,10.62728313,12.54795578,9.9,11.4,17.2 2010-05-01,10.51722946,12.37655992,9.6,11,16.7 2010-06-01,10.43954729,12.26227671,9.4,10.9,16.4 2010-07-01,10.50355064,12.34325518,9.4,10.9,16.4 2010-08-01,10.57484532,12.42047457,9.5,10.9,16.5 2010-09-01,10.60590744,12.50162101,9.5,11,16.9 2010-10-01,10.55929659,12.4169801,9.4,11,16.6 2010-11-01,10.7051439,12.54222574,9.8,11.3,16.9 2010-12-01,10.50808033,12.37053255,9.3,10.8,16.6 2011-01-01,10.42628828,12.20717534,9.1,10.6,16.1 2011-02-01,10.37200247,12.14503103,9,10.6,16 2011-03-01,10.2879865,12.09890199,9,10.4,16 2011-04-01,10.40551298,12.21791828,9.1,10.6,16.1 2011-05-01,10.34165515,12.14240507,9,10.4,15.9 2011-06-01,10.4497858,12.22625493,9.1,10.7,16.1 2011-07-01,10.43314143,12.20002874,9,10.6,15.9 2011-08-01,10.36910757,12.18270518,9,10.5,16.1 2011-09-01,10.33401582,12.17712277,9,10.5,16.4 2011-10-01,10.28884357,12.09291938,8.8,10.3,15.8 2011-11-01,10.21126446,11.95632361,8.6,10.2,15.6 2011-12-01,10.12638938,11.82387105,8.5,10,15.2 2012-01-01,10.01298675,11.71663063,8.3,9.8,15.1 2012-02-01,9.992823994,11.70134669,8.3,9.8,15 2012-03-01,9.996823557,11.61048448,8.2,9.6,14.6 2012-04-01,9.9981486,11.63560523,8.2,9.6,14.7 2012-05-01,9.958825271,11.6412537,8.2,9.7,14.8 2012-06-01,9.996123915,11.67025672,8.2,9.6,14.7 2012-07-01,10.00544661,11.68538887,8.2,9.6,14.7 2012-08-01,10.05993886,11.68326799,8.1,9.6,14.6 2012-09-01,9.828424081,11.54327975,7.8,9.3,14.8 2012-10-01,9.803973517,11.49994845,7.8,9.2,14.4 2012-11-01,9.859522832,11.52424353,7.7,9.2,14.4 2012-12-01,9.912197308,11.54128928,7.9,9.4,14.4 2013-01-01,10.02562517,11.65432544,8,9.3,14.5 2013-02-01,9.842683004,11.51666481,7.7,9.2,14.3 2013-03-01,9.779219555,11.35446567,7.5,9,13.9 2013-04-01,9.788751576,11.4166223,7.6,9,14 2013-05-01,9.789742016,11.40181428,7.5,8.8,13.9 2013-06-01,9.763213138,11.42053981,7.5,9.1,14.2 2013-07-01,9.605389261,11.25258831,7.3,8.7,13.8 2013-08-01,9.499630203,11.0788782,7.2,8.6,13.6 2013-09-01,9.493406019,11.07060033,7.2,8.6,13.5 2013-10-01,9.57282644,11.2236358,7.2,8.6,13.6 2013-11-01,9.357189078,10.92473418,6.9,8.2,13.1 2013-12-01,9.289788608,10.88071471,6.7,8.1,13.1 2014-01-01,9.256049492,10.70493151,6.6,8,12.6 2014-02-01,9.273492948,10.7566489,6.7,8,12.6 2014-03-01,9.264131961,10.76223983,6.7,8,12.7 2014-04-01,9.091595015,10.61030561,6.2,7.6,12.3 2014-05-01,9.16117215,10.61033497,6.3,7.7,12.3 2014-06-01,9.058876763,10.56690262,6.1,7.3,12 2014-07-01,9.09664946,10.58664576,6.2,7.4,12.1 2014-08-01,9.106582938,10.56171734,6.1,7.4,12 2014-09-01,9.039481431,10.44035536,5.9,7.2,11.7 2014-10-01,8.909058919,10.36290968,5.7,7.1,11.5 2014-11-01,8.968811012,10.35531395,5.8,7.1,11.4 2014-12-01,8.840029427,10.21645731,5.6,6.9,11.2 2015-01-01,8.876894347,10.21493132,5.7,6.9,11.2 2015-02-01,8.825710675,10.16341891,5.5,6.7,10.9 2015-03-01,8.771774566,10.09240636,5.4,6.7,10.9 2015-04-01,8.767696261,10.08668741,5.4,6.7,10.9 2015-05-01,8.726011743,10.02778555,5.6,6.8,10.9 2015-06-01,8.697940245,9.976293698,5.3,6.4,10.4 2015-07-01,8.688109146,9.936442148,5.2,6.3,10.3 2015-08-01,8.489633176,9.793557022,5.1,6.2,10.2 2015-09-01,8.583877024,9.76392557,5,6.2,10 2015-10-01,8.583211374,9.768830256,5,6.2,9.8 2015-11-01,8.544726826,9.768303336,5.1,6.1,10 2015-12-01,8.475447623,9.680918016,5,6.1,9.9 2016-01-01,8.404006814,9.568948922,4.8,6,9.7 2016-02-01,8.403172141,9.591864195,4.9,5.9,9.6 2016-03-01,8.400026978,9.598588436,5,6.1,9.8 2016-04-01,8.453910782,9.638918984,5.1,6.1,9.9 2016-05-01,8.357222572,9.617687968,4.8,5.9,9.9 2016-06-01,8.343952502,9.477797002,4.9,5.9,9.5 2016-07-01,8.344279069,9.513163339,4.8,5.9,9.6 2016-08-01,8.296795408,9.510108689,4.9,5.9,9.6 2016-09-01,8.472198046,9.611233713,5,6.1,9.7 2016-10-01,8.465160062,9.65659083,4.9,5.9,9.6 2016-11-01,8.309428064,9.426631036,4.7,5.9,9.4 2016-12-01,8.301005911,9.401827291,4.7,5.7,9.2 2017-01-01,8.266756949,9.395921426,4.7,5.6,9.2 2017-02-01,8.19555071,9.310061379,4.6,5.6,9 2017-03-01,8.121821395,9.20429204,4.4,5.4,8.8 2017-04-01,8.078176663,9.116341379,4.4,5.4,8.6 2017-05-01,8.066107938,9.080638583,4.4,5.3,8.5 2017-06-01,7.981484329,9.012910361,4.3,5.2,8.5 2017-07-01,7.922433543,8.958737854,4.3,5.2,8.5 2017-08-01,8.017840237,9.062030881,4.4,5.3,8.6 2017-09-01,7.900194048,8.87743148,4.3,5.2,8.3 2017-10-01,7.875624936,8.826383667,4.2,5.1,8.1 2017-11-01,7.892942478,8.819585906,4.2,5.1,8 2017-12-01,7.891582842,8.862386124,4.1,5.1,8.1 2018-01-01,7.833795284,8.820846793,4,4.9,8 2018-02-01,7.800187181,8.826902296,4.1,5,8.1 2018-03-01,7.804706482,8.792735451,4,4.9,8 2018-04-01,7.782512237,8.75329971,4,4.8,7.9 2018-05-01,7.708921119,8.66005051,3.8,4.7,7.8 2018-06-01,7.730729321,8.653506654,4,4.8,7.8 2018-07-01,7.621607386,8.509623119,3.8,4.7,7.5 2018-08-01,7.694928142,8.539289431,3.8,4.7,7.4 2018-09-01,7.651286908,8.508218339,3.7,4.7,7.5 2018-10-01,7.655178481,8.519709549,3.8,4.7,7.5 2018-11-01,7.624851982,8.516216917,3.8,4.7,7.6 2018-12-01,7.680693693,8.578253166,3.9,4.8,7.6 2019-01-01,7.757666223,8.776396142,4,4.9,8 2019-02-01,7.648526361,8.535908905,3.8,4.6,7.2 2019-03-01,7.647231404,8.55223154,3.8,4.7,7.4 2019-04-01,7.561905902,8.4850196,3.7,4.5,7.4 2019-05-01,7.519114384,8.354954162,3.6,4.5,7.1 2019-06-01,7.515587994,8.362688929,3.6,4.5,7.2 2019-07-01,7.579733007,8.335035969,3.7,4.5,6.9 2019-08-01,7.45513497,8.273535384,3.6,4.5,7.2 2019-09-01,7.314561462,8.097977014,3.5,4.2,6.9 2019-10-01,7.289545348,8.098756625,3.6,4.3,6.9 2019-11-01,7.333432047,8.126614565,3.6,4.3,6.8 2019-12-01,7.324020603,8.120452161,3.6,4.3,6.8 2020-01-01,7.373795291,8.225532252,3.6,4.4,7 2020-02-01,7.401591772,8.301510755,3.5,4.4,7 2020-03-01,8.172399015,9.321881335,4.4,5.3,8.8 2020-04-01,15.58553137,17.77790577,14.8,16,22.9 2020-05-01,14.31299558,16.39170462,13.2,14.5,21.1 2020-06-01,12.55432965,14.2858756,11,12.4,18 2020-07-01,11.93575374,13.5176039,10.2,11.3,16.5 2020-08-01,10.65111114,12.04502086,8.4,9.6,14.2 2020-09-01,10.35605472,11.52327943,7.8,8.9,12.8 2020-10-01,9.324515627,10.57535031,6.9,8,12.1 2020-11-01,9.272046464,10.52688436,6.7,7.8,11.9 2020-12-01,9.270002585,10.44035423,6.7,7.9,11.7 2021-01-01,8.966392677,10.11196896,6.4,7.5,11.2 2021-02-01,8.962083049,10.1838079,6.2,7.4,11.1 2021-03-01,8.821786394,9.975022762,6.1,7.2,10.8 2021-04-01,8.824362227,9.862744314,6.1,7.1,10.3 2021-05-01,8.715140396,9.71717466,5.8,6.9,10.1 2021-06-01,8.603113067,9.504186505,5.9,6.9,9.8 2021-07-01,8.401090961,9.241970543,5.4,6.5,9.2 2021-08-01,8.200014924,9.001180766,5.1,6.1,8.8 2021-09-01,8.071867891,8.883527592,4.7,5.7,8.4 2021-10-01,7.938011181,8.749175812,4.5,5.5,8.2 2021-11-01,7.765458286,8.572669642,4.2,5.1,7.7 2021-12-01,7.663793237,8.415584299,3.9,4.9,7.3 2022-01-01,7.805796337,8.532865417,4,4.9,7.1 2022-02-01,7.612802284,8.441166611,3.8,4.7,7.2 2022-03-01,7.61484874,8.434294226,3.7,4.5,7 2022-04-01,7.646230175,8.432685987,3.7,4.6,7 2022-05-01,7.510995581,8.317954576,3.6,4.5,7.1 2022-06-01,7.51500368,8.225610305,3.6,4.5,6.7 2022-07-01,7.509050324,8.25173152,3.5,4.4,6.8 2022-08-01,7.476100193,8.214107852,3.6,4.4,6.9 2022-09-01,7.501896274,8.198029197,3.5,4.4,6.7 2022-10-01,7.511515954,8.178376751,3.6,4.5,6.7 2022-11-01,7.492341355,8.194358053,3.6,4.5,6.7 2022-12-01,7.407659848,8.144799283,3.5,4.2,6.6 2023-01-01,7.344903719,8.11166466,3.5,4.2,6.7 2023-02-01,7.339926755,8.127570928,3.6,4.4,6.8 2023-03-01,7.370945099,8.161049698,3.5,4.3,6.7 2023-04-01,7.356490802,8.102919314,3.4,4.3,6.6 2023-05-01,7.471271832,8.155519654,3.6,4.5,6.7 2023-06-01,7.409972682,8.220848746,3.6,4.4,6.9 2023-07-01,7.374693509,8.129892267,3.5,4.4,6.7 2023-08-01,7.445521714,8.195878427,3.7,4.6,7.1 2023-09-01,7.477535243,8.2164638,3.8,4.6,7 2023-10-01,7.470584309,8.256672585,3.9,4.7,7.2 2023-11-01,7.47013774,8.231509726,3.7,4.6,7 2023-12-01,7.57992954,8.373980537,3.8,4.7,7.2 2024-01-01,7.530157059,8.348122979,3.7,4.6,7.2 2024-02-01,7.597989098,8.41808933,3.9,4.7,7.3 2024-03-01,7.524358851,8.3404172,3.9,4.8,7.3 2024-04-01,7.555315346,8.404411827,3.9,4.7,7.4 2024-05-01,7.615654287,8.424018765,4,4.8,7.4 2024-06-01,7.562946206,8.375132475,4.1,4.9,7.4 2024-07-01,7.752137632,8.608939524,4.2,5.1,7.8 2024-08-01,7.750038907,8.611824977,4.2,5,7.8 2024-09-01,7.632762305,8.48175066,4.1,5,7.7 2024-10-01,7.647071293,8.486053239,4.1,5,7.7 2024-11-01,7.718404715,8.569264199,4.2,5.1,7.7 2024-12-01,7.596229284,8.413175319,4.1,5,7.5 2025-01-01,7.580168845,8.385535969,4,4.9,7.5 2025-02-01,7.720729189,8.615595556,4.1,5.1,8 2025-03-01,7.782250462,8.664891044,4.2,5.1,7.9 2025-04-01,7.75698697,8.632507269,4.2,5.1,7.8
Since 2021, the Collaboration of Research Economists (CORE) model has combined frontier research and an innovative delivery method to advance collaboration within the economics profession. Economists from a range of disciplines join with Richmond Fed economists eight times per year for seminars, collaboration, and formal and informal networking — all with an eye toward advancing economic research.
Being a Research Associate at the Richmond Fed
Research Associates help the Richmond Fed's economists with their research and policy memos for briefing the Bank's president on the state of the economy. For recent graduates thinking about applying to a Ph.D. program, this position is an ideal way to learn more about academic economic research.
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