May 2026, No. 26-10
Population aging and educational upgrading explain most long-run movements in aggregate trends, while cohort effects drive large gender differences in participation.
Economic Research
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Podcast
June 10, 2026
Surekha Carpenter and Borys Grochulski discuss how community development financial institutions work to help underserved communities that lack adequate access to credit and what factors determine their success in filling market gaps. Carpenter is a senior research analyst and Grochulski is a senior economist, both at the Federal Reserve Bank of Richmond.
Article
June 2026, No. 26-18
Employer-reported data through 2023 reveal a divergence in postpandemic commuting patterns across four large metropolitan areas within the Fifth District.
May 2026, No. 26-09
Fernando Alvarez, Francisco Buera and Nicholas Trachter
The authors model conditions for adopting new technology and discuss the subsidies needed for the best path forward.
April 2026, No. 26-08
The authors analyze the effects of the 2025 U.S. import tariffs on import prices and local labor markets and find that the tariffs did not generate large labor market changes in either direction.
Hornstein-Kudlyak-Lange Non-Employment Index
June 11, 2026
The Non-Employment Index (NEI) was 7.8 percent in May 2026, increasing by 0.3 percentage point from April 2026. The index was essentially unchanged compared to May 2025.
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) 1994-01-01,9.986136214,11.04363621,6.6,8,11.7 1994-02-01,9.810209789,10.9634746,6.6,7.9,11.4 1994-03-01,9.703857815,10.9201153,6.5,7.8,11.5 1994-04-01,9.572033081,10.75890099,6.4,7.7,11.3 1994-05-01,9.363075545,10.5845627,6.1,7.3,10.9 1994-06-01,9.352813011,10.56756705,6.1,7.3,11 1994-07-01,9.295816875,10.45843437,6.1,7.4,10.8 1994-08-01,9.245970479,10.36604367,6,7.3,10.6 1994-09-01,9.154303959,10.26364483,5.9,7.2,10.4 1994-10-01,9.080662712,10.22160377,5.8,7,10.4 1994-11-01,8.980110498,10.13198011,5.6,6.8,10.1 1994-12-01,8.900465208,10.01810371,5.5,6.7,10.1 1995-01-01,8.920819896,10.10728643,5.6,6.7,10.1 1995-02-01,8.84993408,9.928902628,5.4,6.6,9.9 1995-03-01,8.887440455,9.9923871,5.4,6.6,9.9 1995-04-01,8.976063844,10.06903038,5.8,6.8,10.1 1995-05-01,9.018055486,10.15293675,5.6,6.8,10.1 1995-06-01,8.954509445,10.0778234,5.6,6.7,10.1 1995-07-01,8.93931011,10.07612094,5.7,6.8,10.1 1995-08-01,8.981360496,10.12742112,5.7,6.8,10.1 1995-09-01,8.970830595,10.12155985,5.6,6.7,10.2 1995-10-01,8.963733893,10.08613336,5.5,6.7,10 1995-11-01,8.950308424,10.08736937,5.6,6.7,10.1 1995-12-01,8.971863622,10.08111828,5.6,6.7,10 1996-01-01,8.94203261,9.97910159,5.6,6.8,9.8 1996-02-01,8.920110926,10.00223579,5.5,6.7,10 1996-03-01,8.853833894,9.951040558,5.5,6.6,9.9 1996-04-01,8.845481714,9.929654649,5.6,6.7,10 1996-05-01,8.863255433,9.943735892,5.6,6.6,9.8 1996-06-01,8.713727728,9.786508581,5.3,6.5,9.7 1996-07-01,8.718408541,9.825967883,5.5,6.5,9.7 1996-08-01,8.629837329,9.729504636,5.1,6.2,9.4 1996-09-01,8.567454826,9.652368202,5.2,6.2,9.5 1996-10-01,8.618484148,9.702162363,5.2,6.2,9.5 1996-11-01,8.698608818,9.706803468,5.4,6.4,9.4 1996-12-01,8.623418047,9.703370177,5.4,6.4,9.6 1997-01-01,8.619466458,9.680814151,5.3,6.3,9.4 1997-02-01,8.620727236,9.654400315,5.2,6.2,9.3 1997-03-01,8.531108947,9.5435287,5.2,6.2,9.1 1997-04-01,8.429475646,9.47389304,5.1,6.1,9.3 1997-05-01,8.422124177,9.419241355,4.9,5.9,8.9 1997-06-01,8.377599166,9.360761521,5,6,8.9 1997-07-01,8.246796033,9.261045926,4.9,5.8,8.7 1997-08-01,8.207811957,9.205788384,4.8,5.8,8.7 1997-09-01,8.284192083,9.26352361,4.9,5.8,8.7 1997-10-01,8.181438761,9.159580063,4.7,5.6,8.5 1997-11-01,8.153762133,9.126749362,4.6,5.6,8.4 1997-12-01,8.179435891,9.12207239,4.7,5.7,8.5 1998-01-01,8.098542708,9.077558358,4.6,5.6,8.4 1998-02-01,8.050772794,8.991665124,4.6,5.5,8.3 1998-03-01,8.099932124,9.039383143,4.7,5.6,8.4 1998-04-01,7.93308853,8.815029001,4.3,5.2,8 1998-05-01,7.946392926,8.862987053,4.4,5.3,8 1998-06-01,8.013136607,8.934882036,4.5,5.4,8.1 1998-07-01,8.071457532,9.019910913,4.5,5.5,8.2 1998-08-01,8.045469755,8.91331726,4.5,5.4,7.9 1998-09-01,7.994305622,8.834048683,4.6,5.5,8 1998-10-01,8.009332512,8.849283767,4.5,5.4,7.9 1998-11-01,7.911647593,8.717246113,4.4,5.3,7.7 1998-12-01,7.886796949,8.71109961,4.4,5.2,7.6 1999-01-01,7.868136788,8.713494215,4.3,5.2,7.6 1999-02-01,7.910812605,8.73693326,4.4,5.2,7.7 1999-03-01,7.859808478,8.715788306,4.2,5,7.5 1999-04-01,8.042567238,8.834021793,4.3,5.2,7.7 1999-05-01,7.877647987,8.706656021,4.2,5,7.4 1999-06-01,7.899819037,8.718659573,4.3,5.1,7.5 1999-07-01,7.846775635,8.672986478,4.3,5.1,7.5 1999-08-01,7.818110343,8.619391454,4.2,5,7.3 1999-09-01,7.833121166,8.625138237,4.2,5,7.4 1999-10-01,7.731117965,8.494657787,4.1,5,7.2 1999-11-01,7.700626835,8.459371047,4.1,4.9,7.2 1999-12-01,7.653376129,8.433991851,4,4.8,7.1 2000-01-01,7.593650803,8.354895658,4,4.8,7 2000-02-01,7.710278055,8.456134378,4.1,4.9,7.1 2000-03-01,7.733310214,8.493825373,4,4.8,7.1 2000-04-01,7.609895672,8.333025396,3.8,4.7,6.9 2000-05-01,7.78414694,8.570330154,4,4.8,7.1 2000-06-01,7.628121497,8.378013656,4,4.7,7 2000-07-01,7.641839431,8.396802337,4,4.8,7 2000-08-01,7.674394042,8.448126663,4.1,4.8,7.1 2000-09-01,7.635100686,8.39475976,3.9,4.7,7 2000-10-01,7.621053342,8.374367692,3.9,4.6,6.8 2000-11-01,7.656394068,8.44570072,3.9,4.7,7.1 2000-12-01,7.639475618,8.389159495,3.9,4.7,6.9 2001-01-01,7.728579067,8.508619051,4.2,5,7.3 2001-02-01,7.762425523,8.523818097,4.2,5.1,7.3 2001-03-01,7.821971968,8.585368908,4.3,5,7.3 2001-04-01,7.973369113,8.721292747,4.4,5.1,7.4 2001-05-01,8.060919667,8.874361117,4.3,5.1,7.5 2001-06-01,8.1399838,9.020369618,4.5,5.3,7.9 2001-07-01,8.095380922,8.936857646,4.6,5.4,7.9 2001-08-01,8.407394641,9.220686395,4.9,5.8,8.2 2001-09-01,8.380975709,9.360071102,5,5.8,8.7 2001-10-01,8.644757631,9.672606954,5.3,6.3,9.3 2001-11-01,8.732301108,9.700424014,5.5,6.4,9.4 2001-12-01,8.841679372,9.849055632,5.7,6.6,9.6 2002-01-01,8.913418205,9.852076201,5.7,6.6,9.4 2002-02-01,8.821844213,9.796878272,5.7,6.5,9.5 2002-03-01,8.806623792,9.75114249,5.7,6.6,9.4 2002-04-01,8.873967293,9.824168063,5.9,6.9,9.7 2002-05-01,8.799487543,9.753338791,5.8,6.8,9.6 2002-06-01,8.7868101,9.723450004,5.8,6.7,9.5 2002-07-01,8.803402809,9.771061991,5.8,6.8,9.6 2002-08-01,8.738976339,9.765054723,5.7,6.7,9.6 2002-09-01,8.704124488,9.695530891,5.7,6.6,9.6 2002-10-01,8.678011337,9.673260442,5.7,6.6,9.6 2002-11-01,8.819287117,9.77845923,5.9,6.8,9.8 2002-12-01,8.750238715,9.728123973,6,6.9,9.8 2003-01-01,8.795541261,9.840622393,5.8,6.8,9.9 2003-02-01,8.821023292,9.9002583,5.9,6.9,10.1 2003-03-01,8.933516494,9.991929554,5.9,6.9,10 2003-04-01,8.887064779,9.960192308,6,7,10.2 2003-05-01,8.962535788,10.00884858,6.1,7.1,10.1 2003-06-01,9.000253294,10.04669212,6.3,7.2,10.3 2003-07-01,8.969789023,10.03354203,6.2,7.1,10.3 2003-08-01,8.945166443,9.982722403,6.1,7.1,10.1 2003-09-01,8.934276236,10.0356897,6.1,7.1,10.4 2003-10-01,8.919302371,9.995364505,6,7,10.2 2003-11-01,8.785450085,9.848187496,5.8,6.8,10.1 2003-12-01,8.772232742,9.839769133,5.7,6.6,9.8 2004-01-01,8.713639444,9.775855286,5.7,6.7,9.8 2004-02-01,8.665200939,9.674229269,5.6,6.6,9.7 2004-03-01,8.79149703,9.859653497,5.8,6.8,10 2004-04-01,8.662778255,9.673669652,5.6,6.6,9.6 2004-05-01,8.656034428,9.69338972,5.6,6.6,9.7 2004-06-01,8.632731169,9.632216472,5.6,6.6,9.6 2004-07-01,8.624929232,9.626209829,5.5,6.5,9.5 2004-08-01,8.598235603,9.627052497,5.4,6.4,9.4 2004-09-01,8.580384247,9.58500635,5.4,6.4,9.4 2004-10-01,8.61982427,9.686406128,5.5,6.5,9.7 2004-11-01,8.571321246,9.562100802,5.4,6.3,9.4 2004-12-01,8.557446124,9.546205815,5.4,6.3,9.3 2005-01-01,8.508102386,9.482312583,5.3,6.3,9.2 2005-02-01,8.568669463,9.511767956,5.4,6.4,9.2 2005-03-01,8.492303534,9.471712741,5.2,6.2,9.1 2005-04-01,8.452710855,9.380457417,5.2,6.1,9 2005-05-01,8.37420391,9.33849738,5.1,6.1,8.9 2005-06-01,8.406603949,9.391224372,5,6,9 2005-07-01,8.318242053,9.29244622,5,5.9,8.8 2005-08-01,8.233661763,9.246997448,4.9,5.9,8.9 2005-09-01,8.378575751,9.413106042,5,6,9 2005-10-01,8.338490463,9.280864226,5,5.9,8.7 2005-11-01,8.401479991,9.308732603,5,6,8.7 2005-12-01,8.355558883,9.257267678,4.9,5.9,8.6 2006-01-01,8.24195089,9.142021992,4.7,5.6,8.4 2006-02-01,8.238543483,9.156632514,4.8,5.6,8.4 2006-03-01,8.136380712,9.011268403,4.7,5.6,8.2 2006-04-01,8.268716639,9.097220726,4.7,5.6,8.1 2006-05-01,8.091795888,8.996053129,4.6,5.5,8.2 2006-06-01,8.084137636,9.025422647,4.6,5.6,8.4 2006-07-01,8.144745472,9.08434301,4.7,5.7,8.5 2006-08-01,8.113835726,9.050877151,4.7,5.7,8.4 2006-09-01,8.095764307,9.011980599,4.5,5.3,8 2006-10-01,8.059844934,9.011563117,4.4,5.3,8.2 2006-11-01,8.110155237,9.003228065,4.5,5.4,8.1 2006-12-01,8.009200119,8.914967401,4.4,5.2,7.9 2007-01-01,8.083786546,9.002378856,4.6,5.5,8.3 2007-02-01,8.055799755,8.963556778,4.5,5.4,8.1 2007-03-01,7.903010078,8.826633041,4.4,5.3,8 2007-04-01,8.180812687,9.085385184,4.5,5.4,8.2 2007-05-01,8.132815671,9.10248075,4.4,5.3,8.2 2007-06-01,8.104671574,9.035545701,4.6,5.4,8.3 2007-07-01,8.121699568,9.072932207,4.7,5.5,8.4 2007-08-01,8.146111074,9.156744651,4.6,5.5,8.4 2007-09-01,8.194610184,9.190034645,4.7,5.5,8.4 2007-10-01,8.189722057,9.131568845,4.7,5.6,8.4 2007-11-01,8.108196568,9.059232227,4.7,5.6,8.5 2007-12-01,8.280193834,9.261624583,5,5.8,8.8 2008-01-01,8.292802687,9.331998717,5,5.9,9.1 2008-02-01,8.282081072,9.325183304,4.9,5.8,9 2008-03-01,8.399814288,9.452701146,5.1,5.9,9.1 2008-04-01,8.428285671,9.51438184,5,5.9,9.2 2008-05-01,8.586036088,9.721049393,5.4,6.3,9.7 2008-06-01,8.638870021,9.823155931,5.6,6.5,10 2008-07-01,8.823356716,10.10887352,5.8,6.7,10.5 2008-08-01,8.968793607,10.2404769,6.1,7.1,10.8 2008-09-01,9.055640692,10.38154936,6.1,7.1,11.1 2008-10-01,9.194090473,10.62350585,6.5,7.5,11.8 2008-11-01,9.44524584,10.98470474,6.8,8,12.7 2008-12-01,9.718949646,11.41975422,7.3,8.4,13.6 2009-01-01,10.149263,11.87969992,7.8,9,14.1 2009-02-01,10.36880034,12.22943868,8.3,9.5,15.1 2009-03-01,10.56360766,12.50278052,8.7,10,15.8 2009-04-01,10.66052066,12.51688534,9,10.2,15.9 2009-05-01,10.85960118,12.79044382,9.4,10.7,16.5 2009-06-01,10.89805297,12.82578591,9.5,10.7,16.5 2009-07-01,10.73504803,12.66685348,9.5,10.7,16.4 2009-08-01,10.74936673,12.66952908,9.6,10.9,16.7 2009-09-01,10.82108056,12.68078476,9.8,11.1,16.7 2009-10-01,10.93343318,12.83303484,10,11.3,17.1 2009-11-01,10.78808339,12.69200376,9.9,11.3,17.1 2009-12-01,10.85211367,12.75791721,9.9,11.3,17.2 2010-01-01,10.76023114,12.57023371,9.8,11.2,16.6 2010-02-01,10.77064112,12.64830437,9.8,11.2,17 2010-03-01,10.74747124,12.68500571,9.9,11.2,17.1 2010-04-01,10.59560505,12.5149231,9.9,11.4,17.2 2010-05-01,10.48403655,12.34322074,9.6,11,16.7 2010-06-01,10.4052105,12.22705239,9.4,10.9,16.4 2010-07-01,10.46936361,12.30907119,9.4,10.9,16.4 2010-08-01,10.54068624,12.38668131,9.5,10.9,16.5 2010-09-01,10.57143236,12.46710743,9.5,11,16.9 2010-10-01,10.52420194,12.38265289,9.4,11,16.6 2010-11-01,10.67022411,12.50880798,9.8,11.3,16.9 2010-12-01,10.47368427,12.33596447,9.3,10.8,16.6 2011-01-01,10.39158053,12.17298403,9.1,10.6,16.1 2011-02-01,10.33730383,12.10999175,9,10.6,16 2011-03-01,10.25349228,12.06383495,9,10.4,16 2011-04-01,10.37033295,12.18254383,9.1,10.6,16.1 2011-05-01,10.30716943,12.10733374,9,10.4,15.9 2011-06-01,10.4136006,12.18851316,9.1,10.7,16.1 2011-07-01,10.39681109,12.16372233,9,10.6,15.9 2011-08-01,10.33286465,12.147291,9,10.5,16.1 2011-09-01,10.29919638,12.14250067,9,10.5,16.4 2011-10-01,10.25245921,12.05768113,8.8,10.3,15.8 2011-11-01,10.17558692,11.92124747,8.6,10.2,15.6 2011-12-01,10.09129948,11.78879809,8.5,10,15.2 2012-01-01,9.977508917,11.68205825,8.3,9.8,15.1 2012-02-01,9.958145778,11.66627543,8.3,9.8,15 2012-03-01,9.962361616,11.57515622,8.2,9.6,14.6 2012-04-01,9.962869845,11.60007115,8.2,9.6,14.7 2012-05-01,9.92409177,11.60533176,8.2,9.7,14.8 2012-06-01,9.961183312,11.63298785,8.2,9.6,14.7 2012-07-01,9.969834636,11.64975028,8.2,9.6,14.7 2012-08-01,10.02094395,11.64658046,8.1,9.6,14.6 2012-09-01,9.791515335,11.50704888,7.8,9.3,14.8 2012-10-01,9.766891871,11.46447208,7.8,9.2,14.4 2012-11-01,9.823504538,11.48871909,7.7,9.2,14.4 2012-12-01,9.87649121,11.50553713,7.9,9.4,14.4 2013-01-01,9.990560887,11.62026462,8,9.3,14.5 2013-02-01,9.807160849,11.4807434,7.7,9.2,14.3 2013-03-01,9.743950274,11.3182319,7.5,9,13.9 2013-04-01,9.754580629,11.38072516,7.6,9,14 2013-05-01,9.755614425,11.36607593,7.5,8.8,13.9 2013-06-01,9.729169297,11.38222711,7.5,9.1,14.2 2013-07-01,9.571022305,11.21700796,7.3,8.7,13.8 2013-08-01,9.457763243,11.04356715,7.2,8.6,13.6 2013-09-01,9.456909852,11.03564174,7.2,8.6,13.5 2013-10-01,9.534306464,11.18815064,7.2,8.6,13.6 2013-11-01,9.322943379,10.89012315,6.9,8.2,13.1 2013-12-01,9.254794049,10.84522966,6.7,8.1,13.1 2014-01-01,9.220872042,10.67046897,6.6,8,12.6 2014-02-01,9.238874015,10.72145963,6.7,8,12.6 2014-03-01,9.230194625,10.7272357,6.7,8,12.7 2014-04-01,9.059473302,10.57497293,6.2,7.6,12.3 2014-05-01,9.127333314,10.57475141,6.3,7.7,12.3 2014-06-01,9.026162409,10.52842357,6.1,7.3,12 2014-07-01,9.065042323,10.55153953,6.2,7.4,12.1 2014-08-01,9.058538059,10.52599492,6.1,7.4,12 2014-09-01,9.001503854,10.40486841,5.9,7.2,11.7 2014-10-01,8.869212369,10.32740796,5.7,7.1,11.5 2014-11-01,8.933941199,10.31953968,5.8,7.1,11.4 2014-12-01,8.805379032,10.18074614,5.6,6.9,11.2 2015-01-01,8.842754437,10.18052264,5.7,6.9,11.2 2015-02-01,8.791269238,10.12766294,5.5,6.7,10.9 2015-03-01,8.737792839,10.05664533,5.4,6.7,10.9 2015-04-01,8.737242244,10.05106152,5.4,6.7,10.9 2015-05-01,8.693124279,9.993144512,5.6,6.8,10.9 2015-06-01,8.664544564,9.937066184,5.3,6.4,10.4 2015-07-01,8.662125564,9.902439275,5.2,6.3,10.3 2015-08-01,8.436763821,9.759120879,5.1,6.2,10.2 2015-09-01,8.543545244,9.729153929,5,6.2,10 2015-10-01,8.54068752,9.733789974,5,6.2,9.8 2015-11-01,8.510780554,9.73434311,5.1,6.1,10 2015-12-01,8.442994625,9.647103411,5,6.1,9.9 2016-01-01,8.373563572,9.534738892,4.8,6,9.7 2016-02-01,8.373096512,9.557436095,4.9,5.9,9.6 2016-03-01,8.370522953,9.564233849,5,6.1,9.8 2016-04-01,8.427035313,9.604614048,5.1,6.1,9.9 2016-05-01,8.324827271,9.581585004,4.8,5.9,9.9 2016-06-01,8.310056595,9.440462824,4.9,5.9,9.5 2016-07-01,8.323040247,9.480935972,4.8,5.9,9.6 2016-08-01,8.237074528,9.476909247,4.9,5.9,9.6 2016-09-01,8.429115367,9.577705311,5,6.1,9.7 2016-10-01,8.41803024,9.622644757,4.9,5.9,9.6 2016-11-01,8.270468547,9.392741681,4.7,5.9,9.4 2016-12-01,8.268426826,9.368512259,4.7,5.7,9.2 2017-01-01,8.243133951,9.36243102,4.7,5.6,9.2 2017-02-01,8.173545007,9.274957435,4.6,5.6,9 2017-03-01,8.099849479,9.170946445,4.4,5.4,8.8 2017-04-01,8.056233337,9.082054399,4.4,5.4,8.6 2017-05-01,8.035522671,9.04364953,4.4,5.3,8.5 2017-06-01,7.94633179,8.977128361,4.3,5.2,8.5 2017-07-01,7.903356394,8.928850206,4.3,5.2,8.5 2017-08-01,7.950546044,9.029655052,4.4,5.3,8.6 2017-09-01,7.850885083,8.845537565,4.3,5.2,8.3 2017-10-01,7.82046221,8.793963726,4.2,5.1,8.1 2017-11-01,7.848971561,8.787300126,4.2,5.1,8 2017-12-01,7.855338891,8.829710545,4.1,5.1,8.1 2018-01-01,7.82199623,8.788031196,4,4.9,8 2018-02-01,7.793661093,8.791544747,4.1,5,8.1 2018-03-01,7.793967453,8.761174376,4,4.9,8 2018-04-01,7.765936235,8.719608337,4,4.8,7.9 2018-05-01,7.680185135,8.622289346,3.8,4.7,7.8 2018-06-01,7.693936196,8.620308896,4,4.8,7.8 2018-07-01,7.598025137,8.480950364,3.8,4.7,7.5 2018-08-01,7.622741015,8.508038562,3.8,4.7,7.4 2018-09-01,7.594506319,8.477131538,3.7,4.7,7.5 2018-10-01,7.590908916,8.487885209,3.8,4.7,7.5 2018-11-01,7.575054412,8.483757019,3.8,4.7,7.6 2018-12-01,7.638445004,8.545771428,3.9,4.8,7.6 2019-01-01,7.758634156,8.74402908,4,4.9,8 2019-02-01,7.65814818,8.499606846,3.8,4.6,7.2 2019-03-01,7.648036614,8.52144809,3.8,4.7,7.4 2019-04-01,7.547400799,8.45088764,3.7,4.5,7.4 2019-05-01,7.492876805,8.318098389,3.6,4.5,7.1 2019-06-01,7.476794287,8.331364528,3.6,4.5,7.2 2019-07-01,7.549108033,8.307112346,3.7,4.5,6.9 2019-08-01,7.382533425,8.243781313,3.6,4.5,7.2 2019-09-01,7.25220553,8.068461943,3.5,4.2,6.9 2019-10-01,7.220467682,8.068200014,3.6,4.3,6.9 2019-11-01,7.282503551,8.095291899,3.6,4.3,6.8 2019-12-01,7.27807478,8.088910919,3.6,4.3,6.8 2020-01-01,7.383654959,8.193608802,3.6,4.4,7 2020-02-01,7.422756646,8.265603939,3.5,4.4,7 2020-03-01,8.184152446,9.290693688,4.4,5.3,8.8 2020-04-01,15.58550797,17.73445483,14.8,16,22.9 2020-05-01,14.28195942,16.34330747,13.2,14.5,21.1 2020-06-01,12.50265073,14.25768669,11,12.4,18 2020-07-01,11.88486252,13.48325829,10.2,11.3,16.5 2020-08-01,10.55781276,12.01021867,8.4,9.6,14.2 2020-09-01,10.27295155,11.48913151,7.8,8.9,12.8 2020-10-01,9.240521481,10.54182065,6.9,8,12.1 2020-11-01,9.212878129,10.48830204,6.7,7.8,11.9 2020-12-01,9.214726144,10.40607036,6.7,7.9,11.7 2021-01-01,8.985283017,10.07794396,6.4,7.5,11.2 2021-02-01,8.995084502,10.14429753,6.2,7.4,11.1 2021-03-01,8.838415626,9.942212035,6.1,7.2,10.8 2021-04-01,8.812561799,9.827569096,6.1,7.1,10.3 2021-05-01,8.683658176,9.680631027,5.8,6.9,10.1 2021-06-01,8.564527423,9.486802825,5.9,6.9,9.8 2021-07-01,8.346689023,9.204231278,5.4,6.5,9.2 2021-08-01,8.125664399,8.964165895,5.1,6,8.8 2021-09-01,8.005491502,8.852364196,4.7,5.7,8.4 2021-10-01,7.868636808,8.717785891,4.5,5.5,8.2 2021-11-01,7.71542994,8.531440443,4.1,5.1,7.7 2021-12-01,7.616992115,8.38449141,3.9,4.9,7.3 2022-01-01,7.819967878,8.506671847,4,4.9,7.1 2022-02-01,7.632972878,8.406146592,3.9,4.7,7.2 2022-03-01,7.621022297,8.401577664,3.7,4.5,7 2022-04-01,7.628402712,8.396541333,3.7,4.6,7 2022-05-01,7.474183927,8.284891523,3.6,4.5,7.1 2022-06-01,7.485749372,8.219286604,3.6,4.5,6.7 2022-07-01,7.448557365,8.205408905,3.5,4.4,6.8 2022-08-01,7.408406663,8.170861164,3.6,4.4,6.9 2022-09-01,7.445009927,8.16860851,3.5,4.4,6.7 2022-10-01,7.455317757,8.148854044,3.6,4.5,6.7 2022-11-01,7.448894783,8.141969836,3.6,4.5,6.7 2022-12-01,7.370349715,8.117696242,3.5,4.2,6.6 2023-01-01,7.353032677,8.099866144,3.5,4.3,6.7 2023-02-01,7.346867058,8.092436746,3.6,4.4,6.8 2023-03-01,7.370685014,8.131480945,3.5,4.3,6.7 2023-04-01,7.333817166,8.064487109,3.4,4.3,6.6 2023-05-01,7.430704799,8.125377781,3.6,4.5,6.7 2023-06-01,7.390702195,8.22628249,3.6,4.4,6.9 2023-07-01,7.310211419,8.074646849,3.5,4.4,6.7 2023-08-01,7.379522206,8.14474956,3.7,4.6,7.1 2023-09-01,7.429810051,8.19177891,3.7,4.6,7 2023-10-01,7.426806946,8.230663061,3.9,4.7,7.2 2023-11-01,7.430433549,8.167050882,3.7,4.6,7 2023-12-01,7.552269335,8.349219065,3.8,4.7,7.2 2024-01-01,7.534053995,8.352817764,3.7,4.6,7.2 2024-02-01,7.590355125,8.377958669,3.9,4.7,7.3 2024-03-01,7.517536795,8.312469845,3.9,4.8,7.3 2024-04-01,7.5311484,8.362037223,3.9,4.8,7.4 2024-05-01,7.566497819,8.392296053,3.9,4.8,7.4 2024-06-01,7.554077678,8.390293794,4.1,4.9,7.4 2024-07-01,7.68374876,8.544445377,4.2,5.1,7.8 2024-08-01,7.680426496,8.552874216,4.2,5,7.8 2024-09-01,7.589166959,8.459657438,4.1,5,7.7 2024-10-01,7.610532438,8.46087599,4.1,5,7.7 2024-11-01,7.681638789,8.492882013,4.2,5.1,7.7 2024-12-01,7.578719427,8.393721854,4.1,5,7.6 2025-01-01,7.579736934,8.405332088,4,4.9,7.5 2025-02-01,7.700536505,8.567127164,4.2,5.1,8 2025-03-01,7.773095694,8.641382119,4.2,5.1,7.9 2025-04-01,7.733200434,8.584676194,4.2,5.1,7.8 2025-05-01,7.771053247,8.626116865,4.3,5.1,7.8 2025-06-01,7.728139489,8.591835516,4.1,5.1,7.7 2025-07-01,7.760086359,8.624936733,4.3,5.2,7.9 2025-08-01,7.757459936,8.599959585,4.3,5.3,8.1 2025-09-01,7.784831063,8.635089481,4.4,5.4,8.1 2025-10-01,.,.,.,.,. 2025-11-01,7.774349848,8.814876369,4.5,5.5,8.7 2025-12-01,7.732729591,8.731251703,4.4,5.3,8.4 2026-01-01,8.066172171,9.02288819,4.3,5.2,8.1 2026-02-01,7.723267579,8.494110835,4.4,5.3,7.9 2026-03-01,7.523577004,8.284259961,4.3,5.3,8 2026-04-01,7.528352347,8.3649695,4.3,5.3,8.2 2026-05-01,7.804727446,8.667096954,4.3,5.3,8.1
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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