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
We conduct and publish economic research to inform monetary policy and public understanding.
Featured
Blog Post
July 9, 2026
Learn how Clifton Forge, Virginia, in the rural Alleghany Highlands region has faced economic decline and navigated rural revitalization through public, private, and philanthropic partnerships.
Podcast
July 8, 2026
John Bailey Jones and Jason Kosakow discuss their research on how family members and friends give their time and money to help each other and how these transfers benefit households. Jones is vice president of microeconomic analysis and Kosakow is survey director, both at the Federal Reserve Bank of Richmond.
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
July 9, 2026
The Hornstein-Kudlyak-Lange Non-Employment Index (NEI) was 7.7 percent in June 2026, edging down by 0.1 percentage point from May 2026. The index was essentially unchanged compared to June 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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