November 2025, No. 25-13
When a primary worker' income drops unexpectedly, spousal labor supply and earnings increase to compensate, especially in young households with limited financial assets.
Economic Research
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Anna Kovner, director of research at the Federal Reserve Bank of Richmond, reviews the significant, rapid changes in trade policy, immigration policy, and the size of the federal workforce in 2025. She also discusses how the Richmond Fed has assessed the economic impact of these changes through its research and outreach programs.
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By John Bailey Jones, Yue Li and Urvi Neelakantan
Over time, older households have become more likely to age in place and more likely to receive long-term care at home.
November 2025, No. 25-12
Christian Matthes, Naoya Nagasaka and Felipe F. Schwartzman
An econometric framework that can jointly leverage identification strategies from the applied microeconometric toolkit and identification assumptions from the macro/time series literature exploits both time series and crosssectional variation to identify aggregate macroeconomic effects as well as idiosyncratic effects of identified shocks.
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Supervisors anticipate most bank failures with a high degree of accuracy.
Hornstein-Kudlyak-Lange Non-Employment Index
January 16, 2026
The Hornstein-Kudlyak-Lange Non-Employment Index (NEI) was 7.8 percent in December 2025, essentially unchanged from November 2025. The index increased by 0.2 percentage point compared to December 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 2000-04-01,7.642814711,8.366125723,3.8,4.7,6.9 2000-05-01,7.812844763,8.599746387,4,4.8,7.1 2000-06-01,7.656680378,8.407554676,4,4.7,7 2000-07-01,7.670488345,8.426355167,4,4.8,7 2000-08-01,7.702509641,8.476675781,4.1,4.8,7.1 2000-09-01,7.660382912,8.4239718,3.9,4.7,7 2000-10-01,7.650264098,8.40308808,3.9,4.6,6.8 2000-11-01,7.685479107,8.474903544,3.9,4.7,7.1 2000-12-01,7.668803571,8.418607668,3.9,4.7,6.9 2001-01-01,7.759357038,8.533166606,4.2,5,7.3 2001-02-01,7.79182443,8.553623589,4.2,5.1,7.3 2001-03-01,7.850762831,8.613629509,4.3,5,7.3 2001-04-01,8.00547442,8.754693142,4.4,5.1,7.4 2001-05-01,8.090482014,8.904457469,4.3,5.1,7.5 2001-06-01,8.169717445,9.051063915,4.5,5.3,7.9 2001-07-01,8.12476745,8.967051448,4.6,5.4,7.9 2001-08-01,8.438283462,9.251746578,4.9,5.8,8.2 2001-09-01,8.408256846,9.390078033,5,5.8,8.7 2001-10-01,8.675807339,9.702608002,5.3,6.3,9.3 2001-11-01,8.76271082,9.730809744,5.5,6.4,9.4 2001-12-01,8.87226605,9.879581362,5.7,6.6,9.6 2002-01-01,8.946244852,9.879743014,5.7,6.6,9.4 2002-02-01,8.852212607,9.827743281,5.7,6.5,9.5 2002-03-01,8.836693287,9.781360828,5.7,6.6,9.4 2002-04-01,8.906079065,9.857838203,5.9,6.9,9.7 2002-05-01,8.829868638,9.784003394,5.8,6.8,9.6 2002-06-01,8.817376826,9.754793545,5.8,6.7,9.5 2002-07-01,8.834114755,9.802296776,5.8,6.8,9.6 2002-08-01,8.769457934,9.795239438,5.7,6.7,9.6 2002-09-01,8.732279043,9.725836598,5.7,6.6,9.6 2002-10-01,8.709234401,9.702946486,5.7,6.6,9.6 2002-11-01,8.849738318,9.809165622,5.9,6.8,9.8 2002-12-01,8.780999337,9.758465241,6,6.9,9.8 2003-01-01,8.827159818,9.869157734,5.8,6.8,9.9 2003-02-01,8.852017622,9.931910009,5.9,6.9,10.1 2003-03-01,8.964954824,10.02367487,5.9,6.9,10 2003-04-01,8.917993954,9.992481183,6,7,10.2 2003-05-01,8.993351633,10.03978025,6.1,7.1,10.1 2003-06-01,9.031180973,10.07807812,6.3,7.2,10.3 2003-07-01,9.001028416,10.06499677,6.2,7.1,10.3 2003-08-01,8.976653102,10.01388266,6.1,7.1,10.1 2003-09-01,8.963990677,10.0665604,6.1,7.1,10.4 2003-10-01,8.951835947,10.02626134,6,7,10.2 2003-11-01,8.815625327,9.878989217,5.8,6.8,10.1 2003-12-01,8.804077548,9.870742579,5.7,6.6,9.8 2004-01-01,8.745343426,9.806518252,5.7,6.7,9.8 2004-02-01,8.697049491,9.70649351,5.6,6.6,9.7 2004-03-01,8.823160848,9.891622349,5.8,6.8,10 2004-04-01,8.693485186,9.705463837,5.6,6.6,9.6 2004-05-01,8.687854854,9.725210373,5.6,6.6,9.7 2004-06-01,8.66410802,9.66373686,5.6,6.6,9.6 2004-07-01,8.65628584,9.657543167,5.5,6.5,9.5 2004-08-01,8.629533336,9.658180941,5.4,6.4,9.4 2004-09-01,8.61162951,9.616629284,5.4,6.4,9.4 2004-10-01,8.652386596,9.717780713,5.5,6.5,9.7 2004-11-01,8.602407913,9.59367021,5.4,6.3,9.4 2004-12-01,8.589356594,9.577459409,5.4,6.3,9.3 2005-01-01,8.54031142,9.513804499,5.3,6.3,9.2 2005-02-01,8.600649752,9.544191549,5.4,6.4,9.2 2005-03-01,8.524090548,9.503635774,5.2,6.2,9.1 2005-04-01,8.482616011,9.412140221,5.2,6.1,9 2005-05-01,8.405487011,9.369580114,5.1,6.1,8.9 2005-06-01,8.438415773,9.422901202,5,6,9 2005-07-01,8.349554505,9.323638841,5,5.9,8.8 2005-08-01,8.264619954,9.278026092,4.9,5.9,8.9 2005-09-01,8.410091254,9.444456932,5,6,9 2005-10-01,8.370520724,9.312043677,5,5.9,8.7 2005-11-01,8.432728754,9.339881462,5,6,8.7 2005-12-01,8.388189834,9.289524677,4.9,5.9,8.6 2006-01-01,8.274247719,9.173882998,4.7,5.6,8.4 2006-02-01,8.270152971,9.188450954,4.8,5.6,8.4 2006-03-01,8.16782603,9.042679134,4.7,5.6,8.2 2006-04-01,8.297328174,9.128356974,4.7,5.6,8.1 2006-05-01,8.123107953,9.027072714,4.6,5.5,8.2 2006-06-01,8.115567864,9.056665464,4.6,5.6,8.4 2006-07-01,8.175914496,9.115346331,4.7,5.7,8.5 2006-08-01,8.144831771,9.081973722,4.7,5.7,8.4 2006-09-01,8.126982029,9.043084662,4.5,5.3,8 2006-10-01,8.092308567,9.043198252,4.4,5.3,8.2 2006-11-01,8.142178558,9.034488794,4.5,5.4,8.1 2006-12-01,8.040177471,8.945762873,4.4,5.2,7.9 2007-01-01,8.114939354,9.033250218,4.6,5.5,8.3 2007-02-01,8.087411834,8.995244183,4.5,5.4,8.1 2007-03-01,7.934366988,8.857966897,4.4,5.3,8 2007-04-01,8.210113604,9.117353114,4.5,5.4,8.2 2007-05-01,8.165134831,9.134644807,4.4,5.3,8.2 2007-06-01,8.136076024,9.066879757,4.6,5.4,8.3 2007-07-01,8.153118729,9.104176111,4.7,5.5,8.4 2007-08-01,8.177810746,9.188560809,4.6,5.5,8.4 2007-09-01,8.225899953,9.2213283,4.7,5.5,8.4 2007-10-01,8.221651682,9.162499089,4.7,5.6,8.4 2007-11-01,8.140172495,9.089863368,4.7,5.6,8.5 2007-12-01,8.311223969,9.292700702,5,5.8,8.8 2008-01-01,8.324658788,9.363745186,5,5.9,9.1 2008-02-01,8.314112368,9.357155073,4.9,5.8,9 2008-03-01,8.431591822,9.484441297,5.1,5.9,9.1 2008-04-01,8.457505446,9.546365346,5,5.9,9.2 2008-05-01,8.617548361,9.752459701,5.4,6.3,9.7 2008-06-01,8.670748665,9.855130547,5.6,6.5,10 2008-07-01,8.855242418,10.14063029,5.8,6.7,10.5 2008-08-01,9.000669119,10.27245039,6.1,7.1,10.8 2008-09-01,9.087772486,10.41370658,6.1,7.1,11.1 2008-10-01,9.227066747,10.65548527,6.5,7.5,11.8 2008-11-01,9.480093876,11.01728524,6.8,8,12.7 2008-12-01,9.751409009,11.45251136,7.3,8.4,13.6 2009-01-01,10.18233249,11.91285073,7.8,9,14.1 2009-02-01,10.40162457,12.26234569,8.3,9.5,15.1 2009-03-01,10.59693851,12.53621634,8.7,10,15.8 2009-04-01,10.69145962,12.55030085,9,10.2,15.9 2009-05-01,10.8934772,12.82440515,9.4,10.7,16.5 2009-06-01,10.93213908,12.86037595,9.5,10.7,16.5 2009-07-01,10.76928402,12.70110978,9.5,10.7,16.4 2009-08-01,10.78327533,12.70329506,9.6,10.9,16.7 2009-09-01,10.85493401,12.71467567,9.8,11.1,16.7 2009-10-01,10.96850681,12.86696659,10,11.3,17.1 2009-11-01,10.82375465,12.72520699,9.9,11.3,17.1 2009-12-01,10.88623101,12.79244362,9.9,11.3,17.2 2010-01-01,10.79353331,12.60385329,9.8,11.2,16.6 2010-02-01,10.80421687,12.68205889,9.8,11.2,17 2010-03-01,10.78046234,12.71815573,9.9,11.2,17.1 2010-04-01,10.62728387,12.54789849,9.9,11.4,17.2 2010-05-01,10.51723059,12.3765181,9.6,11,16.7 2010-06-01,10.43955102,12.2626599,9.4,10.9,16.4 2010-07-01,10.50355201,12.34316238,9.4,10.9,16.4 2010-08-01,10.5748399,12.42032147,9.5,10.9,16.5 2010-09-01,10.60590738,12.50145494,9.5,11,16.9 2010-10-01,10.559292,12.41670243,9.4,11,16.6 2010-11-01,10.70514292,12.54204948,9.8,11.3,16.9 2010-12-01,10.50807892,12.37038275,9.3,10.8,16.6 2011-01-01,10.42628646,12.20832671,9.1,10.6,16.1 2011-02-01,10.37200304,12.14486387,9,10.6,16 2011-03-01,10.28799047,12.09859291,9,10.4,16 2011-04-01,10.40551723,12.2177989,9.1,10.6,16.1 2011-05-01,10.34166295,12.14231871,9,10.4,15.9 2011-06-01,10.44979637,12.2269727,9.1,10.7,16.1 2011-07-01,10.4331424,12.19986669,9,10.6,15.9 2011-08-01,10.36909487,12.18246119,9,10.5,16.1 2011-09-01,10.334009,12.17685544,9,10.5,16.4 2011-10-01,10.28882528,12.09242211,8.8,10.3,15.8 2011-11-01,10.21126085,11.95604238,8.6,10.2,15.6 2011-12-01,10.12638728,11.82361002,8.5,10,15.2 2012-01-01,10.01298528,11.71845318,8.3,9.8,15.1 2012-02-01,9.992828626,11.70105901,8.3,9.8,15 2012-03-01,9.996836517,11.61001443,8.2,9.6,14.6 2012-04-01,9.998165377,11.635436,8.2,9.6,14.7 2012-05-01,9.958849559,11.64116508,8.2,9.7,14.8 2012-06-01,9.996147695,11.67131783,8.2,9.6,14.7 2012-07-01,10.00544605,11.68520946,8.2,9.6,14.7 2012-08-01,10.0598957,11.68293363,8.1,9.6,14.6 2012-09-01,9.828397965,11.54287608,7.8,9.3,14.8 2012-10-01,9.803934025,11.4991985,7.8,9.2,14.4 2012-11-01,9.859513913,11.5238317,7.7,9.2,14.4 2012-12-01,9.912198901,11.54086924,7.9,9.4,14.4 2013-01-01,10.0256297,11.65689924,8,9.3,14.5 2013-02-01,9.842694934,11.5162124,7.7,9.2,14.3 2013-03-01,9.779245374,11.35386598,7.5,9,13.9 2013-04-01,9.788799917,11.41634615,7.6,9,14 2013-05-01,9.789787929,11.40160751,7.5,8.8,13.9 2013-06-01,9.76325807,11.42239825,7.5,9.1,14.2 2013-07-01,9.605415796,11.25234603,7.3,8.7,13.8 2013-08-01,9.499534406,11.07858119,7.2,8.6,13.6 2013-09-01,9.493301668,11.06980802,7.2,8.6,13.5 2013-10-01,9.57274621,11.22239366,7.2,8.6,13.6 2013-11-01,9.357205342,10.92437623,6.9,8.2,13.1 2013-12-01,9.289798172,10.88028819,6.7,8.1,13.1 2014-01-01,9.256051886,10.70773349,6.6,8,12.6 2014-02-01,9.273510802,10.75618082,6.7,8,12.6 2014-03-01,9.264178382,10.76160481,6.7,8,12.7 2014-04-01,9.091683465,10.60992998,6.2,7.6,12.3 2014-05-01,9.161260811,10.60999172,6.3,7.7,12.3 2014-06-01,9.058975298,10.56937438,6.1,7.3,12 2014-07-01,9.096737147,10.58638261,6.2,7.4,12.1 2014-08-01,9.106339174,10.56146728,6.1,7.4,12 2014-09-01,9.039290897,10.43926844,5.9,7.2,11.7 2014-10-01,8.90892527,10.36132423,5.7,7.1,11.5 2014-11-01,8.968829291,10.35505923,5.8,7.1,11.4 2014-12-01,8.840042912,10.21612565,5.6,6.9,11.2 2015-01-01,8.876909701,10.2177555,5.7,6.9,11.2 2015-02-01,8.82574974,10.16298564,5.5,6.7,10.9 2015-03-01,8.771860468,10.09181458,5.4,6.7,10.9 2015-04-01,8.767855411,10.08616387,5.4,6.7,10.9 2015-05-01,8.726176609,10.02721565,5.6,6.8,10.9 2015-06-01,8.698111758,9.978922266,5.3,6.4,10.4 2015-07-01,8.688275364,9.936639874,5.2,6.3,10.3 2015-08-01,8.489223628,9.793374277,5.1,6.2,10.2 2015-09-01,8.583515935,9.762630888,5,6.2,10 2015-10-01,8.582948521,9.767057305,5,6.2,9.8 2015-11-01,8.544738476,9.768229757,5.1,6.1,10 2015-12-01,8.47553422,9.680817132,5,6.1,9.9 2016-01-01,8.403949882,9.571236803,4.8,6,9.7 2016-02-01,8.403331282,9.591587784,4.9,5.9,9.6 2016-03-01,8.400227263,9.598203655,5,6.1,9.8 2016-04-01,8.45419298,9.638567267,5.1,6.1,9.9 2016-05-01,8.357473264,9.61603326,4.8,5.9,9.9 2016-06-01,8.344161535,9.48027787,4.9,5.9,9.5 2016-07-01,8.344514097,9.51411802,4.8,5.9,9.6 2016-08-01,8.296340099,9.510065965,4.9,5.9,9.6 2016-09-01,8.471219404,9.61003723,5,6.1,9.7 2016-10-01,8.464511811,9.654971979,4.9,5.9,9.6 2016-11-01,8.309698488,9.426626849,4.7,5.9,9.4 2016-12-01,8.301359645,9.401848212,4.7,5.7,9.2 2017-01-01,8.266730454,9.397780715,4.7,5.6,9.2 2017-02-01,8.195903009,9.309697768,4.6,5.6,9 2017-03-01,8.122181999,9.204021224,4.4,5.4,8.8 2017-04-01,8.078622725,9.116115826,4.4,5.4,8.6 2017-05-01,8.066109365,9.077670012,4.4,5.3,8.5 2017-06-01,7.981821663,9.015433719,4.3,5.2,8.5 2017-07-01,7.922597427,8.96027572,4.3,5.2,8.5 2017-08-01,8.017278324,9.062363425,4.4,5.3,8.6 2017-09-01,7.898516058,8.877002417,4.3,5.2,8.3 2017-10-01,7.874627676,8.824739488,4.2,5.1,8.1 2017-11-01,7.89375962,8.819653434,4.2,5.1,8 2017-12-01,7.892392194,8.862474373,4.1,5.1,8.1 2018-01-01,7.833960086,8.822083555,4,4.9,8 2018-02-01,7.80072898,8.826321349,4.1,5,8.1 2018-03-01,7.805124738,8.792449706,4,4.9,8 2018-04-01,7.782987521,8.753260502,4,4.8,7.9 2018-05-01,7.708577789,8.656131357,3.8,4.7,7.8 2018-06-01,7.731004607,8.656000988,4,4.8,7.8 2018-07-01,7.621558354,8.51154128,3.8,4.7,7.5 2018-08-01,7.694314974,8.540078505,3.8,4.7,7.4 2018-09-01,7.648832217,8.508736187,3.7,4.7,7.5 2018-10-01,7.653402609,8.518090151,3.8,4.7,7.5 2018-11-01,7.626833602,8.516035887,3.8,4.7,7.6 2018-12-01,7.683433294,8.57837947,3.9,4.8,7.6 2019-01-01,7.756994329,8.77699294,4,4.9,8 2019-02-01,7.649231625,8.534837097,3.8,4.6,7.2 2019-03-01,7.647915567,8.551713735,3.8,4.7,7.4 2019-04-01,7.561805031,8.485059998,3.7,4.5,7.4 2019-05-01,7.518435965,8.351257293,3.6,4.5,7.1 2019-06-01,7.515717367,8.36515629,3.6,4.5,7.2 2019-07-01,7.5792279,8.337385137,3.7,4.5,6.9 2019-08-01,7.454193183,8.27471882,3.6,4.5,7.2 2019-09-01,7.311771803,8.099152803,3.5,4.2,6.9 2019-10-01,7.287550004,8.097002999,3.6,4.3,6.9 2019-11-01,7.336788119,8.126217058,3.6,4.3,6.8 2019-12-01,7.328980216,8.120540428,3.6,4.3,6.8 2020-01-01,7.371958354,8.22524784,3.6,4.4,7 2020-02-01,7.402497955,8.299986751,3.5,4.4,7 2020-03-01,8.173282964,9.320816297,4.4,5.3,8.8 2020-04-01,15.58400184,17.77714812,14.8,16,22.9 2020-05-01,14.30966795,16.38390413,13.2,14.5,21.1 2020-06-01,12.55403405,14.29566092,11,12.4,18 2020-07-01,11.93397581,13.52043438,10.2,11.3,16.5 2020-08-01,10.64911065,12.04655338,8.4,9.6,14.2 2020-09-01,10.35189678,11.52533359,7.8,8.9,12.8 2020-10-01,9.322400202,10.57380214,6.9,8,12.1 2020-11-01,9.27875349,10.52491201,6.7,7.8,11.9 2020-12-01,9.280279655,10.44088551,6.7,7.9,11.7 2021-01-01,8.962512729,10.11087424,6.4,7.5,11.2 2021-02-01,8.962793973,10.18076047,6.2,7.4,11.1 2021-03-01,8.822132338,9.972304426,6.1,7.2,10.8 2021-04-01,8.821907302,9.860857513,6.1,7.1,10.3 2021-05-01,8.711585987,9.713385791,5.8,6.9,10.1 2021-06-01,8.603545458,9.516564,5.9,6.9,9.8 2021-07-01,8.399738487,9.242629244,5.4,6.5,9.2 2021-08-01,8.194488904,9.001052127,5.1,6,8.8 2021-09-01,8.070679115,8.886420215,4.7,5.7,8.4 2021-10-01,7.938100858,8.749984875,4.5,5.5,8.2 2021-11-01,7.775118227,8.568336794,4.1,5.1,7.7 2021-12-01,7.674481957,8.416243961,3.9,4.9,7.3 2022-01-01,7.800708644,8.532123584,4,4.9,7.1 2022-02-01,7.613144822,8.438166417,3.9,4.7,7.2 2022-03-01,7.614176029,8.429848161,3.7,4.5,7 2022-04-01,7.641993333,8.427052091,3.7,4.6,7 2022-05-01,7.50423446,8.314392111,3.6,4.5,7.1 2022-06-01,7.520336746,8.245878853,3.6,4.5,6.7 2022-07-01,7.50629572,8.248312024,3.5,4.4,6.8 2022-08-01,7.466234605,8.212903378,3.6,4.4,6.9 2022-09-01,7.501995145,8.205242479,3.5,4.4,6.7 2022-10-01,7.513274551,8.180052262,3.6,4.5,6.7 2022-11-01,7.50633575,8.185999618,3.6,4.5,6.7 2022-12-01,7.420512835,8.145892369,3.5,4.2,6.6 2023-01-01,7.338342994,8.111470358,3.5,4.3,6.7 2023-02-01,7.34007337,8.124263494,3.6,4.4,6.8 2023-03-01,7.369504873,8.154585327,3.5,4.3,6.7 2023-04-01,7.349951174,8.093360716,3.4,4.3,6.6 2023-05-01,7.460981163,8.151904883,3.6,4.5,6.7 2023-06-01,7.422181299,8.250278488,3.6,4.4,6.9 2023-07-01,7.370424034,8.122748388,3.5,4.4,6.7 2023-08-01,7.429476569,8.193148125,3.7,4.6,7.1 2023-09-01,7.478774615,8.229666802,3.7,4.6,7 2023-10-01,7.474004417,8.25919968,3.9,4.7,7.2 2023-11-01,7.488264556,8.218485624,3.7,4.6,7 2023-12-01,7.594449945,8.375365894,3.8,4.7,7.2 2024-01-01,7.52237134,8.349071497,3.7,4.6,7.2 2024-02-01,7.598775073,8.414961095,3.9,4.7,7.3 2024-03-01,7.522817084,8.332303776,3.9,4.8,7.3 2024-04-01,7.547201167,8.390281693,3.9,4.8,7.4 2024-05-01,7.598711449,8.417095689,3.9,4.8,7.4 2024-06-01,7.583978629,8.412946766,4.1,4.9,7.4 2024-07-01,7.746245585,8.598463985,4.2,5.1,7.8 2024-08-01,7.72720671,8.608030265,4.2,5,7.8 2024-09-01,7.632698098,8.501696343,4.1,5,7.7 2024-10-01,7.651756264,8.487311994,4.1,5,7.7 2024-11-01,7.740580871,8.553683396,4.2,5.1,7.7 2024-12-01,7.611389712,8.414465464,4.1,5,7.6 2025-01-01,7.57230768,8.386581277,4,4.9,7.5 2025-02-01,7.721715513,8.611938067,4.2,5.1,8 2025-03-01,7.780411361,8.655382316,4.2,5.1,7.9 2025-04-01,7.748280521,8.615847639,4.2,5.1,7.8 2025-05-01,7.805368633,8.6508151,4.3,5.1,7.8 2025-06-01,7.757770562,8.615212853,4.1,5.1,7.7 2025-07-01,7.824410051,8.683415091,4.3,5.2,7.9 2025-08-01,7.802760035,8.65890998,4.3,5.3,8.1 2025-09-01,7.826020594,8.678394345,4.4,5.4,8.1 2025-10-01,.,.,.,.,. 2025-11-01,7.814043794,8.840177068,4.5,5.5,8.7 2025-12-01,7.794365966,8.796964087,4.4,5.3,8.4
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.
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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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