May 2026, No. 26-09
The authors model conditions for adopting new technology and discuss the subsidies needed for the best path forward.
Economic Research
We conduct and publish economic research to inform monetary policy and public understanding.
Featured
Article
May 2026, No. 26-15
With the potential of artificial intelligence to raise trend productivity growth, it is illuminating to revisit Al Broaddus' contributions to late 1990s FOMC discussions.
Blog Post
May 12, 2026
Today, many households are less able to purchase the same quantities of discretionary goods and services they enjoyed before the energy shock. How have these choices left an imprint on March’s PCE report?
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.
March 2026, No. 26-07
Ricardo Lagos and Gaston Navarro
We propose a new reserve-demand estimation strategy — a middle ground between atheoretical reduced-form econometric approaches and fully structural quantitative-theoretic approaches.
Hornstein-Kudlyak-Lange Non-Employment Index
May 14, 2026
The Non-Employment Index (NEI) was 7.5 percent in April 2026, essentially unchanged from March 2026. The index decreased by 0.2 percentage point compared to April 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 1997-10-01,8.181438761,9.159580064,4.7,5.6,8.5 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 1998-01-01,8.098542708,9.077558359,4.6,5.6,8.4 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 1998-05-01,7.946392926,8.862987052,4.4,5.3,8 1998-06-01,8.013136607,8.934882035,4.5,5.4,8.1 1998-07-01,8.071457532,9.019910913,4.5,5.5,8.2 1998-08-01,8.045469755,8.913317261,4.5,5.4,7.9 1998-09-01,7.994305622,8.834048684,4.6,5.5,8 1998-10-01,8.009332512,8.849283772,4.5,5.4,7.9 1998-11-01,7.911647593,8.717246115,4.4,5.3,7.7 1998-12-01,7.886796949,8.711099609,4.4,5.2,7.6 1999-01-01,7.868136788,8.713494212,4.3,5.2,7.6 1999-02-01,7.910812605,8.736933255,4.4,5.2,7.7 1999-03-01,7.859808478,8.715788303,4.2,5,7.5 1999-04-01,8.042567238,8.834021792,4.3,5.2,7.7 1999-05-01,7.877647987,8.706656022,4.2,5,7.4 1999-06-01,7.899819037,8.718659576,4.3,5.1,7.5 1999-07-01,7.846775635,8.67298648,4.3,5.1,7.5 1999-08-01,7.818110343,8.619391458,4.2,5,7.3 1999-09-01,7.833121166,8.62513824,4.2,5,7.4 1999-10-01,7.731117965,8.494657795,4.1,5,7.2 1999-11-01,7.700626835,8.45937105,4.1,4.9,7.2 1999-12-01,7.653376129,8.433991845,4,4.8,7.1 2000-01-01,7.593650803,8.354895643,4,4.8,7 2000-02-01,7.710278055,8.456134357,4.1,4.9,7.1 2000-03-01,7.733310214,8.49382536,4,4.8,7.1 2000-04-01,7.609895672,8.333025401,3.8,4.7,6.9 2000-05-01,7.78414694,8.570330183,4,4.8,7.1 2000-06-01,7.628121497,8.378013708,4,4.7,7 2000-07-01,7.641839431,8.396802385,4,4.8,7 2000-08-01,7.674394042,8.448126685,4.1,4.8,7.1 2000-09-01,7.635100686,8.394759731,3.9,4.7,7 2000-10-01,7.621053342,8.374367616,3.9,4.6,6.8 2000-11-01,7.656394067,8.445700581,3.9,4.7,7.1 2000-12-01,7.639475618,8.389159381,3.9,4.7,6.9 2001-01-01,7.728579066,8.508619054,4.2,5,7.3 2001-02-01,7.762425523,8.523818095,4.2,5.1,7.3 2001-03-01,7.821971968,8.58536912,4.3,5,7.3 2001-04-01,7.973369113,8.721292939,4.4,5.1,7.4 2001-05-01,8.060919667,8.874361244,4.3,5.1,7.5 2001-06-01,8.1399838,9.020369688,4.5,5.3,7.9 2001-07-01,8.095380922,8.936857672,4.6,5.4,7.9 2001-08-01,8.407394641,9.220686362,4.9,5.8,8.2 2001-09-01,8.380975709,9.360070923,5,5.8,8.7 2001-10-01,8.644757631,9.672606484,5.3,6.3,9.3 2001-11-01,8.732301108,9.700423481,5.5,6.4,9.4 2001-12-01,8.841679371,9.849055275,5.7,6.6,9.6 2002-01-01,8.913418205,9.852076386,5.7,6.6,9.4 2002-02-01,8.821844213,9.796878654,5.7,6.5,9.5 2002-03-01,8.806623792,9.751143364,5.7,6.6,9.4 2002-04-01,8.873967294,9.824168682,5.9,6.9,9.7 2002-05-01,8.799487544,9.753338978,5.8,6.8,9.6 2002-06-01,8.7868101,9.723449906,5.8,6.7,9.5 2002-07-01,8.803402809,9.771061909,5.8,6.8,9.6 2002-08-01,8.738976339,9.765054774,5.7,6.7,9.6 2002-09-01,8.704124488,9.695530408,5.7,6.6,9.6 2002-10-01,8.678011336,9.67325922,5.7,6.6,9.6 2002-11-01,8.819287114,9.778458107,5.9,6.8,9.8 2002-12-01,8.750238714,9.728122949,6,6.9,9.8 2003-01-01,8.79554126,9.840621497,5.8,6.8,9.9 2003-02-01,8.821023292,9.90025699,5.9,6.9,10.1 2003-03-01,8.933516494,9.991937353,5.9,6.9,10 2003-04-01,8.887064781,9.960192111,6,7,10.2 2003-05-01,8.96253579,10.00884926,6.1,7.1,10.1 2003-06-01,9.000253295,10.04669358,6.3,7.2,10.3 2003-07-01,8.969789024,10.03354296,6.2,7.1,10.3 2003-08-01,8.945166442,9.982721456,6.1,7.1,10.1 2003-09-01,8.934276234,10.03568608,6.1,7.1,10.4 2003-10-01,8.919302369,9.995359567,6,7,10.2 2003-11-01,8.785450079,9.848183903,5.8,6.8,10.1 2003-12-01,8.772232741,9.839766642,5.7,6.6,9.8 2004-01-01,8.713639444,9.77585379,5.7,6.7,9.8 2004-02-01,8.66520094,9.674228107,5.6,6.6,9.7 2004-03-01,8.791497031,9.859673875,5.8,6.8,10 2004-04-01,8.662778266,9.67366435,5.6,6.6,9.6 2004-05-01,8.65603443,9.693395153,5.6,6.6,9.7 2004-06-01,8.632731171,9.632222905,5.6,6.6,9.6 2004-07-01,8.624929232,9.62621248,5.5,6.5,9.5 2004-08-01,8.598235601,9.62704776,5.4,6.4,9.4 2004-09-01,8.580384243,9.584994724,5.4,6.4,9.4 2004-10-01,8.619824265,9.686392598,5.5,6.5,9.7 2004-11-01,8.571321236,9.562091437,5.4,6.3,9.4 2004-12-01,8.557446124,9.546203172,5.4,6.3,9.3 2005-01-01,8.508102387,9.48231352,5.3,6.3,9.2 2005-02-01,8.568669462,9.51176921,5.4,6.4,9.2 2005-03-01,8.492303532,9.471745804,5.2,6.2,9.1 2005-04-01,8.452710876,9.380449503,5.2,6.1,9 2005-05-01,8.374203917,9.338508012,5.1,6.1,8.9 2005-06-01,8.406603956,9.391235467,5,6,9 2005-07-01,8.318242054,9.292458727,5,5.9,8.8 2005-08-01,8.233661759,9.247008266,4.9,5.9,8.9 2005-09-01,8.378575748,9.413065171,5,6,9 2005-10-01,8.338490435,9.280806115,5,5.9,8.7 2005-11-01,8.401479982,9.308729342,5,6,8.7 2005-12-01,8.355558879,9.257269465,4.9,5.9,8.6 2006-01-01,8.24195092,9.142026455,4.7,5.6,8.4 2006-02-01,8.238543458,9.15663996,4.8,5.6,8.4 2006-03-01,8.136380691,9.011328068,4.7,5.6,8.2 2006-04-01,8.268716663,9.097207535,4.7,5.6,8.1 2006-05-01,8.091795911,8.996064278,4.6,5.5,8.2 2006-06-01,8.08413767,9.025436123,4.6,5.6,8.4 2006-07-01,8.144745474,9.084367772,4.7,5.7,8.5 2006-08-01,8.113835717,9.050905546,4.7,5.7,8.4 2006-09-01,8.095764311,9.011912659,4.5,5.3,8 2006-10-01,8.059844888,9.011454786,4.4,5.3,8.2 2006-11-01,8.11015524,9.003214064,4.5,5.4,8.1 2006-12-01,8.009200109,8.914965598,4.4,5.2,7.9 2007-01-01,8.083786581,9.002396962,4.6,5.5,8.3 2007-02-01,8.055799685,8.963590014,4.5,5.4,8.1 2007-03-01,7.903010012,8.826701598,4.4,5.3,8 2007-04-01,8.180812674,9.085418214,4.5,5.4,8.2 2007-05-01,8.132815673,9.102551717,4.4,5.3,8.2 2007-06-01,8.104671888,9.035475756,4.6,5.4,8.3 2007-07-01,8.121699555,9.072980538,4.7,5.5,8.4 2007-08-01,8.146111034,9.156769815,4.6,5.5,8.4 2007-09-01,8.19461017,9.189891164,4.7,5.5,8.4 2007-10-01,8.18972196,9.131395863,4.7,5.6,8.4 2007-11-01,8.108196522,9.059027271,4.7,5.6,8.5 2007-12-01,8.280193792,9.261742626,5,5.8,8.8 2008-01-01,8.29280274,9.332160628,5,5.9,9.1 2008-02-01,8.282080974,9.325337663,4.9,5.8,9 2008-03-01,8.399813894,9.45282229,5.1,5.9,9.1 2008-04-01,8.428285737,9.514483883,5,5.9,9.2 2008-05-01,8.586036242,9.721190274,5.4,6.3,9.7 2008-06-01,8.63887088,9.822967824,5.6,6.5,10 2008-07-01,8.823356847,10.10886261,5.8,6.7,10.5 2008-08-01,8.968793519,10.24033121,6.1,7.1,10.8 2008-09-01,9.055640451,10.38107071,6.1,7.1,11.1 2008-10-01,9.194090076,10.6230521,6.5,7.5,11.8 2008-11-01,9.445245575,10.98421215,6.8,8,12.7 2008-12-01,9.718949577,11.42032305,7.3,8.4,13.6 2009-01-01,10.14926306,11.8805203,7.8,9,14.1 2009-02-01,10.36879999,12.23014683,8.3,9.5,15.1 2009-03-01,10.56360644,12.50307003,8.7,10,15.8 2009-04-01,10.66052084,12.51700106,9,10.2,15.9 2009-05-01,10.8596021,12.79056486,9.4,10.7,16.5 2009-06-01,10.89805576,12.82535685,9.5,10.7,16.5 2009-07-01,10.73504939,12.66653299,9.5,10.7,16.4 2009-08-01,10.74936695,12.66872748,9.6,10.9,16.7 2009-09-01,10.82107958,12.67953876,9.8,11.1,16.7 2009-10-01,10.93342899,12.83187391,10,11.3,17.1 2009-11-01,10.78808249,12.69060978,9.9,11.3,17.1 2009-12-01,10.85211374,12.75815649,9.9,11.3,17.2 2010-01-01,10.76023205,12.57602835,9.8,11.2,16.6 2010-02-01,10.77064076,12.64869377,9.8,11.2,17 2010-03-01,10.74746898,12.68495444,9.9,11.2,17.1 2010-04-01,10.59560495,12.51465341,9.9,11.4,17.2 2010-05-01,10.48403804,12.34292838,9.6,11,16.7 2010-06-01,10.40521824,12.22661517,9.4,10.9,16.4 2010-07-01,10.46936746,12.30808871,9.4,10.9,16.4 2010-08-01,10.5406879,12.38482802,9.5,10.9,16.5 2010-09-01,10.57143071,12.4651589,9.5,11,16.9 2010-10-01,10.52418766,12.38073679,9.4,11,16.6 2010-11-01,10.67022105,12.5062052,9.8,11.3,16.9 2010-12-01,10.47368198,12.33458604,9.3,10.8,16.6 2011-01-01,10.39158024,12.18823736,9.1,10.6,16.1 2011-02-01,10.33730386,12.10886657,9,10.6,16 2011-03-01,10.25349331,12.06272593,9,10.4,16 2011-04-01,10.37032992,12.18155857,9.1,10.6,16.1 2011-05-01,10.3071828,12.10633798,9,10.4,15.9 2011-06-01,10.41362269,12.18757599,9.1,10.7,16.1 2011-07-01,10.39682164,12.16191495,9,10.6,15.9 2011-08-01,10.33286716,12.14458154,9,10.5,16.1 2011-09-01,10.29919175,12.14007059,9,10.5,16.4 2011-10-01,10.25239633,12.05520669,8.8,10.3,15.8 2011-11-01,10.17558216,11.9177607,8.6,10.2,15.6 2011-12-01,10.09129701,11.78607933,8.5,10,15.2 2012-01-01,9.977510248,11.70608623,8.3,9.8,15.1 2012-02-01,9.95814986,11.66377655,8.3,9.8,15 2012-03-01,9.962373089,11.57302404,8.2,9.6,14.6 2012-04-01,9.962874122,11.59814698,8.2,9.6,14.7 2012-05-01,9.924128108,11.60326709,8.2,9.7,14.8 2012-06-01,9.961229948,11.63139883,8.2,9.6,14.7 2012-07-01,9.96985394,11.64721959,8.2,9.6,14.7 2012-08-01,10.0209427,11.64355289,8.1,9.6,14.6 2012-09-01,9.791485298,11.5046884,7.8,9.3,14.8 2012-10-01,9.766763528,11.4619572,7.8,9.2,14.4 2012-11-01,9.823483352,11.48516232,7.7,9.2,14.4 2012-12-01,9.876489527,11.50218637,7.9,9.4,14.4 2013-01-01,9.990571409,11.65006114,8,9.3,14.5 2013-02-01,9.807170592,11.47760756,7.7,9.2,14.3 2013-03-01,9.74396981,11.31545011,7.5,9,13.9 2013-04-01,9.75463424,11.37803919,7.6,9,14 2013-05-01,9.755674929,11.36333377,7.5,8.8,13.9 2013-06-01,9.729240845,11.37871938,7.5,9.1,14.2 2013-07-01,9.571079645,11.21404928,7.3,8.7,13.8 2013-08-01,9.4578042,11.04028005,7.2,8.6,13.6 2013-09-01,9.456764707,11.03575929,7.2,8.6,13.5 2013-10-01,9.534005962,11.18551277,7.2,8.6,13.6 2013-11-01,9.322965739,10.88675279,6.9,8.2,13.1 2013-12-01,9.254814034,10.84190338,6.7,8.1,13.1 2014-01-01,9.220893859,10.69962958,6.6,8,12.6 2014-02-01,9.238896262,10.71831761,6.7,8,12.6 2014-03-01,9.230230708,10.72430959,6.7,8,12.7 2014-04-01,9.059581944,10.57197675,6.2,7.6,12.3 2014-05-01,9.127414597,10.5716082,6.3,7.7,12.3 2014-06-01,9.026253935,10.52340131,6.1,7.3,12 2014-07-01,9.065112789,10.54835948,6.2,7.4,12.1 2014-08-01,9.058653237,10.52315903,6.1,7.4,12 2014-09-01,9.001252604,10.4075618,5.9,7.2,11.7 2014-10-01,8.868746689,10.32523704,5.7,7.1,11.5 2014-11-01,8.933996653,10.31686531,5.8,7.1,11.4 2014-12-01,8.805406771,10.17802429,5.6,6.9,11.2 2015-01-01,8.842772472,10.206354,5.7,6.9,11.2 2015-02-01,8.79129807,10.12504168,5.5,6.7,10.9 2015-03-01,8.737854218,10.05389407,5.4,6.7,10.9 2015-04-01,8.737420238,10.04804879,5.4,6.7,10.9 2015-05-01,8.693232924,9.99017727,5.6,6.8,10.9 2015-06-01,8.664640183,9.931072516,5.3,6.4,10.4 2015-07-01,8.662196614,9.898216613,5.2,6.3,10.3 2015-08-01,8.43694684,9.757429925,5.1,6.2,10.2 2015-09-01,8.543236597,9.734436536,5,6.2,10 2015-10-01,8.540111462,9.732196634,5,6.2,9.8 2015-11-01,8.510918223,9.732263021,5.1,6.1,10 2015-12-01,8.443058342,9.64505528,5,6.1,9.9 2016-01-01,8.373393299,9.555855294,4.8,6,9.7 2016-02-01,8.37312013,9.555048558,4.9,5.9,9.6 2016-03-01,8.370598033,9.561769473,5,6.1,9.8 2016-04-01,8.427251838,9.602278779,5.1,6.1,9.9 2016-05-01,8.324988891,9.577137121,4.8,5.9,9.9 2016-06-01,8.310194796,9.435158376,4.9,5.9,9.5 2016-07-01,8.323046049,9.475788105,4.8,5.9,9.6 2016-08-01,8.237319707,9.47779011,4.9,5.9,9.6 2016-09-01,8.428899412,9.583175253,5,6.1,9.7 2016-10-01,8.417558923,9.621791907,4.9,5.9,9.6 2016-11-01,8.270650909,9.391580157,4.7,5.9,9.4 2016-12-01,8.268437288,9.367681273,4.7,5.7,9.2 2017-01-01,8.242604703,9.380027812,4.7,5.6,9.2 2017-02-01,8.173732839,9.270782199,4.6,5.6,9 2017-03-01,8.099326019,9.168771435,4.4,5.4,8.8 2017-04-01,8.056875948,9.081335177,4.4,5.4,8.6 2017-05-01,8.035764998,9.038375083,4.4,5.3,8.5 2017-06-01,7.946580864,8.972995124,4.3,5.2,8.5 2017-07-01,7.903320728,8.923297993,4.3,5.2,8.5 2017-08-01,7.950669465,9.032281101,4.4,5.3,8.6 2017-09-01,7.850584994,8.850596264,4.3,5.2,8.3 2017-10-01,7.820955314,8.793527489,4.2,5.1,8.1 2017-11-01,7.848986162,8.78641495,4.2,5.1,8 2017-12-01,7.855231802,8.829002455,4.1,5.1,8.1 2018-01-01,7.820952579,8.804547662,4,4.9,8 2018-02-01,7.79427478,8.784635742,4.1,5,8.1 2018-03-01,7.792065598,8.758751515,4,4.9,8 2018-04-01,7.767214608,8.720306663,4,4.8,7.9 2018-05-01,7.680689374,8.616084773,3.8,4.7,7.8 2018-06-01,7.694361595,8.618072434,4,4.8,7.8 2018-07-01,7.597934751,8.47614644,3.8,4.7,7.5 2018-08-01,7.622757665,8.51215973,3.8,4.7,7.4 2018-09-01,7.594246096,8.480044688,3.7,4.7,7.5 2018-10-01,7.592422547,8.487960586,3.8,4.7,7.5 2018-11-01,7.574750282,8.48338843,3.8,4.7,7.6 2018-12-01,7.638300915,8.544918871,3.9,4.8,7.6 2019-01-01,7.756961293,8.760165299,4,4.9,8 2019-02-01,7.65910357,8.490313567,3.8,4.6,7.2 2019-03-01,7.644666215,8.518549393,3.8,4.7,7.4 2019-04-01,7.549494453,8.452301135,3.7,4.5,7.4 2019-05-01,7.493533927,8.312578544,3.6,4.5,7.1 2019-06-01,7.477352272,8.330993622,3.6,4.5,7.2 2019-07-01,7.549067326,8.303464871,3.7,4.5,6.9 2019-08-01,7.382451544,8.248398505,3.6,4.5,7.2 2019-09-01,7.252009301,8.069986664,3.5,4.2,6.9 2019-10-01,7.222916697,8.068591901,3.6,4.3,6.9 2019-11-01,7.281917926,8.094992312,3.6,4.3,6.8 2019-12-01,7.277888833,8.087216654,3.6,4.3,6.8 2020-01-01,7.381482726,8.207357887,3.6,4.4,7 2020-02-01,7.423743937,8.255769366,3.5,4.4,7 2020-03-01,8.179443943,9.286938161,4.4,5.3,8.8 2020-04-01,15.59075497,17.73677373,14.8,16,22.9 2020-05-01,14.28358272,16.33218543,13.2,14.5,21.1 2020-06-01,12.50383425,14.26219463,11,12.4,18 2020-07-01,11.88461648,13.48060482,10.2,11.3,16.5 2020-08-01,10.5579577,12.01820605,8.4,9.6,14.2 2020-09-01,10.27328294,11.49005337,7.8,8.9,12.8 2020-10-01,9.244237646,10.54303766,6.9,8,12.1 2020-11-01,9.212050445,10.48766641,6.7,7.8,11.9 2020-12-01,9.214354951,10.40309399,6.7,7.9,11.7 2021-01-01,8.982053313,10.08885065,6.4,7.5,11.2 2021-02-01,8.995738585,10.13213676,6.2,7.4,11.1 2021-03-01,8.832994815,9.938012549,6.1,7.2,10.8 2021-04-01,8.815801009,9.828231906,6.1,7.1,10.3 2021-05-01,8.684533284,9.675298035,5.8,6.9,10.1 2021-06-01,8.565043411,9.490847787,5.9,6.9,9.8 2021-07-01,8.34708702,9.207098301,5.4,6.5,9.2 2021-08-01,8.125902187,8.971837034,5.1,6,8.8 2021-09-01,8.006018276,8.853622674,4.7,5.7,8.4 2021-10-01,7.872232069,8.719624179,4.5,5.5,8.2 2021-11-01,7.716035631,8.531876325,4.1,5.1,7.7 2021-12-01,7.616892571,8.37696275,3.9,4.9,7.3 2022-01-01,7.814221495,8.50864682,4,4.9,7.1 2022-02-01,7.633582217,8.398803022,3.9,4.7,7.2 2022-03-01,7.617044097,8.398226174,3.7,4.5,7 2022-04-01,7.630797237,8.395662138,3.7,4.6,7 2022-05-01,7.474825334,8.281314544,3.6,4.5,7.1 2022-06-01,7.485960222,8.223633796,3.6,4.5,6.7 2022-07-01,7.449472749,8.212141456,3.5,4.4,6.8 2022-08-01,7.40892363,8.180460917,3.6,4.4,6.9 2022-09-01,7.446110348,8.171633106,3.5,4.4,6.7 2022-10-01,7.458999897,8.151822833,3.6,4.5,6.7 2022-11-01,7.451602001,8.143354249,3.6,4.5,6.7 2022-12-01,7.369625957,8.104586927,3.5,4.2,6.6 2023-01-01,7.343022834,8.093595537,3.5,4.3,6.7 2023-02-01,7.349604326,8.089213586,3.6,4.4,6.8 2023-03-01,7.36738667,8.124746078,3.5,4.3,6.7 2023-04-01,7.335136103,8.064675814,3.4,4.3,6.6 2023-05-01,7.431104587,8.123235315,3.6,4.5,6.7 2023-06-01,7.390622581,8.230552826,3.6,4.4,6.9 2023-07-01,7.311969792,8.085122641,3.5,4.4,6.7 2023-08-01,7.380251245,8.157814157,3.7,4.6,7.1 2023-09-01,7.431474634,8.196779776,3.7,4.6,7 2023-10-01,7.430867824,8.234926074,3.9,4.7,7.2 2023-11-01,7.435887674,8.169783923,3.7,4.6,7 2023-12-01,7.550783857,8.328406893,3.8,4.7,7.2 2024-01-01,7.518179612,8.340332554,3.7,4.6,7.2 2024-02-01,7.596449744,8.378657632,3.9,4.7,7.3 2024-03-01,7.514792345,8.301099314,3.9,4.8,7.3 2024-04-01,7.530098103,8.363342253,3.9,4.8,7.4 2024-05-01,7.566939953,8.390301585,3.9,4.8,7.4 2024-06-01,7.554145859,8.395898173,4.1,4.9,7.4 2024-07-01,7.686079987,8.557706558,4.2,5.1,7.8 2024-08-01,7.681579566,8.569807252,4.2,5,7.8 2024-09-01,7.591678134,8.467270955,4.1,5,7.7 2024-10-01,7.61525848,8.466234985,4.1,5,7.7 2024-11-01,7.689350575,8.495841084,4.2,5.1,7.7 2024-12-01,7.575895527,8.368689109,4.1,5,7.6 2025-01-01,7.559492348,8.388948978,4,4.9,7.5 2025-02-01,7.710339126,8.569454104,4.2,5.1,8 2025-03-01,7.769858703,8.623715032,4.2,5.1,7.9 2025-04-01,7.730294725,8.58980978,4.2,5.1,7.8 2025-05-01,7.771673871,8.62417024,4.3,5.1,7.8 2025-06-01,7.728389595,8.59835199,4.1,5.1,7.7 2025-07-01,7.762792053,8.639840857,4.3,5.2,7.9 2025-08-01,7.758763707,8.618955521,4.3,5.3,8.1 2025-09-01,7.787756858,8.643602981,4.4,5.4,8.1 2025-10-01,.,.,.,.,. 2025-11-01,7.779917329,8.821112022,4.5,5.5,8.7 2025-12-01,7.741767973,8.7348757,4.4,5.3,8.4 2026-01-01,8.062866476,8.993229581,4.3,5.2,8.1 2026-02-01,7.700476597,8.475787791,4.4,5.3,7.9 2026-03-01,7.534789122,8.28742884,4.3,5.3,8 2026-04-01,7.525171454,8.34639781,4.3,5.3,8.2
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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