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.
Economic Research
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Featured
Article
April 2026, No. 26-13
By Ricardo Lagos and Gaston Navarro
Reserve-demand estimation is central to monetary policy implementation but tricky in practice. This discusses a proposal that could improve it.
Podcast
April 15, 2026
Surekha Carpenter and Bethany Greene discuss the connections between the health of workers and the health of labor markets in rural communities. Carpenter is a senior research analyst and Greene is a regional economist, both at the Federal Reserve Bank of Richmond.
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.
March 2026, No. 26-06
Marina Azzimonti and Nirvana Mitra
Emerging economies exhibit pro-cyclical fiscal policy, counter-cyclical sovereign spreads, and recurrent debt crises, whereas advanced economies sustain high debt with low spreads and lower volatility in outcomes.
Hornstein-Kudlyak-Lange Non-Employment Index
April 9, 2026
The Non-Employment Index was 7.5 percent in March 2026, decreasing by 0.2 percentage points compared to February 2026. The index decreased by 0.3 percentage points compared to March 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 1998-05-01,7.946392926,8.862987054,4.4,5.3,8 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 1999-01-01,7.868136788,8.713494216,4.3,5.2,7.6 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 1999-09-01,7.833121166,8.625138236,4.2,5,7.4 1999-10-01,7.731117965,8.494657786,4.1,5,7.2 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 2000-01-01,7.593650803,8.354895659,4,4.8,7 2000-02-01,7.710278055,8.456134379,4.1,4.9,7.1 2000-03-01,7.733310214,8.493825374,4,4.8,7.1 2000-04-01,7.609895672,8.333025396,3.8,4.7,6.9 2000-05-01,7.78414694,8.570330153,4,4.8,7.1 2000-06-01,7.628121497,8.378013655,4,4.7,7 2000-07-01,7.641839431,8.396802335,4,4.8,7 2000-08-01,7.674394042,8.448126662,4.1,4.8,7.1 2000-09-01,7.635100686,8.39475976,3.9,4.7,7 2000-10-01,7.621053342,8.374367694,3.9,4.6,6.8 2000-11-01,7.656394068,8.445700724,3.9,4.7,7.1 2000-12-01,7.639475618,8.389159498,3.9,4.7,6.9 2001-01-01,7.728579067,8.508619051,4.2,5,7.3 2001-02-01,7.762425523,8.523818102,4.2,5.1,7.3 2001-03-01,7.821971968,8.585368902,4.3,5,7.3 2001-04-01,7.973369113,8.721292741,4.4,5.1,7.4 2001-05-01,8.060919667,8.874361112,4.3,5.1,7.5 2001-06-01,8.1399838,9.020369614,4.5,5.3,7.9 2001-07-01,8.095380922,8.936857642,4.6,5.4,7.9 2001-08-01,8.407394641,9.220686394,4.9,5.8,8.2 2001-09-01,8.380975709,9.360071107,5,5.8,8.7 2001-10-01,8.644757631,9.672606972,5.3,6.3,9.3 2001-11-01,8.732301108,9.700424034,5.5,6.4,9.4 2001-12-01,8.841679372,9.849055649,5.7,6.6,9.6 2002-01-01,8.913418205,9.8520762,5.7,6.6,9.4 2002-02-01,8.821844213,9.796878269,5.7,6.5,9.5 2002-03-01,8.806623792,9.751142456,5.7,6.6,9.4 2002-04-01,8.873967294,9.824168033,5.9,6.9,9.7 2002-05-01,8.799487544,9.753338776,5.8,6.8,9.6 2002-06-01,8.7868101,9.723450002,5.8,6.7,9.5 2002-07-01,8.803402809,9.771061992,5.8,6.8,9.6 2002-08-01,8.738976339,9.765054723,5.7,6.7,9.6 2002-09-01,8.704124488,9.695530913,5.7,6.6,9.6 2002-10-01,8.678011336,9.67326049,5.7,6.6,9.6 2002-11-01,8.819287115,9.778459272,5.9,6.8,9.8 2002-12-01,8.750238715,9.728124007,6,6.9,9.8 2003-01-01,8.795541261,9.840622404,5.8,6.8,9.9 2003-02-01,8.821023292,9.900258317,5.9,6.9,10.1 2003-03-01,8.933516494,9.991929306,5.9,6.9,10 2003-04-01,8.88706478,9.960192307,6,7,10.2 2003-05-01,8.96253579,10.00884861,6.1,7.1,10.1 2003-06-01,9.000253295,10.04669217,6.3,7.2,10.3 2003-07-01,8.969789023,10.03354206,6.2,7.1,10.3 2003-08-01,8.945166442,9.982722393,6.1,7.1,10.1 2003-09-01,8.934276234,10.0356897,6.1,7.1,10.4 2003-10-01,8.91930237,9.995364547,6,7,10.2 2003-11-01,8.785450081,9.848187553,5.8,6.8,10.1 2003-12-01,8.772232742,9.839769209,5.7,6.6,9.8 2004-01-01,8.713639444,9.775855352,5.7,6.7,9.8 2004-02-01,8.66520094,9.674229346,5.6,6.6,9.7 2004-03-01,8.791497031,9.85965288,5.8,6.8,10 2004-04-01,8.662778262,9.67366965,5.6,6.6,9.6 2004-05-01,8.656034429,9.693389835,5.6,6.6,9.7 2004-06-01,8.63273117,9.632216588,5.6,6.6,9.6 2004-07-01,8.624929232,9.626209883,5.5,6.5,9.5 2004-08-01,8.598235601,9.627052511,5.4,6.4,9.4 2004-09-01,8.580384244,9.585006459,5.4,6.4,9.4 2004-10-01,8.619824267,9.686406374,5.5,6.5,9.7 2004-11-01,8.571321239,9.562101158,5.4,6.3,9.4 2004-12-01,8.557446124,9.546206037,5.4,6.3,9.3 2005-01-01,8.508102388,9.48231241,5.3,6.3,9.2 2005-02-01,8.568669463,9.511767264,5.4,6.4,9.2 2005-03-01,8.492303532,9.471710948,5.2,6.2,9.1 2005-04-01,8.452710869,9.380457204,5.2,6.1,9 2005-05-01,8.374203915,9.338498089,5.1,6.1,8.9 2005-06-01,8.406603954,9.391225455,5,6,9 2005-07-01,8.318242054,9.292447227,5,5.9,8.8 2005-08-01,8.23366176,9.246998205,4.9,5.9,8.9 2005-09-01,8.378575749,9.413105701,5,6,9 2005-10-01,8.338490444,9.280864034,5,5.9,8.7 2005-11-01,8.401479985,9.308733718,5,6,8.7 2005-12-01,8.355558879,9.25726807,4.9,5.9,8.6 2006-01-01,8.241950917,9.142021088,4.7,5.6,8.4 2006-02-01,8.238543462,9.156629963,4.8,5.6,8.4 2006-03-01,8.136380692,9.011263778,4.7,5.6,8.2 2006-04-01,8.268716653,9.097220152,4.7,5.6,8.1 2006-05-01,8.091795906,8.996055461,4.6,5.5,8.2 2006-06-01,8.084137664,9.025426415,4.6,5.6,8.4 2006-07-01,8.144745466,9.084346414,4.7,5.7,8.5 2006-08-01,8.113835731,9.050878954,4.7,5.7,8.4 2006-09-01,8.09576431,9.011979524,4.5,5.3,8 2006-10-01,8.059844902,9.01156222,4.4,5.3,8.2 2006-11-01,8.110155241,9.003229658,4.5,5.4,8.1 2006-12-01,8.009200112,8.914967364,4.4,5.2,7.9 2007-01-01,8.083786578,9.002377219,4.6,5.5,8.3 2007-02-01,8.055799693,8.963554799,4.5,5.4,8.1 2007-03-01,7.903010016,8.826616853,4.4,5.3,8 2007-04-01,8.180812665,9.085384333,4.5,5.4,8.2 2007-05-01,8.13281567,9.10248098,4.4,5.3,8.2 2007-06-01,8.104671841,9.035572364,4.6,5.4,8.3 2007-07-01,8.121699545,9.072931985,4.7,5.5,8.4 2007-08-01,8.146111069,9.156744925,4.6,5.5,8.4 2007-09-01,8.194610175,9.190032877,4.7,5.5,8.4 2007-10-01,8.18972199,9.131568795,4.7,5.6,8.4 2007-11-01,8.108196521,9.059232669,4.7,5.6,8.5 2007-12-01,8.2801938,9.261625689,5,5.8,8.8 2008-01-01,8.292802735,9.331994615,5,5.9,9.1 2008-02-01,8.282080983,9.325172986,4.9,5.8,9 2008-03-01,8.399813913,9.452662236,5.1,5.9,9.1 2008-04-01,8.428285719,9.514380264,5,5.9,9.2 2008-05-01,8.586036225,9.721058827,5.4,6.3,9.7 2008-06-01,8.638870767,9.823227599,5.6,6.5,10 2008-07-01,8.823356825,10.10888119,5.8,6.7,10.5 2008-08-01,8.96879359,10.24047369,6.1,7.1,10.8 2008-09-01,9.055640489,10.38153229,6.1,7.1,11.1 2008-10-01,9.194090143,10.62349142,6.5,7.5,11.8 2008-11-01,9.445245585,10.98469934,6.8,8,12.7 2008-12-01,9.718949584,11.41976149,7.3,8.4,13.6 2009-01-01,10.14926304,11.87969684,7.8,9,14.1 2009-02-01,10.36880001,12.22940438,8.3,9.5,15.1 2009-03-01,10.5636065,12.50268392,8.7,10,15.8 2009-04-01,10.66052081,12.51687758,9,10.2,15.9 2009-05-01,10.85960202,12.79049014,9.4,10.7,16.5 2009-06-01,10.89805547,12.82597753,9.5,10.7,16.5 2009-07-01,10.73504927,12.6668983,9.5,10.7,16.4 2009-08-01,10.74936711,12.66950998,9.6,10.9,16.7 2009-09-01,10.82107963,12.68071667,9.8,11.1,16.7 2009-10-01,10.93342943,12.83296786,10,11.3,17.1 2009-11-01,10.78808249,12.69196302,9.9,11.3,17.1 2009-12-01,10.8521137,12.757884,9.9,11.3,17.2 2010-01-01,10.76023194,12.57038329,9.8,11.2,16.6 2010-02-01,10.77064077,12.64823236,9.8,11.2,17 2010-03-01,10.74746911,12.68476287,9.9,11.2,17.1 2010-04-01,10.59560496,12.51484756,9.9,11.4,17.2 2010-05-01,10.48403793,12.34316785,9.6,11,16.7 2010-06-01,10.40521764,12.2278141,9.4,10.9,16.4 2010-07-01,10.46936712,12.30900057,9.4,10.9,16.4 2010-08-01,10.54068801,12.38657992,9.5,10.9,16.5 2010-09-01,10.57143073,12.46700464,9.5,11,16.9 2010-10-01,10.52418888,12.38244164,9.4,11,16.6 2010-11-01,10.67022115,12.50870037,9.8,11.3,16.9 2010-12-01,10.47368211,12.33582554,9.3,10.8,16.6 2011-01-01,10.39158025,12.17349062,9.1,10.6,16.1 2011-02-01,10.33730387,12.10978509,9,10.6,16 2011-03-01,10.2534932,12.06339955,9,10.4,16 2011-04-01,10.3703303,12.18240587,9.1,10.6,16.1 2011-05-01,10.30718178,12.10725206,9,10.4,15.9 2011-06-01,10.41362094,12.18993708,9.1,10.7,16.1 2011-07-01,10.39682061,12.16360671,9,10.6,15.9 2011-08-01,10.33286718,12.14711308,9,10.5,16.1 2011-09-01,10.29919203,12.14229972,9,10.5,16.4 2011-10-01,10.25240096,12.05725471,8.8,10.3,15.8 2011-11-01,10.17558264,11.92103678,8.6,10.2,15.6 2011-12-01,10.09129739,11.78854476,8.5,10,15.2 2012-01-01,9.977510313,11.68288411,8.3,9.8,15.1 2012-02-01,9.958149697,11.66590492,8.3,9.8,15 2012-03-01,9.962372214,11.57451957,8.2,9.6,14.6 2012-04-01,9.962873923,11.59989875,8.2,9.6,14.7 2012-05-01,9.924125041,11.60532917,8.2,9.7,14.8 2012-06-01,9.96122583,11.63509804,8.2,9.6,14.7 2012-07-01,9.969851699,11.64969928,8.2,9.6,14.7 2012-08-01,10.02094257,11.6463266,8.1,9.6,14.6 2012-09-01,9.791488042,11.50666748,7.8,9.3,14.8 2012-10-01,9.766773554,11.46374213,7.8,9.2,14.4 2012-11-01,9.823486048,11.48835214,7.7,9.2,14.4 2012-12-01,9.876490312,11.50508303,7.9,9.4,14.4 2013-01-01,9.990570812,11.6214904,8,9.3,14.5 2013-02-01,9.80717013,11.48016915,7.7,9.2,14.3 2013-03-01,9.743968791,11.31744868,7.5,9,13.9 2013-04-01,9.754629044,11.38035681,7.6,9,14 2013-05-01,9.755669743,11.36578268,7.5,8.8,13.9 2013-06-01,9.729234374,11.38631429,7.5,9.1,14.2 2013-07-01,9.571074141,11.21669101,7.3,8.7,13.8 2013-08-01,9.457797171,11.04321005,7.2,8.6,13.6 2013-09-01,9.456775947,11.03469403,7.2,8.6,13.5 2013-10-01,9.534034273,11.18688997,7.2,8.6,13.6 2013-11-01,9.322965699,10.88973391,6.9,8.2,13.1 2013-12-01,9.254813989,10.84471311,6.7,8.1,13.1 2014-01-01,9.220893305,10.67185028,6.6,8,12.6 2014-02-01,9.238895448,10.72087615,6.7,8,12.6 2014-03-01,9.230228643,10.72645566,6.7,8,12.7 2014-04-01,9.059570599,10.57447843,6.2,7.6,12.3 2014-05-01,9.127406525,10.57418291,6.3,7.7,12.3 2014-06-01,9.026244849,10.53402169,6.1,7.3,12 2014-07-01,9.065104712,10.55091896,6.2,7.4,12.1 2014-08-01,9.05863579,10.52554366,6.1,7.4,12 2014-09-01,9.001266276,10.40338276,5.9,7.2,11.7 2014-10-01,8.868801942,10.32571729,5.7,7.1,11.5 2014-11-01,8.933992406,10.31913922,5.8,7.1,11.4 2014-12-01,8.805408817,10.18021631,5.6,6.9,11.2 2015-01-01,8.842777555,10.18202158,5.7,6.9,11.2 2015-02-01,8.791301034,10.1271959,5.5,6.7,10.9 2015-03-01,8.737850239,10.05603132,5.4,6.7,10.9 2015-04-01,8.737398033,10.05052777,5.4,6.7,10.9 2015-05-01,8.693215967,9.99247213,5.6,6.8,10.9 2015-06-01,8.664621576,9.943767048,5.3,6.4,10.4 2015-07-01,8.662179468,9.900982962,5.2,6.3,10.3 2015-08-01,8.436918596,9.75882367,5.1,6.2,10.2 2015-09-01,8.543257098,9.727322385,5,6.2,10 2015-10-01,8.540198935,9.731791252,5,6.2,9.8 2015-11-01,8.510911948,9.73393653,5.1,6.1,10 2015-12-01,8.443056814,9.646674709,5,6.1,9.9 2016-01-01,8.373444845,9.536201963,4.8,6,9.7 2016-02-01,8.373113953,9.557168255,4.9,5.9,9.6 2016-03-01,8.370582359,9.563994425,5,6.1,9.8 2016-04-01,8.427213436,9.604511408,5.1,6.1,9.9 2016-05-01,8.324953038,9.580580187,4.8,5.9,9.9 2016-06-01,8.310151419,9.446842632,4.9,5.9,9.5 2016-07-01,8.323028162,9.479134502,4.8,5.9,9.6 2016-08-01,8.237287082,9.476825487,4.9,5.9,9.6 2016-09-01,8.428926926,9.575694925,5,6.1,9.7 2016-10-01,8.417672825,9.620661461,4.9,5.9,9.6 2016-11-01,8.270650615,9.39225238,4.7,5.9,9.4 2016-12-01,8.268437766,9.368056621,4.7,5.7,9.2 2017-01-01,8.2427119,9.363772335,4.7,5.6,9.2 2017-02-01,8.173749412,9.275119841,4.6,5.6,9 2017-03-01,8.099277812,9.170500891,4.4,5.4,8.8 2017-04-01,8.056805826,9.082879487,4.4,5.4,8.6 2017-05-01,8.035689143,9.042346351,4.4,5.3,8.5 2017-06-01,7.946516815,8.983078754,4.3,5.2,8.5 2017-07-01,7.903307725,8.92665074,4.3,5.2,8.5 2017-08-01,7.950617687,9.029674171,4.4,5.3,8.6 2017-09-01,7.850559563,8.843718308,4.3,5.2,8.3 2017-10-01,7.821283864,8.792115696,4.2,5.1,8.1 2017-11-01,7.848903407,8.786828551,4.2,5.1,8 2017-12-01,7.855176989,8.829268059,4.1,5.1,8.1 2018-01-01,7.821139158,8.789164461,4,4.9,8 2018-02-01,7.794280317,8.792025321,4.1,5,8.1 2018-03-01,7.792044354,8.760496745,4,4.9,8 2018-04-01,7.76707495,8.721436809,4,4.8,7.9 2018-05-01,7.680567417,8.620938311,3.8,4.7,7.8 2018-06-01,7.694293101,8.624788894,4,4.8,7.8 2018-07-01,7.597935309,8.479177467,3.8,4.7,7.5 2018-08-01,7.622702786,8.50803187,3.8,4.7,7.4 2018-09-01,7.594215076,8.475689762,3.7,4.7,7.5 2018-10-01,7.593057379,8.486338578,3.8,4.7,7.5 2018-11-01,7.57428457,8.483338996,3.8,4.7,7.6 2018-12-01,7.638212506,8.544998215,3.9,4.8,7.6 2019-01-01,7.757329442,8.744948817,4,4.9,8 2019-02-01,7.659136647,8.500272746,3.8,4.6,7.2 2019-03-01,7.644758745,8.520263412,3.8,4.7,7.4 2019-04-01,7.549085462,8.453349983,3.7,4.5,7.4 2019-05-01,7.493493506,8.317272923,3.6,4.5,7.1 2019-06-01,7.477338384,8.334486131,3.6,4.5,7.2 2019-07-01,7.54906982,8.305814521,3.7,4.5,6.9 2019-08-01,7.382363259,8.243903348,3.6,4.5,7.2 2019-09-01,7.251918062,8.067628772,3.5,4.2,6.9 2019-10-01,7.223745135,8.06690858,3.6,4.3,6.9 2019-11-01,7.281070064,8.094878521,3.6,4.3,6.8 2019-12-01,7.27780583,8.087786133,3.6,4.3,6.8 2020-01-01,7.382096974,8.194165775,3.6,4.4,7 2020-02-01,7.423853113,8.266044387,3.5,4.4,7 2020-03-01,8.179666161,9.289173284,4.4,5.3,8.8 2020-04-01,15.58913653,17.73927419,14.8,16,22.9 2020-05-01,14.283982,16.3415302,13.2,14.5,21.1 2020-06-01,12.5037101,14.26250767,11,12.4,18 2020-07-01,11.88440805,13.48268212,10.2,11.3,16.5 2020-08-01,10.55789684,12.01088186,8.4,9.6,14.2 2020-09-01,10.2731644,11.48902418,7.8,8.9,12.8 2020-10-01,9.24528255,10.54080258,6.9,8,12.1 2020-11-01,9.210568809,10.48786363,6.7,7.8,11.9 2020-12-01,9.21442879,10.40369893,6.7,7.9,11.7 2021-01-01,8.983216818,10.07772393,6.4,7.5,11.2 2021-02-01,8.996165704,10.14421976,6.2,7.4,11.1 2021-03-01,8.833292689,9.939913583,6.1,7.2,10.8 2021-04-01,8.814326485,9.82929062,6.1,7.1,10.3 2021-05-01,8.684872499,9.67904644,5.8,6.9,10.1 2021-06-01,8.564828966,9.490049798,5.9,6.9,9.8 2021-07-01,8.346559681,9.205833902,5.4,6.5,9.2 2021-08-01,8.126001226,8.966166342,5.1,6,8.8 2021-09-01,8.006212635,8.853031818,4.7,5.7,8.4 2021-10-01,7.873224832,8.717936487,4.5,5.5,8.2 2021-11-01,7.713884608,8.532183898,4.1,5.1,7.7 2021-12-01,7.616732293,8.379189155,3.9,4.9,7.3 2022-01-01,7.817776144,8.506466345,4,4.9,7.1 2022-02-01,7.633418435,8.405269143,3.9,4.7,7.2 2022-03-01,7.61685428,8.399270124,3.7,4.5,7 2022-04-01,7.629092321,8.396260017,3.7,4.6,7 2022-05-01,7.474898597,8.282775334,3.6,4.5,7.1 2022-06-01,7.48532625,8.221930272,3.6,4.5,6.7 2022-07-01,7.44855575,8.20871908,3.5,4.4,6.8 2022-08-01,7.40932353,8.174816118,3.6,4.4,6.9 2022-09-01,7.446843969,8.171090965,3.5,4.4,6.7 2022-10-01,7.459822149,8.150591923,3.6,4.5,6.7 2022-11-01,7.448336674,8.143354165,3.6,4.5,6.7 2022-12-01,7.369581992,8.108162488,3.5,4.2,6.6 2023-01-01,7.350567661,8.099789158,3.5,4.3,6.7 2023-02-01,7.347973437,8.091595562,3.6,4.4,6.8 2023-03-01,7.366193683,8.125979093,3.5,4.3,6.7 2023-04-01,7.333050232,8.064708318,3.4,4.3,6.6 2023-05-01,7.430749911,8.122799215,3.6,4.5,6.7 2023-06-01,7.389519939,8.227973957,3.6,4.4,6.9 2023-07-01,7.310689647,8.079716729,3.5,4.4,6.7 2023-08-01,7.381019143,8.151316342,3.7,4.6,7.1 2023-09-01,7.432814032,8.19622368,3.7,4.6,7 2023-10-01,7.431488053,8.234051883,3.9,4.7,7.2 2023-11-01,7.431410283,8.169079763,3.7,4.6,7 2023-12-01,7.550748431,8.334280156,3.8,4.7,7.2 2024-01-01,7.53106624,8.35343156,3.7,4.6,7.2 2024-02-01,7.592691718,8.377489385,3.9,4.7,7.3 2024-03-01,7.512445873,8.303369002,3.9,4.8,7.3 2024-04-01,7.527659938,8.362682715,3.9,4.8,7.4 2024-05-01,7.56614164,8.388814802,3.9,4.8,7.4 2024-06-01,7.552393077,8.391942065,4.1,4.9,7.4 2024-07-01,7.684427049,8.550735299,4.2,5.1,7.8 2024-08-01,7.682763138,8.561876833,4.2,5,7.8 2024-09-01,7.593533211,8.466593168,4.1,5,7.7 2024-10-01,7.615561125,8.465835651,4.1,5,7.7 2024-11-01,7.684035306,8.494896159,4.2,5.1,7.7 2024-12-01,7.57620551,8.375435513,4.1,5,7.6 2025-01-01,7.576409051,8.406097116,4,4.9,7.5 2025-02-01,7.704724184,8.567545903,4.2,5.1,8 2025-03-01,7.766192282,8.626106416,4.2,5.1,7.9 2025-04-01,7.727660225,8.58844945,4.2,5.1,7.8 2025-05-01,7.770599843,8.622095629,4.3,5.1,7.8 2025-06-01,7.726244111,8.593626154,4.1,5.1,7.7 2025-07-01,7.760963693,8.631979062,4.3,5.2,7.9 2025-08-01,7.760253966,8.610216311,4.3,5.3,8.1 2025-09-01,7.789641825,8.6426192,4.4,5.4,8.1 2025-10-01,.,.,.,.,. 2025-11-01,7.779872003,8.820315188,4.5,5.5,8.7 2025-12-01,7.735757616,8.733290866,4.4,5.3,8.4 2026-01-01,8.062817362,9.000682346,4.3,5.2,8.1 2026-02-01,7.719396325,8.494704416,4.4,5.3,7.9 2026-03-01,7.528119948,8.284531347,4.3,5.3,8
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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