Relative Price Dispersion: Evidence and Theory
American Economic Journal: Macroeconomics
Forthcoming
Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.
Featured
Publication
Are Markets Becoming Less Competitive?
June 2019, No. 19-06
By Tim Sablik and Nicholas Trachter
Event
Videos of Market Structure Workshop Released
June 17, 2019
Watch presentations from this two-day workshop, which brought together leading macroeconomists to share their research on market power and concentration.
Aggregate Implications of Changing Sectoral Trends
May 2019, No. 19-11
Andrew Foerster, Andreas Hornstein, Pierre-Daniel G. Sarte and Mark W. Watson
Assessing Macroeconomic Tail Risk
April 2019, No. 19-10
Francesca Loria, Christian Matthes and Donghai Zhang
Hornstein-Kudlyak-Lange Non-Employment Index
June 13, 2019
The Non-Employment Index was 7.6 percent in May 2019, essentially unchanged from April 2019. It has declined by 0.2 percentage points since May 2018.
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) 1994-01-01,10.02432476,11.09114527,6.6,8.1,11.8 1994-02-01,9.850390065,11.00695198,6.6,7.9,11.4 1994-03-01,9.744973613,10.95932546,6.5,7.7,11.4 1994-04-01,9.610944265,10.7958032,6.4,7.6,11.2 1994-05-01,9.399794489,10.62275015,6.1,7.2,10.8 1994-06-01,9.394291919,10.60695968,6.1,7.3,10.9 1994-07-01,9.33558045,10.49671669,6.1,7.3,10.7 1994-08-01,9.284344995,10.4031401,6,7.2,10.5 1994-09-01,9.195911048,10.30349095,5.9,7.1,10.4 1994-10-01,9.120752437,10.2606044,5.8,6.9,10.3 1994-11-01,9.020843713,10.17143265,5.6,6.7,10.1 1994-12-01,8.940417614,10.0575967,5.5,6.7,10 1995-01-01,8.96129841,10.15530946,5.6,6.8,10.2 1995-02-01,8.890781541,9.972418433,5.4,6.6,9.9 1995-03-01,8.92679927,10.03009881,5.4,6.6,9.9 1995-04-01,9.01670194,10.10801712,5.8,6.7,10 1995-05-01,9.05589802,10.19209525,5.6,6.6,10 1995-06-01,8.995001518,10.1164907,5.6,6.7,10.1 1995-07-01,8.981460217,10.1170639,5.7,6.7,10.1 1995-08-01,9.021107609,10.16619762,5.7,6.7,10 1995-09-01,9.012183165,10.16129505,5.6,6.7,10.1 1995-10-01,9.004802686,10.12635735,5.5,6.6,9.9 1995-11-01,8.992020975,10.12803356,5.6,6.6,10 1995-12-01,9.013490181,10.12236833,5.6,6.7,10 1996-01-01,8.984760436,10.02791712,5.6,6.8,9.8 1996-02-01,8.962169013,10.04644325,5.5,6.7,10 1996-03-01,8.897374474,9.993016047,5.5,6.6,9.8 1996-04-01,8.888667142,9.971512282,5.6,6.6,9.9 1996-05-01,8.901289745,9.983089466,5.6,6.5,9.7 1996-06-01,8.75578778,9.827149481,5.3,6.4,9.6 1996-07-01,8.762108891,9.868843561,5.5,6.5,9.7 1996-08-01,8.675259306,9.77436353,5.1,6.1,9.3 1996-09-01,8.612705027,9.696288044,5.2,6.2,9.4 1996-10-01,8.660754751,9.74391321,5.2,6.2,9.4 1996-11-01,8.741467368,9.749244848,5.4,6.4,9.3 1996-12-01,8.667573367,9.747525203,5.4,6.3,9.5 1997-01-01,8.664550993,9.729175187,5.3,6.4,9.4 1997-02-01,8.664632354,9.699749034,5.2,6.3,9.4 1997-03-01,8.575116901,9.586414325,5.2,6.1,9.1 1997-04-01,8.473122101,9.516764569,5.1,6,9.2 1997-05-01,8.463064767,9.461550195,4.9,5.8,8.8 1997-06-01,8.422774334,9.404894995,5,5.9,8.8 1997-07-01,8.290845196,9.304665153,4.9,5.7,8.6 1997-08-01,8.253624357,9.251374039,4.8,5.7,8.6 1997-09-01,8.330966563,9.309307149,4.9,5.8,8.7 1997-10-01,8.22893263,9.206861096,4.7,5.6,8.4 1997-11-01,8.198197889,9.171138935,4.6,5.5,8.3 1997-12-01,8.224072594,9.166933267,4.7,5.7,8.4 1998-01-01,8.143824657,9.123698853,4.6,5.6,8.4 1998-02-01,8.095499429,9.037153332,4.6,5.6,8.4 1998-03-01,8.145033112,9.083792621,4.7,5.6,8.4 1998-04-01,7.977791907,8.859614735,4.3,5.2,7.9 1998-05-01,7.990406216,8.908131587,4.4,5.2,7.9 1998-06-01,8.057905684,8.979149323,4.5,5.3,8 1998-07-01,8.116174685,9.064579055,4.5,5.4,8.1 1998-08-01,8.089483528,8.957381279,4.5,5.3,7.9 1998-09-01,8.039205954,8.878391485,4.6,5.4,7.9 1998-10-01,8.05479483,8.894335357,4.5,5.3,7.8 1998-11-01,7.957809044,8.763815143,4.4,5.2,7.6 1998-12-01,7.933308497,8.758073579,4.4,5.1,7.6 1999-01-01,7.916387418,8.760610796,4.3,5.2,7.7 1999-02-01,7.95696111,8.783525867,4.4,5.3,7.7 1999-03-01,7.906199872,8.761972545,4.2,5,7.6 1999-04-01,8.087717668,8.879671335,4.3,5.2,7.6 1999-05-01,7.923961656,8.753889902,4.2,5,7.4 1999-06-01,7.945595146,8.764250034,4.3,5.1,7.5 1999-07-01,7.892279252,8.718569753,4.3,5.1,7.5 1999-08-01,7.863965331,8.665397678,4.2,5,7.3 1999-09-01,7.880501377,8.672369255,4.2,5,7.4 1999-10-01,7.77709425,8.539791502,4.1,4.9,7.2 1999-11-01,7.747840242,8.506990115,4.1,4.8,7.1 1999-12-01,7.699584825,8.480529916,4,4.8,7.1 2000-01-01,7.64317697,8.402863601,4,4.8,7.1 2000-02-01,7.757417558,8.503598093,4.1,5,7.2 2000-03-01,7.780777741,8.541306877,4,4.8,7.1 2000-04-01,7.654798656,8.378663477,3.8,4.7,6.9 2000-05-01,7.831030821,8.617862201,4,4.8,7.1 2000-06-01,7.673727073,8.423692937,4,4.7,7 2000-07-01,7.687311827,8.442436619,4,4.8,7 2000-08-01,7.718985302,8.492911623,4.1,4.8,7.1 2000-09-01,7.682440822,8.44222513,3.9,4.7,7 2000-10-01,7.668022633,8.419949039,3.9,4.6,6.8 2000-11-01,7.702738494,8.49240924,3.9,4.7,7.1 2000-12-01,7.686830385,8.436860869,3.9,4.7,6.9 2001-01-01,7.778083219,8.556279665,4.2,5,7.3 2001-02-01,7.809855461,8.571685139,4.2,5.1,7.4 2001-03-01,7.870183876,8.633817427,4.3,5,7.3 2001-04-01,8.020654117,8.769407451,4.4,5.1,7.4 2001-05-01,8.109683959,8.923745716,4.3,5.1,7.5 2001-06-01,8.189054679,9.069696225,4.5,5.3,7.9 2001-07-01,8.143816182,8.985581009,4.6,5.4,7.8 2001-08-01,8.458950254,9.272460388,4.9,5.8,8.1 2001-09-01,8.429814866,9.409201216,5,5.8,8.7 2001-10-01,8.693426139,9.718704938,5.3,6.2,9.3 2001-11-01,8.781966986,9.75051165,5.5,6.4,9.4 2001-12-01,8.891885828,9.899562299,5.7,6.6,9.6 2002-01-01,8.967747475,9.904729138,5.7,6.7,9.5 2002-02-01,8.872354255,9.847910095,5.7,6.6,9.5 2002-03-01,8.856709219,9.801677459,5.7,6.6,9.4 2002-04-01,8.924221866,9.87508727,5.9,6.8,9.7 2002-05-01,8.849369391,9.803710715,5.8,6.7,9.5 2002-06-01,8.838223303,9.775086069,5.8,6.7,9.5 2002-07-01,8.855070404,9.823089586,5.8,6.8,9.6 2002-08-01,8.791329053,9.817907477,5.7,6.7,9.6 2002-09-01,8.755238845,9.747203447,5.7,6.6,9.6 2002-10-01,8.730093019,9.722092405,5.7,6.6,9.6 2002-11-01,8.871445205,9.83110292,5.9,6.8,9.7 2002-12-01,8.802635269,9.780874127,6,6.9,9.8 2003-01-01,8.849315732,9.893239451,5.8,6.9,10 2003-02-01,8.874682347,9.954547557,5.9,6.9,10.2 2003-03-01,8.986829275,10.04566159,5.9,6.9,10 2003-04-01,8.941334505,10.0147063,6,6.9,10.2 2003-05-01,9.016472347,10.06317511,6.1,7,10.1 2003-06-01,9.055295843,10.10204054,6.3,7.2,10.3 2003-07-01,9.024097559,10.08824803,6.2,7.1,10.3 2003-08-01,8.999768362,10.03794331,6.1,7.1,10.1 2003-09-01,8.987373081,10.08944636,6.1,7.1,10.4 2003-10-01,8.975133066,10.04761657,6,7,10.2 2003-11-01,8.839927603,9.903028966,5.8,6.8,10 2003-12-01,8.826701697,9.89447685,5.7,6.6,9.8 2004-01-01,8.767844133,9.829656865,5.7,6.8,9.9 2004-02-01,8.720390452,9.730044913,5.6,6.6,9.7 2004-03-01,8.846301872,9.914800949,5.8,6.8,10 2004-04-01,8.718900831,9.729482673,5.6,6.5,9.6 2004-05-01,8.711852205,9.749520655,5.6,6.6,9.6 2004-06-01,8.689000529,9.688739557,5.6,6.6,9.5 2004-07-01,8.680348776,9.681868704,5.5,6.5,9.5 2004-08-01,8.651257734,9.680782648,5.4,6.4,9.4 2004-09-01,8.634737833,9.640048014,5.4,6.4,9.4 2004-10-01,8.671657276,9.735309495,5.5,6.5,9.7 2004-11-01,8.624601785,9.615425848,5.4,6.3,9.4 2004-12-01,8.611058659,9.600080939,5.4,6.3,9.2 2005-01-01,8.561583074,9.535733197,5.3,6.4,9.3 2005-02-01,8.621777324,9.565530467,5.4,6.4,9.3 2005-03-01,8.545751911,9.525385613,5.2,6.2,9.1 2005-04-01,8.506000984,9.433063168,5.2,6.1,8.9 2005-05-01,8.427032031,9.391598762,5.1,6,8.9 2005-06-01,8.458912591,9.443775038,5,6,9 2005-07-01,8.371601819,9.346006757,5,5.9,8.8 2005-08-01,8.285734153,9.299807965,4.9,5.9,8.9 2005-09-01,8.433232142,9.468458867,5,5.9,9 2005-10-01,8.393121889,9.333341768,5,5.9,8.7 2005-11-01,8.456768757,9.363918395,5,5.9,8.7 2005-12-01,8.409978895,9.312023714,4.9,5.8,8.6 2006-01-01,8.297026355,9.197016761,4.7,5.7,8.4 2006-02-01,8.292596494,9.21121817,4.8,5.7,8.4 2006-03-01,8.189824077,9.06484706,4.7,5.6,8.2 2006-04-01,8.325251031,9.152922417,4.7,5.5,8.1 2006-05-01,8.146222049,9.050785035,4.6,5.5,8.2 2006-06-01,8.138751878,9.080240026,4.6,5.6,8.4 2006-07-01,8.198662942,9.138280633,4.7,5.7,8.5 2006-08-01,8.166280682,9.104053272,4.7,5.7,8.4 2006-09-01,8.151914266,9.068906404,4.5,5.3,8 2006-10-01,8.115111011,9.065437211,4.4,5.3,8.2 2006-11-01,8.166127046,9.058910497,4.5,5.4,8.1 2006-12-01,8.065294413,8.971406014,4.4,5.2,7.9 2007-01-01,8.141003375,9.059207342,4.6,5.6,8.4 2007-02-01,8.11232976,9.020551097,4.5,5.4,8.2 2007-03-01,7.959796749,8.883338984,4.4,5.3,8 2007-04-01,8.239754466,9.143487804,4.5,5.4,8.2 2007-05-01,8.191193346,9.16111437,4.4,5.3,8.2 2007-06-01,8.159730307,9.09120834,4.6,5.5,8.3 2007-07-01,8.178764005,9.129752021,4.7,5.5,8.4 2007-08-01,8.206021156,9.217278956,4.6,5.5,8.4 2007-09-01,8.252076381,9.248116042,4.7,5.5,8.4 2007-10-01,8.248806453,9.189889504,4.7,5.6,8.4 2007-11-01,8.167431595,9.118344118,4.7,5.5,8.4 2007-12-01,8.337892421,9.319573533,5,5.8,8.8 2008-01-01,8.351528471,9.389905648,5,6,9.2 2008-02-01,8.341011071,9.384412819,4.9,5.9,9 2008-03-01,8.459697092,9.512550449,5.1,5.9,9.1 2008-04-01,8.489264919,9.57457014,5,5.8,9.2 2008-05-01,8.643861851,9.779062349,5.4,6.3,9.7 2008-06-01,8.697711968,9.883364155,5.6,6.5,10.1 2008-07-01,8.881405684,10.16666506,5.8,6.7,10.5 2008-08-01,9.027133145,10.29923394,6.1,7.1,10.8 2008-09-01,9.114653808,10.44083364,6.1,7.1,11 2008-10-01,9.253672199,10.68275284,6.5,7.5,11.8 2008-11-01,9.50536075,11.04468183,6.8,8,12.6 2008-12-01,9.778601436,11.47931605,7.3,8.4,13.6 2009-01-01,10.21099381,11.94013323,7.8,9.1,14.2 2009-02-01,10.42921989,12.28986312,8.3,9.5,15.2 2009-03-01,10.62292529,12.56190139,8.7,9.9,15.8 2009-04-01,10.72142382,12.57696463,9,10.2,15.9 2009-05-01,10.92095275,12.85182976,9.4,10.6,16.5 2009-06-01,10.96314696,12.89374959,9.5,10.8,16.5 2009-07-01,10.80142216,12.73318232,9.5,10.8,16.4 2009-08-01,10.81480521,12.73464905,9.6,10.9,16.7 2009-09-01,10.8861333,12.74605714,9.8,11,16.7 2009-10-01,10.9993133,12.89886646,10,11.4,17.1 2009-11-01,10.85530725,12.75976819,9.9,11.2,17.1 2009-12-01,10.9189959,12.82467302,9.9,11.3,17.1 2010-01-01,10.83070245,12.63849853,9.8,11.3,16.7 2010-02-01,10.84021761,12.71771057,9.8,11.3,17 2010-03-01,10.81505124,12.75291273,9.9,11.2,17.1 2010-04-01,10.6646425,12.58339425,9.9,11.3,17.1 2010-05-01,10.55292968,12.41187067,9.6,10.9,16.6 2010-06-01,10.47693928,12.30210341,9.4,10.9,16.4 2010-07-01,10.54072302,12.37985136,9.4,11,16.4 2010-08-01,10.61141469,12.45592497,9.5,10.9,16.5 2010-09-01,10.64030304,12.53598347,9.5,10.9,16.8 2010-10-01,10.59117836,12.45123624,9.4,11,16.6 2010-11-01,10.74052967,12.57981131,9.8,11.2,16.9 2010-12-01,10.5438644,12.40586017,9.3,10.9,16.6 2011-01-01,10.45994204,12.23838926,9.1,10.8,16.2 2011-02-01,10.40546429,12.1780609,9,10.6,16 2011-03-01,10.32009273,12.13126469,9,10.4,15.9 2011-04-01,10.43909935,12.25102926,9.1,10.5,16.1 2011-05-01,10.37812933,12.17805392,9,10.3,15.8 2011-06-01,10.48396523,12.26275422,9.1,10.7,16.1 2011-07-01,10.46928538,12.23489953,9,10.6,15.9 2011-08-01,10.40544134,12.21655615,9,10.5,16.1 2011-09-01,10.36813315,12.21069252,9,10.5,16.4 2011-10-01,10.31565649,12.12546926,8.8,10.3,15.8 2011-11-01,10.24471451,11.99089573,8.6,10.1,15.5 2011-12-01,10.15869457,11.85561433,8.5,10,15.2 2012-01-01,10.04719502,11.74792128,8.3,9.9,15.2 2012-02-01,10.02530516,11.73352323,8.3,9.8,15 2012-03-01,10.02940066,11.64407056,8.2,9.6,14.5 2012-04-01,10.0307495,11.66818541,8.2,9.6,14.6 2012-05-01,9.992304593,11.67390791,8.2,9.6,14.7 2012-06-01,10.02750394,11.70344904,8.2,9.6,14.8 2012-07-01,10.03840876,11.71722985,8.2,9.6,14.8 2012-08-01,10.09941708,11.71616704,8.1,9.6,14.6 2012-09-01,9.86104902,11.57602743,7.8,9.3,14.8 2012-10-01,9.827218505,11.53260402,7.8,9.2,14.4 2012-11-01,9.890917445,11.55674668,7.7,9.2,14.4 2012-12-01,9.944111584,11.57323218,7.9,9.4,14.4 2013-01-01,10.05665795,11.6799744,8,9.4,14.6 2013-02-01,9.873355026,11.54806999,7.7,9.2,14.4 2013-03-01,9.811042866,11.38829228,7.5,8.9,13.8 2013-04-01,9.820231336,11.44862671,7.6,8.9,14 2013-05-01,9.821388124,11.43337127,7.5,8.8,13.8 2013-06-01,9.79514287,11.45194427,7.5,9.1,14.2 2013-07-01,9.638862357,11.28543007,7.3,8.7,13.8 2013-08-01,9.546684359,11.11240029,7.2,8.6,13.6 2013-09-01,9.52600351,11.10710698,7.2,8.6,13.5 2013-10-01,9.592948347,11.25799619,7.2,8.5,13.6 2013-11-01,9.391943515,10.9600299,6.9,8.2,13.1 2013-12-01,9.323412896,10.91476891,6.7,8.1,13.1 2014-01-01,9.286924505,10.72869659,6.6,8.1,12.7 2014-02-01,9.305575923,10.79045442,6.7,8,12.6 2014-03-01,9.293561511,10.79447393,6.7,7.9,12.6 2014-04-01,9.122578204,10.64230058,6.2,7.5,12.3 2014-05-01,9.191559021,10.64154904,6.3,7.6,12.2 2014-06-01,9.089620077,10.59546883,6.1,7.3,12 2014-07-01,9.129572876,10.61885812,6.2,7.5,12.1 2014-08-01,9.163246955,10.59652615,6.1,7.4,12 2014-09-01,9.065997284,10.47605031,5.9,7.3,11.7 2014-10-01,8.9221763,10.39333422,5.7,7.1,11.5 2014-11-01,8.997665133,10.3852652,5.8,7.1,11.4 2014-12-01,8.870248338,10.24768777,5.6,6.9,11.2 2015-01-01,8.907498953,10.23668299,5.7,7,11.3 2015-02-01,8.855230071,10.1947519,5.5,6.8,11 2015-03-01,8.800567537,10.12324223,5.4,6.7,10.8 2015-04-01,8.797481701,10.11706411,5.4,6.7,10.8 2015-05-01,8.755652983,10.05902779,5.6,6.7,10.9 2015-06-01,8.727803,10.00356739,5.3,6.4,10.4 2015-07-01,8.726831604,9.969822427,5.2,6.4,10.3 2015-08-01,8.554058324,9.834621717,5.1,6.2,10.2 2015-09-01,8.610672946,9.807091425,5,6.2,10 2015-10-01,8.59577187,9.803173259,5,6.2,9.8 2015-11-01,8.574112477,9.801100173,5.1,6.1,10 2015-12-01,8.503020906,9.709947682,5,6.1,9.9 2016-01-01,8.432965151,9.587494001,4.9,6.1,9.8 2016-02-01,8.431895999,9.618687458,4.9,6,9.7 2016-03-01,8.428646164,9.625018524,5,6,9.8 2016-04-01,8.48384774,9.66621688,5,6,9.7 2016-05-01,8.38809926,9.648647404,4.8,5.8,9.9 2016-06-01,8.379397293,9.508928171,4.9,6,9.5 2016-07-01,8.388018929,9.550506675,4.8,6,9.7 2016-08-01,8.369503985,9.565927763,4.9,5.9,9.6 2016-09-01,8.492526178,9.653674182,5,6,9.7 2016-10-01,8.47415711,9.696096947,4.9,5.9,9.6 2016-11-01,8.331492461,9.459917346,4.7,5.8,9.4 2016-12-01,8.322739021,9.42543342,4.7,5.7,9.2 2017-01-01,8.298016071,9.410965219,4.7,5.8,9.3 2017-02-01,8.219713895,9.324555487,4.7,5.7,9.1 2017-03-01,8.147787851,9.21905721,4.4,5.4,8.7 2017-04-01,8.107660658,9.135655645,4.4,5.3,8.6 2017-05-01,8.102443386,9.113161766,4.4,5.2,8.5 2017-06-01,8.025732987,9.048127411,4.3,5.3,8.5 2017-07-01,7.976138634,9.005408571,4.3,5.3,8.5 2017-08-01,8.094870215,9.138790011,4.4,5.3,8.6 2017-09-01,7.918204538,8.926382798,4.2,5.1,8.3 2017-10-01,7.883410949,8.875391332,4.1,5,8 2017-11-01,7.91273993,8.862038655,4.2,5,8 2017-12-01,7.906559296,8.880535333,4.1,5.1,8.1 2018-01-01,7.869870852,8.832130264,4.1,5.1,8.2 2018-02-01,7.824494155,8.827753575,4.1,5.1,8.2 2018-03-01,7.825910759,8.79158438,4,4.9,7.9 2018-04-01,7.813109963,8.762815905,3.9,4.7,7.8 2018-05-01,7.753329004,8.696813287,3.8,4.6,7.7 2018-06-01,7.787988944,8.694265236,4,4.9,7.8 2018-07-01,7.677808323,8.562953695,3.9,4.7,7.5 2018-08-01,7.77597874,8.638106691,3.8,4.7,7.4 2018-09-01,7.666998909,8.56211079,3.7,4.6,7.5 2018-10-01,7.659738457,8.580401326,3.8,4.6,7.5 2018-11-01,7.636877456,8.560522687,3.7,4.7,7.6 2018-12-01,7.682253745,8.585221923,3.9,4.8,7.6 2019-01-01,7.796990391,8.782926976,4,4.9,8.1 2019-02-01,7.674480994,8.524425171,3.8,4.7,7.3 2019-03-01,7.663823008,8.534869489,3.8,4.6,7.3 2019-04-01,7.595043438,8.488496114,3.6,4.4,7.3 2019-05-01,7.569398497,8.397176188,3.6,4.4,7.1
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.
Subscriptions
Order past issues of Econ Focus magazine and other publications from the Richmond Fed’s Research Department, and get email alerts when new content is published online.
