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Federal Reserve Bank of Philadelphia
Research Rap Special Report
On the causes of declines in the labor force participation rate
Shigeru Fujita
Abstract

The unemployment rate stood at 5.0 percent when the Great Recession started in December 2007 but had more than doubled toward the end of 2009, peaking at 10 percent. Since then, however, it has steadily declined. As of the end of 2013, the jobless rate stood at 6.7 percent. While it is still high by historical standards, significant progress has been made. Moreover, the declines were often faster than many had predicted.


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Shigeru Fujita, "On the causes of declines in the labor force participation rate" , Federal Reserve Bank of Philadelphia, Research Rap Special Report, issue Feb, 2014.
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Keywords: Unemployment; Labor force participation rate
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