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Federal Reserve Bank of Richmond
Richmond Fed Economic Brief
Does the Unemployment Rate Really Overstate Labor Market Recovery?
Andreas Hornstein
Marianna Kudlyak
Fabian Lange
Timothy Sablik
Abstract

Unemployment rose dramatically during the 2007-09 recession, peaking at 10 percent in October 2009. It has fallen steadily since then, at times outpacing economists' forecasts. In April, unemployment reached 6.3 percent, about two-thirds of the way back to its prerecession level. Such progress is often a sign of recovery, but some observers question whether the unemployment rate accurately measures resource utilization in the current labor market.


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Andreas Hornstein & Marianna Kudlyak & Fabian Lange & Timothy Sablik, "Does the Unemployment Rate Really Overstate Labor Market Recovery?" , Federal Reserve Bank of Richmond, Richmond Fed Economic Brief, issue June, pages 1-5, 2014.
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