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Journal Article
At the Richmond Fed: The Non-Employment Index
Something unusual happened during the economic recovery following the Great Recession. By the end of 2014, the official unemployment rate, as measured by the Bureau of Labor Statistics (BLS), had declined by more than 4 percentage points from its October 2009 recessionary peak of 10 percent. Yet the share of the working-age population that was employed had increased by far less — just under 1 percentage point.