Accessible Version

Monthly
Percent

Period	Unemployment rate
January 1965	4.9
February 1965	5.1
March 1965	4.7
April 1965	4.8
May 1965	4.6
June 1965	4.6
July 1965	4.4
August 1965	4.4
September 1965	4.3
October 1965	4.2
November 1965	4.1
December 1965	4.0
January 1966	4.0
February 1966	3.8
March 1966	3.8
April 1966	3.8
May 1966	3.9
June 1966	3.8
July 1966	3.8
August 1966	3.8
September 1966	3.7
October 1966	3.7
November 1966	3.6
December 1966	3.8
January 1967	3.9
February 1967	3.8
March 1967	3.8
April 1967	3.8
May 1967	3.8
June 1967	3.9
July 1967	3.8
August 1967	3.8
September 1967	3.8
October 1967	4.0
November 1967	3.9
December 1967	3.8
January 1968	3.7
February 1968	3.8
March 1968	3.7
April 1968	3.5
May 1968	3.5
June 1968	3.7
July 1968	3.7
August 1968	3.5
September 1968	3.4
October 1968	3.4
November 1968	3.4
December 1968	3.4
January 1969	3.4
February 1969	3.4
March 1969	3.4
April 1969	3.4
May 1969	3.4
June 1969	3.5
July 1969	3.5
August 1969	3.5
September 1969	3.7
October 1969	3.7
November 1969	3.5
December 1969	3.5
January 1970	3.9
February 1970	4.2
March 1970	4.4
April 1970	4.6
May 1970	4.8
June 1970	4.9
July 1970	5.0
August 1970	5.1
September 1970	5.4
October 1970	5.5
November 1970	5.9
December 1970	6.1
January 1971	5.9
February 1971	5.9
March 1971	6.0
April 1971	5.9
May 1971	5.9
June 1971	5.9
July 1971	6.0
August 1971	6.1
September 1971	6.0
October 1971	5.8
November 1971	6.0
December 1971	6.0
January 1972	5.8
February 1972	5.7
March 1972	5.8
April 1972	5.7
May 1972	5.7
June 1972	5.7
July 1972	5.6
August 1972	5.6
September 1972	5.5
October 1972	5.6
November 1972	5.3
December 1972	5.2
January 1973	4.9
February 1973	5.0
March 1973	4.9
April 1973	5.0
May 1973	4.9
June 1973	4.9
July 1973	4.8
August 1973	4.8
September 1973	4.8
October 1973	4.6
November 1973	4.8
December 1973	4.9
January 1974	5.1
February 1974	5.2
March 1974	5.1
April 1974	5.1
May 1974	5.1
June 1974	5.4
July 1974	5.5
August 1974	5.5
September 1974	5.9
October 1974	6.0
November 1974	6.6
December 1974	7.2
January 1975	8.1
February 1975	8.1
March 1975	8.6
April 1975	8.8
May 1975	9.0
June 1975	8.8
July 1975	8.6
August 1975	8.4
September 1975	8.4
October 1975	8.4
November 1975	8.3
December 1975	8.2
January 1976	7.9
February 1976	7.7
March 1976	7.6
April 1976	7.7
May 1976	7.4
June 1976	7.6
July 1976	7.8
August 1976	7.8
September 1976	7.6
October 1976	7.7
November 1976	7.8
December 1976	7.8
January 1977	7.5
February 1977	7.6
March 1977	7.4
April 1977	7.2
May 1977	7.0
June 1977	7.2
July 1977	6.9
August 1977	7.0
September 1977	6.8
October 1977	6.8
November 1977	6.8
December 1977	6.4
January 1978	6.4
February 1978	6.3
March 1978	6.3
April 1978	6.1
May 1978	6.0
June 1978	5.9
July 1978	6.2
August 1978	5.9
September 1978	6.0
October 1978	5.8
November 1978	5.9
December 1978	6.0
January 1979	5.9
February 1979	5.9
March 1979	5.8
April 1979	5.8
May 1979	5.6
June 1979	5.7
July 1979	5.7
August 1979	6.0
September 1979	5.9
October 1979	6.0
November 1979	5.9
December 1979	6.0
January 1980	6.3
February 1980	6.3
March 1980	6.3
April 1980	6.9
May 1980	7.5
June 1980	7.6
July 1980	7.8
August 1980	7.7
September 1980	7.5
October 1980	7.5
November 1980	7.5
December 1980	7.2
January 1981	7.5
February 1981	7.4
March 1981	7.4
April 1981	7.2
May 1981	7.5
June 1981	7.5
July 1981	7.2
August 1981	7.4
September 1981	7.6
October 1981	7.9
November 1981	8.3
December 1981	8.5
January 1982	8.6
February 1982	8.9
March 1982	9.0
April 1982	9.3
May 1982	9.4
June 1982	9.6
July 1982	9.8
August 1982	9.8
September 1982	10.1
October 1982	10.4
November 1982	10.8
December 1982	10.8
January 1983	10.4
February 1983	10.4
March 1983	10.3
April 1983	10.2
May 1983	10.1
June 1983	10.1
July 1983	9.4
August 1983	9.5
September 1983	9.2
October 1983	8.8
November 1983	8.5
December 1983	8.3
January 1984	8.0
February 1984	7.8
March 1984	7.8
April 1984	7.7
May 1984	7.4
June 1984	7.2
July 1984	7.5
August 1984	7.5
September 1984	7.3
October 1984	7.4
November 1984	7.2
December 1984	7.3
January 1985	7.3
February 1985	7.2
March 1985	7.2
April 1985	7.3
May 1985	7.2
June 1985	7.4
July 1985	7.4
August 1985	7.1
September 1985	7.1
October 1985	7.1
November 1985	7.0
December 1985	7.0
January 1986	6.7
February 1986	7.2
March 1986	7.2
April 1986	7.1
May 1986	7.2
June 1986	7.2
July 1986	7.0
August 1986	6.9
September 1986	7.0
October 1986	7.0
November 1986	6.9
December 1986	6.6
January 1987	6.6
February 1987	6.6
March 1987	6.6
April 1987	6.3
May 1987	6.3
June 1987	6.2
July 1987	6.1
August 1987	6.0
September 1987	5.9
October 1987	6.0
November 1987	5.8
December 1987	5.7
January 1988	5.7
February 1988	5.7
March 1988	5.7
April 1988	5.4
May 1988	5.6
June 1988	5.4
July 1988	5.4
August 1988	5.6
September 1988	5.4
October 1988	5.4
November 1988	5.3
December 1988	5.3
January 1989	5.4
February 1989	5.2
March 1989	5.0
April 1989	5.2
May 1989	5.2
June 1989	5.3
July 1989	5.2
August 1989	5.2
September 1989	5.3
October 1989	5.3
November 1989	5.4
December 1989	5.4
January 1990	5.4
February 1990	5.3
March 1990	5.2
April 1990	5.4
May 1990	5.4
June 1990	5.2
July 1990	5.5
August 1990	5.7
September 1990	5.9
October 1990	5.9
November 1990	6.2
December 1990	6.3
January 1991	6.4
February 1991	6.6
March 1991	6.8
April 1991	6.7
May 1991	6.9
June 1991	6.9
July 1991	6.8
August 1991	6.9
September 1991	6.9
October 1991	7.0
November 1991	7.0
December 1991	7.3
January 1992	7.3
February 1992	7.4
March 1992	7.4
April 1992	7.4
May 1992	7.6
June 1992	7.8
July 1992	7.7
August 1992	7.6
September 1992	7.6
October 1992	7.3
November 1992	7.4
December 1992	7.4
January 1993	7.3
February 1993	7.1
March 1993	7.0
April 1993	7.1
May 1993	7.1
June 1993	7.0
July 1993	6.9
August 1993	6.8
September 1993	6.7
October 1993	6.8
November 1993	6.6
December 1993	6.5
January 1994	6.6
February 1994	6.6
March 1994	6.5
April 1994	6.4
May 1994	6.1
June 1994	6.1
July 1994	6.1
August 1994	6.0
September 1994	5.9
October 1994	5.8
November 1994	5.6
December 1994	5.5
January 1995	5.6
February 1995	5.4
March 1995	5.4
April 1995	5.8
May 1995	5.6
June 1995	5.6
July 1995	5.7
August 1995	5.7
September 1995	5.6
October 1995	5.5
November 1995	5.6
December 1995	5.6
January 1996	5.6
February 1996	5.5
March 1996	5.5
April 1996	5.6
May 1996	5.6
June 1996	5.3
July 1996	5.5
August 1996	5.1
September 1996	5.2
October 1996	5.2
November 1996	5.4
December 1996	5.4
January 1997	5.3
February 1997	5.2
March 1997	5.2
April 1997	5.1
May 1997	4.9
June 1997	5.0
July 1997	4.9
August 1997	4.8
September 1997	4.9
October 1997	4.7
November 1997	4.6
December 1997	4.7
January 1998	4.6
February 1998	4.6
March 1998	4.7
April 1998	4.3
May 1998	4.4
June 1998	4.5
July 1998	4.5
August 1998	4.5
September 1998	4.6
October 1998	4.5
November 1998	4.4
December 1998	4.4
January 1999	4.3
February 1999	4.4
March 1999	4.2
April 1999	4.3
May 1999	4.2
June 1999	4.3
July 1999	4.3
August 1999	4.2
September 1999	4.2
October 1999	4.1
November 1999	4.1
December 1999	4.0
January 2000	4.0
February 2000	4.1
March 2000	4.0
April 2000	3.8
May 2000	4.0
June 2000	4.0
July 2000	4.0
August 2000	4.1
September 2000	3.9
October 2000	3.9
November 2000	3.9
December 2000	3.9
January 2001	4.2
February 2001	4.2
March 2001	4.3
April 2001	4.4
May 2001	4.3
June 2001	4.5
July 2001	4.6
August 2001	4.9
September 2001	5.0
October 2001	5.3
November 2001	5.5
December 2001	5.7
January 2002	5.7
February 2002	5.7
March 2002	5.7
April 2002	5.9
May 2002	5.8
June 2002	5.8
July 2002	5.8
August 2002	5.7
September 2002	5.7
October 2002	5.7
November 2002	5.9
December 2002	6.0
January 2003	5.8
February 2003	5.9
March 2003	5.9
April 2003	6.0
May 2003	6.1
June 2003	6.3
July 2003	6.2
August 2003	6.1
September 2003	6.1
October 2003	6.0
November 2003	5.8
December 2003	5.7
January 2004	5.7
February 2004	5.6
March 2004	5.8
April 2004	5.6
May 2004	5.6
June 2004	5.6
July 2004	5.5
August 2004	5.4
September 2004	5.4
October 2004	5.5
November 2004	5.4
December 2004	5.4
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.9
March 2008	5.1
April 2008	5.0
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.1
October 2008	6.5
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.3
March 2009	8.7
April 2009	9.0
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.6
September 2009	9.8
October 2009	10.0
November 2009	9.9
December 2009	9.9
January 2010	9.8
February 2010	9.8
March 2010	9.9
April 2010	9.9
May 2010	9.6
June 2010	9.4
July 2010	9.4
August 2010	9.5
September 2010	9.5
October 2010	9.4
November 2010	9.8
December 2010	9.3
January 2011	9.1
February 2011	9.0
March 2011	9.0
April 2011	9.1
May 2011	9.0
June 2011	9.1
July 2011	9.0
August 2011	9.0
September 2011	9.0
October 2011	8.8
November 2011	8.6
December 2011	8.5
January 2012	8.3
February 2012	8.3
March 2012	8.2
April 2012	8.2
May 2012	8.2
June 2012	8.2
July 2012	8.2
August 2012	8.1
September 2012	7.8
October 2012	7.8
November 2012	7.7
December 2012	7.9
January 2013	8.0
February 2013	7.7
March 2013	7.5
April 2013	7.6
May 2013	7.5
June 2013	7.5
July 2013	7.3
August 2013	7.2
September 2013	7.2
October 2013	7.2
November 2013	6.9
December 2013	6.7
January 2014	6.6
February 2014	6.7
March 2014	6.7
April 2014	6.3
May 2014	6.3
June 2014	6.1
July 2014	6.2
August 2014	6.2
September 2014	5.9
October 2014	5.7
November 2014	5.8
December 2014	5.6
January 2015	5.7
February 2015	5.5
March 2015	5.5
April 2015	5.4
May 2015	5.5
June 2015	5.3
July 2015	5.2
August 2015	5.1
September 2015	5.0
October 2015	5.0
November 2015	5.0
December 2015	5.0
January 2016	4.9
February 2016	4.9
March 2016	5.0
April 2016	5.0
May 2016	4.7
June 2016	4.9
July 2016	4.9
August 2016	4.9
September 2016	5.0
October 2016	4.9
November 2016	4.6
December 2016	4.7
January 2017	4.8
February 2017	4.7
March 2017	4.5
April 2017	4.4
May 2017	4.3
June 2017	4.3
July 2017	4.3
August 2017	4.4
September 2017	4.2
October 2017	4.1
November 2017	4.1
December 2017	4.1
January 2018	4.1
February 2018	4.1

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Millions

Period	Private	Government
January 2000	110.44	20.57
February 2000	110.54	20.60
March 2000	110.87	20.73
April 2000	111.10	20.80
May 2000	110.97	21.15
June 2000	111.19	20.89
July 2000	111.39	20.87
August 2000	111.40	20.84
September 2000	111.65	20.74
October 2000	111.63	20.74
November 2000	111.83	20.76
December 2000	111.92	20.80
January 2001	111.87	20.84
February 2001	111.87	20.91
March 2001	111.80	20.95
April 2001	111.48	20.99
May 2001	111.40	21.03
June 2001	111.17	21.14
July 2001	111.01	21.19
August 2001	110.84	21.22
September 2001	110.56	21.24
October 2001	110.20	21.28
November 2001	109.85	21.33
December 2001	109.65	21.36
January 2002	109.48	21.38
February 2002	109.33	21.39
March 2002	109.28	21.43
April 2002	109.18	21.44
May 2002	109.13	21.51
June 2002	109.14	21.55
July 2002	109.07	21.54
August 2002	109.02	21.59
September 2002	109.00	21.55
October 2002	109.10	21.56
November 2002	109.08	21.58
December 2002	108.90	21.59
January 2003	108.97	21.63
February 2003	108.83	21.62
March 2003	108.63	21.61
April 2003	108.60	21.60
May 2003	108.64	21.57
June 2003	108.59	21.61
July 2003	108.58	21.63
August 2003	108.62	21.56
September 2003	108.78	21.50
October 2003	108.93	21.56
November 2003	108.95	21.54
December 2003	109.06	21.55
January 2004	109.24	21.54
February 2004	109.29	21.55
March 2004	109.58	21.59
April 2004	109.80	21.61
May 2004	110.10	21.61
June 2004	110.20	21.60
July 2004	110.24	21.61
August 2004	110.33	21.63
September 2004	110.48	21.64
October 2004	110.81	21.66
November 2004	110.83	21.69
December 2004	110.96	21.69
January 2005	111.06	21.74
February 2005	111.30	21.74
March 2005	111.44	21.74
April 2005	111.78	21.75
May 2005	111.93	21.78
June 2005	112.19	21.76
July 2005	112.47	21.86
August 2005	112.66	21.86
September 2005	112.75	21.85
October 2005	112.85	21.83
November 2005	113.15	21.86
December 2005	113.29	21.88
January 2006	113.60	21.85
February 2006	113.88	21.88
March 2006	114.16	21.90
April 2006	114.31	21.92
May 2006	114.33	21.93
June 2006	114.42	21.92
July 2006	114.57	21.97
August 2006	114.71	22.01
September 2006	114.79	22.08
October 2006	114.81	22.07
November 2006	115.01	22.08
December 2006	115.18	22.09
January 2007	115.40	22.10
February 2007	115.45	22.13
March 2007	115.65	22.15
April 2007	115.68	22.18
May 2007	115.82	22.19
June 2007	115.88	22.21
July 2007	115.88	22.17
August 2007	115.80	22.23
September 2007	115.84	22.28
October 2007	115.90	22.30
November 2007	115.97	22.33
December 2007	116.04	22.38
January 2008	116.03	22.39
February 2008	115.92	22.42
March 2008	115.84	22.44
April 2008	115.60	22.45
May 2008	115.39	22.48
June 2008	115.20	22.52
July 2008	114.94	22.57
August 2008	114.66	22.57
September 2008	114.25	22.54
October 2008	113.76	22.55
November 2008	112.99	22.56
December 2008	112.29	22.56
January 2009	111.48	22.58
February 2009	110.78	22.58
March 2009	109.99	22.56
April 2009	109.17	22.68
May 2009	108.87	22.62
June 2009	108.45	22.58
July 2009	108.16	22.52
August 2009	107.95	22.54
September 2009	107.80	22.45
October 2009	107.52	22.52
November 2009	107.53	22.53
December 2009	107.30	22.48
January 2010	107.31	22.49
February 2010	107.25	22.48
March 2010	107.40	22.52
April 2010	107.57	22.57
May 2010	107.67	23.00
June 2010	107.78	22.74
July 2010	107.88	22.57
August 2010	108.01	22.42
September 2010	108.12	22.25
October 2010	108.34	22.30
November 2010	108.47	22.29
December 2010	108.57	22.27
January 2011	108.62	22.26
February 2011	108.85	22.22
March 2011	109.12	22.19
April 2011	109.45	22.18
May 2011	109.59	22.13
June 2011	109.79	22.16
July 2011	109.98	22.05
August 2011	110.12	22.02
September 2011	110.39	21.98
October 2011	110.58	22.00
November 2011	110.75	21.97
December 2011	110.97	21.95
January 2012	111.33	21.95
February 2012	111.56	21.95
March 2012	111.83	21.94
April 2012	111.91	21.93
May 2012	112.05	21.91
June 2012	112.10	21.93
July 2012	112.27	21.91
August 2012	112.44	21.92
September 2012	112.62	21.93
October 2012	112.80	21.90
November 2012	112.95	21.88
December 2012	113.19	21.89
January 2013	113.41	21.87
February 2013	113.67	21.88
March 2013	113.83	21.87
April 2013	114.01	21.87
May 2013	114.26	21.86
June 2013	114.44	21.84
July 2013	114.58	21.82
August 2013	114.82	21.83
September 2013	115.02	21.84
October 2013	115.23	21.83
November 2013	115.44	21.84
December 2013	115.56	21.82
January 2014	115.74	21.81
February 2014	115.91	21.82
March 2014	116.16	21.83
April 2014	116.45	21.86
May 2014	116.69	21.86
June 2014	116.97	21.90
July 2014	117.18	21.88
August 2014	117.42	21.86
September 2014	117.67	21.90
October 2014	117.91	21.92
November 2014	118.20	21.93
December 2014	118.43	21.95
January 2015	118.64	21.96
February 2015	118.88	21.98
March 2015	118.97	21.96
April 2015	119.22	22.00
May 2015	119.54	22.01
June 2015	119.72	22.01
July 2015	119.96	22.03
August 2015	120.08	22.07
September 2015	120.20	22.04
October 2015	120.54	22.06
November 2015	120.78	22.08
December 2015	120.99	22.10
January 2016	121.08	22.11
February 2016	121.32	22.14
March 2016	121.52	22.17
April 2016	121.69	22.18
May 2016	121.71	22.19
June 2016	121.99	22.19
July 2016	122.23	22.28
August 2016	122.40	22.28
September 2016	122.64	22.31
October 2016	122.79	22.30
November 2016	122.96	22.30
December 2016	123.13	22.31
January 2017	123.38	22.31
February 2017	123.59	22.31
March 2017	123.66	22.31
April 2017	123.83	22.32
May 2017	123.99	22.31
June 2017	124.21	22.32
July 2017	124.40	22.33
August 2017	124.61	22.34
September 2017	124.63	22.34
October 2017	124.90	22.33
November 2017	125.12	22.33
December 2017	125.29	22.33
January 2018	125.53	22.33
February 2018	125.82	22.36

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Average 3-month change*
Thousands

Period	Total
January 2007	205.00
February 2007	164.00
March 2007	177.67
April 2007	119.33
May 2007	142.00
June 2007	96.33
July 2007	66.67
August 2007	6.33
September 2007	12.67
October 2007	48.67
November 2007	93.33
December 2007	96.00
January 2008	72.67
February 2008	10.33
March 2008	-42.67
April 2008	-121.67
May 2008	-156.00
June 2008	-189.00
July 2008	-183.67
August 2008	-214.67
September 2008	-311.00
October 2008	-398.33
November 2008	-559.00
December 2008	-647.00
January 2009	-751.00
February 2009	-732.67
March 2009	-764.33
April 2009	-736.67
May 2009	-620.00
June 2009	-509.00
July 2009	-388.33
August 2009	-335.67
September 2009	-255.67
October 2009	-211.33
November 2009	-142.00
December 2009	-158.00
January 2010	-82.33
February 2010	-110.67
March 2010	46.00
April 2010	113.67
May 2010	312.00
June 2010	201.00
July 2010	101.33
August 2010	-78.00
September 2010	-52.33
October 2010	62.67
November 2010	111.00
December 2010	156.33
January 2011	82.00
February 2011	99.67
March 2011	160.00
April 2011	253.00
May 2011	219.33
June 2011	212.67
July 2011	129.00
August 2011	139.33
September 2011	139.00
October 2011	184.67
November 2011	195.67
December 2011	185.00
January 2012	231.33
February 2012	260.67
March 2012	281.67
April 2012	189.67
May 2012	151.00
June 2012	85.67
July 2012	113.67
August 2012	132.33
September 2012	174.33
October 2012	173.33
November 2012	159.00
December 2012	175.33
January 2013	193.33
February 2013	238.33
March 2013	209.33
April 2013	200.00
May 2013	191.67
June 2013	192.33
July 2013	169.67
August 2013	176.33
September 2013	190.67
October 2013	223.67
November 2013	210.67
December 2013	174.67
January 2014	162.67
February 2014	149.67
March 2014	205.67
April 2014	251.33
May 2014	274.67
June 2014	289.67
July 2014	251.33
August 2014	242.67
September 2014	235.33
October 2014	255.00
November 2014	282.00
December 2014	271.00
January 2015	256.33
February 2015	243.00
March 2015	185.33
April 2015	209.00
May 2015	228.67
June 2015	266.33
July 2015	257.67
August 2015	203.67
September 2015	169.33
October 2015	201.00
November 2015	234.33
December 2015	283.00
January 2016	200.33
February 2016	198.00
March 2016	198.33
April 2016	222.00
May 2016	147.67
June 2016	164.33
July 2016	214.67
August 2016	261.67
September 2016	254.67
October 2016	193.00
November 2016	192.00
December 2016	164.00
January 2017	203.67
February 2017	213.00
March 2017	177.33
April 2017	149.33
May 2017	134.33
June 2017	189.67
July 2017	194.67
August 2017	216.67
September 2017	141.67
October 2017	168.67
November 2017	167.00
December 2017	220.67
January 2018	210.00
February 2018	242.33

* Excluding temporary Census Bureau workers. Return to text

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Median (Percent)

Variable	2018	2019	2020	Longer run
Change in real GDP	2.7	2.4	2.0	1.8
December projection	2.5	2.1	2.0	1.8
Unemployment rate	3.8	3.6	3.6	4.5
December projection	3.9	3.9	4.0	4.6
PCE inflation	1.9	2.0	2.1	2.0
December projection	1.9	2.0	2.0	2.0
Core PCE inflation	1.9	2.1	2.1
December projection	1.9	2.0	2.0
Federal funds rate	2.1	2.9	3.4	2.9
December projection	2.1	2.7	3.1	2.8

Note: Central tendency of the economic projections of Federal Reserve Board members and Federal Reserve Bank presidents, March 2018. Projections of change in real gross domestic product (GDP) and inflation are from the fourth quarter of the previous year to the fourth quarter of the year indicated. Projections for the unemployment rate are for the average civilian unemployment rate in the fourth quarter of the year indicated. PCE is personal consumption expenditures.

Source: Federal Reserve Board, March 2018 projection materials, available at https://www.federalreserve.gov/monetarypolicy/fomccalendars.htm.

Monthly
Percent

Period	Unemployment rate	U-5	U-6
January 1994	6.6	8.1	11.8
February 1994	6.6	7.9	11.4
March 1994	6.5	7.7	11.4
April 1994	6.4	7.6	11.2
May 1994	6.1	7.2	10.8
June 1994	6.1	7.3	10.9
July 1994	6.1	7.3	10.7
August 1994	6.0	7.2	10.5
September 1994	5.9	7.1	10.4
October 1994	5.8	6.9	10.3
November 1994	5.6	6.7	10.1
December 1994	5.5	6.7	10.0
January 1995	5.6	6.8	10.2
February 1995	5.4	6.6	9.9
March 1995	5.4	6.6	9.9
April 1995	5.8	6.7	10.0
May 1995	5.6	6.6	10.0
June 1995	5.6	6.7	10.1
July 1995	5.7	6.7	10.1
August 1995	5.7	6.7	10.0
September 1995	5.6	6.7	10.1
October 1995	5.5	6.6	9.9
November 1995	5.6	6.6	10.0
December 1995	5.6	6.7	10.0
January 1996	5.6	6.8	9.8
February 1996	5.5	6.7	10.0
March 1996	5.5	6.6	9.8
April 1996	5.6	6.6	9.9
May 1996	5.6	6.5	9.7
June 1996	5.3	6.4	9.6
July 1996	5.5	6.5	9.7
August 1996	5.1	6.1	9.3
September 1996	5.2	6.2	9.4
October 1996	5.2	6.2	9.4
November 1996	5.4	6.4	9.3
December 1996	5.4	6.3	9.5
January 1997	5.3	6.4	9.4
February 1997	5.2	6.3	9.4
March 1997	5.2	6.1	9.1
April 1997	5.1	6.0	9.2
May 1997	4.9	5.8	8.8
June 1997	5.0	5.9	8.8
July 1997	4.9	5.7	8.6
August 1997	4.8	5.7	8.6
September 1997	4.9	5.8	8.7
October 1997	4.7	5.6	8.4
November 1997	4.6	5.5	8.3
December 1997	4.7	5.7	8.4
January 1998	4.6	5.6	8.4
February 1998	4.6	5.6	8.4
March 1998	4.7	5.6	8.4
April 1998	4.3	5.2	7.9
May 1998	4.4	5.2	7.9
June 1998	4.5	5.3	8.0
July 1998	4.5	5.4	8.1
August 1998	4.5	5.3	7.9
September 1998	4.6	5.4	7.9
October 1998	4.5	5.3	7.8
November 1998	4.4	5.2	7.6
December 1998	4.4	5.1	7.6
January 1999	4.3	5.2	7.7
February 1999	4.4	5.3	7.7
March 1999	4.2	5.0	7.6
April 1999	4.3	5.2	7.6
May 1999	4.2	5.0	7.4
June 1999	4.3	5.1	7.5
July 1999	4.3	5.1	7.5
August 1999	4.2	5.0	7.3
September 1999	4.2	5.0	7.4
October 1999	4.1	4.9	7.2
November 1999	4.1	4.8	7.1
December 1999	4.0	4.8	7.1
January 2000	4.0	4.8	7.1
February 2000	4.1	5.0	7.2
March 2000	4.0	4.8	7.1
April 2000	3.8	4.7	6.9
May 2000	4.0	4.8	7.1
June 2000	4.0	4.7	7.0
July 2000	4.0	4.8	7.0
August 2000	4.1	4.8	7.1
September 2000	3.9	4.7	7.0
October 2000	3.9	4.6	6.8
November 2000	3.9	4.7	7.1
December 2000	3.9	4.7	6.9
January 2001	4.2	5.0	7.3
February 2001	4.2	5.1	7.4
March 2001	4.3	5.0	7.3
April 2001	4.4	5.1	7.4
May 2001	4.3	5.1	7.5
June 2001	4.5	5.3	7.9
July 2001	4.6	5.4	7.8
August 2001	4.9	5.8	8.1
September 2001	5.0	5.8	8.7
October 2001	5.3	6.2	9.3
November 2001	5.5	6.4	9.4
December 2001	5.7	6.6	9.6
January 2002	5.7	6.7	9.5
February 2002	5.7	6.6	9.5
March 2002	5.7	6.6	9.4
April 2002	5.9	6.8	9.7
May 2002	5.8	6.7	9.5
June 2002	5.8	6.7	9.5
July 2002	5.8	6.8	9.6
August 2002	5.7	6.7	9.6
September 2002	5.7	6.6	9.6
October 2002	5.7	6.6	9.6
November 2002	5.9	6.8	9.7
December 2002	6.0	6.9	9.8
January 2003	5.8	6.9	10.0
February 2003	5.9	6.9	10.2
March 2003	5.9	6.9	10.0
April 2003	6.0	6.9	10.2
May 2003	6.1	7.0	10.1
June 2003	6.3	7.2	10.3
July 2003	6.2	7.1	10.3
August 2003	6.1	7.1	10.1
September 2003	6.1	7.1	10.4
October 2003	6.0	7.0	10.2
November 2003	5.8	6.8	10.0
December 2003	5.7	6.6	9.8
January 2004	5.7	6.8	9.9
February 2004	5.6	6.6	9.7
March 2004	5.8	6.8	10.0
April 2004	5.6	6.5	9.6
May 2004	5.6	6.6	9.6
June 2004	5.6	6.6	9.5
July 2004	5.5	6.5	9.5
August 2004	5.4	6.4	9.4
September 2004	5.4	6.4	9.4
October 2004	5.5	6.5	9.7
November 2004	5.4	6.3	9.4
December 2004	5.4	6.3	9.2
January 2005	5.3	6.4	9.3
February 2005	5.4	6.4	9.3
March 2005	5.2	6.2	9.1
April 2005	5.2	6.1	8.9
May 2005	5.1	6.0	8.9
June 2005	5.0	6.0	9.0
July 2005	5.0	5.9	8.8
August 2005	4.9	5.9	8.9
September 2005	5.0	5.9	9.0
October 2005	5.0	5.9	8.7
November 2005	5.0	5.9	8.7
December 2005	4.9	5.8	8.6
January 2006	4.7	5.7	8.4
February 2006	4.8	5.7	8.4
March 2006	4.7	5.6	8.2
April 2006	4.7	5.5	8.1
May 2006	4.6	5.5	8.2
June 2006	4.6	5.6	8.4
July 2006	4.7	5.7	8.5
August 2006	4.7	5.7	8.4
September 2006	4.5	5.3	8.0
October 2006	4.4	5.3	8.2
November 2006	4.5	5.4	8.1
December 2006	4.4	5.2	7.9
January 2007	4.6	5.6	8.4
February 2007	4.5	5.4	8.2
March 2007	4.4	5.3	8.0
April 2007	4.5	5.4	8.2
May 2007	4.4	5.3	8.2
June 2007	4.6	5.5	8.3
July 2007	4.7	5.5	8.4
August 2007	4.6	5.5	8.4
September 2007	4.7	5.5	8.4
October 2007	4.7	5.6	8.4
November 2007	4.7	5.5	8.4
December 2007	5.0	5.8	8.8
January 2008	5.0	6.0	9.2
February 2008	4.9	5.9	9.0
March 2008	5.1	5.9	9.1
April 2008	5.0	5.8	9.2
May 2008	5.4	6.3	9.7
June 2008	5.6	6.5	10.1
July 2008	5.8	6.7	10.5
August 2008	6.1	7.1	10.8
September 2008	6.1	7.1	11.0
October 2008	6.5	7.5	11.8
November 2008	6.8	8.0	12.6
December 2008	7.3	8.4	13.6
January 2009	7.8	9.1	14.2
February 2009	8.3	9.5	15.2
March 2009	8.7	9.9	15.8
April 2009	9.0	10.2	15.9
May 2009	9.4	10.6	16.5
June 2009	9.5	10.8	16.5
July 2009	9.5	10.8	16.4
August 2009	9.6	10.9	16.7
September 2009	9.8	11.0	16.7
October 2009	10.0	11.4	17.1
November 2009	9.9	11.2	17.1
December 2009	9.9	11.3	17.1
January 2010	9.8	11.3	16.7
February 2010	9.8	11.3	17.0
March 2010	9.9	11.2	17.1
April 2010	9.9	11.3	17.1
May 2010	9.6	10.9	16.6
June 2010	9.4	10.9	16.4
July 2010	9.4	11.0	16.4
August 2010	9.5	10.9	16.5
September 2010	9.5	10.9	16.8
October 2010	9.4	11.0	16.6
November 2010	9.8	11.2	16.9
December 2010	9.3	10.9	16.6
January 2011	9.1	10.8	16.2
February 2011	9.0	10.6	16.0
March 2011	9.0	10.4	15.9
April 2011	9.1	10.5	16.1
May 2011	9.0	10.3	15.8
June 2011	9.1	10.7	16.1
July 2011	9.0	10.6	15.9
August 2011	9.0	10.5	16.1
September 2011	9.0	10.5	16.4
October 2011	8.8	10.3	15.8
November 2011	8.6	10.1	15.5
December 2011	8.5	10.0	15.2
January 2012	8.3	9.9	15.2
February 2012	8.3	9.8	15.0
March 2012	8.2	9.6	14.5
April 2012	8.2	9.6	14.6
May 2012	8.2	9.6	14.7
June 2012	8.2	9.6	14.8
July 2012	8.2	9.6	14.8
August 2012	8.1	9.6	14.6
September 2012	7.8	9.3	14.8
October 2012	7.8	9.2	14.4
November 2012	7.7	9.2	14.4
December 2012	7.9	9.4	14.4
January 2013	8.0	9.4	14.6
February 2013	7.7	9.2	14.4
March 2013	7.5	8.9	13.8
April 2013	7.6	8.9	14.0
May 2013	7.5	8.8	13.8
June 2013	7.5	9.1	14.2
July 2013	7.3	8.7	13.8
August 2013	7.2	8.6	13.6
September 2013	7.2	8.6	13.5
October 2013	7.2	8.5	13.6
November 2013	6.9	8.2	13.1
December 2013	6.7	8.1	13.1
January 2014	6.6	8.1	12.7
February 2014	6.7	8.0	12.7
March 2014	6.7	8.0	12.7
April 2014	6.3	7.5	12.3
May 2014	6.3	7.5	12.1
June 2014	6.1	7.3	12.0
July 2014	6.2	7.5	12.1
August 2014	6.2	7.4	11.9
September 2014	5.9	7.3	11.7
October 2014	5.7	7.0	11.5
November 2014	5.8	7.0	11.4
December 2014	5.6	6.9	11.2
January 2015	5.7	7.0	11.3
February 2015	5.5	6.8	11.0
March 2015	5.5	6.7	10.9
April 2015	5.4	6.7	10.9
May 2015	5.5	6.6	10.8
June 2015	5.3	6.4	10.4
July 2015	5.2	6.4	10.3
August 2015	5.1	6.2	10.2
September 2015	5.0	6.2	10.0
October 2015	5.0	6.2	9.8
November 2015	5.0	6.1	9.9
December 2015	5.0	6.1	9.9
January 2016	4.9	6.2	9.9
February 2016	4.9	6.0	9.7
March 2016	5.0	6.1	9.8
April 2016	5.0	6.0	9.8
May 2016	4.7	5.7	9.8
June 2016	4.9	6.0	9.5
July 2016	4.9	6.0	9.7
August 2016	4.9	5.9	9.6
September 2016	5.0	6.0	9.7
October 2016	4.9	5.9	9.6
November 2016	4.6	5.8	9.3
December 2016	4.7	5.7	9.1
January 2017	4.8	5.8	9.4
February 2017	4.7	5.7	9.2
March 2017	4.5	5.4	8.8
April 2017	4.4	5.3	8.6
May 2017	4.3	5.2	8.4
June 2017	4.3	5.3	8.5
July 2017	4.3	5.3	8.5
August 2017	4.4	5.4	8.6
September 2017	4.2	5.1	8.3
October 2017	4.1	5.0	8.0
November 2017	4.1	5.0	8.0
December 2017	4.1	5.1	8.1
January 2018	4.1	5.1	8.2
February 2018	4.1	5.1	8.2

Note: Chart key shows curves in order from top to bottom.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Monthly
Percent

Period	Jobs hard to fill
January 1993	15.45
February 1993	15.08
March 1993	16.13
April 1993	14.91
May 1993	15.60
June 1993	15.83
July 1993	15.42
August 1993	16.49
September 1993	16.32
October 1993	16.81
November 1993	18.15
December 1993	18.79
January 1994	19.60
February 1994	20.06
March 1994	24.16
April 1994	20.74
May 1994	20.72
June 1994	18.62
July 1994	21.29
August 1994	22.69
September 1994	22.45
October 1994	22.80
November 1994	22.15
December 1994	21.65
January 1995	23.77
February 1995	25.05
March 1995	23.17
April 1995	22.55
May 1995	24.77
June 1995	22.45
July 1995	24.36
August 1995	23.80
September 1995	23.66
October 1995	24.80
November 1995	23.10
December 1995	24.49
January 1996	24.85
February 1996	24.91
March 1996	23.18
April 1996	24.49
May 1996	25.91
June 1996	26.34
July 1996	24.50
August 1996	28.79
September 1996	24.73
October 1996	25.80
November 1996	26.09
December 1996	24.39
January 1997	26.87
February 1997	25.77
March 1997	24.27
April 1997	26.47
May 1997	25.03
June 1997	25.26
July 1997	28.63
August 1997	27.70
September 1997	28.76
October 1997	27.84
November 1997	29.05
December 1997	28.35
January 1998	26.90
February 1998	25.59
March 1998	28.31
April 1998	28.50
May 1998	27.22
June 1998	30.19
July 1998	28.78
August 1998	27.56
September 1998	27.67
October 1998	31.88
November 1998	29.09
December 1998	30.26
January 1999	29.02
February 1999	30.54
March 1999	32.23
April 1999	32.45
May 1999	27.34
June 1999	30.17
July 1999	28.87
August 1999	27.48
September 1999	29.72
October 1999	31.93
November 1999	31.03
December 1999	32.15
January 2000	31.17
February 2000	31.47
March 2000	33.02
April 2000	33.42
May 2000	34.40
June 2000	33.35
July 2000	33.01
August 2000	34.36
September 2000	32.67
October 2000	32.11
November 2000	35.97
December 2000	32.06
January 2001	31.31
February 2001	31.43
March 2001	25.74
April 2001	25.39
May 2001	26.39
June 2001	26.49
July 2001	25.15
August 2001	29.33
September 2001	25.64
October 2001	21.25
November 2001	18.99
December 2001	20.07
January 2002	19.29
February 2002	19.30
March 2002	19.51
April 2002	20.39
May 2002	19.35
June 2002	21.66
July 2002	22.38
August 2002	19.24
September 2002	16.45
October 2002	19.42
November 2002	22.09
December 2002	16.15
January 2003	19.06
February 2003	19.24
March 2003	17.46
April 2003	16.42
May 2003	16.35
June 2003	16.72
July 2003	15.54
August 2003	20.20
September 2003	19.20
October 2003	18.59
November 2003	19.20
December 2003	20.18
January 2004	18.82
February 2004	19.19
March 2004	21.51
April 2004	20.48
May 2004	22.41
June 2004	19.75
July 2004	23.58
August 2004	21.23
September 2004	19.95
October 2004	23.71
November 2004	22.27
December 2004	23.17
January 2005	20.63
February 2005	23.22
March 2005	23.55
April 2005	22.44
May 2005	23.49
June 2005	19.80
July 2005	21.54
August 2005	23.35
September 2005	22.86
October 2005	21.81
November 2005	25.23
December 2005	22.10
January 2006	25.55
February 2006	25.18
March 2006	22.53
April 2006	30.41
May 2006	25.56
June 2006	24.86
July 2006	24.61
August 2006	24.45
September 2006	24.85
October 2006	27.84
November 2006	23.18
December 2006	19.03
January 2007	25.43
February 2007	24.18
March 2007	25.56
April 2007	25.29
May 2007	24.56
June 2007	25.95
July 2007	23.68
August 2007	24.56
September 2007	24.89
October 2007	22.89
November 2007	20.05
December 2007	21.06
January 2008	23.29
February 2008	19.03
March 2008	18.68
April 2008	20.31
May 2008	15.57
June 2008	20.90
July 2008	17.84
August 2008	14.60
September 2008	17.83
October 2008	14.98
November 2008	14.87
December 2008	14.12
January 2009	10.17
February 2009	9.99
March 2009	9.90
April 2009	8.31
May 2009	9.60
June 2009	10.69
July 2009	9.88
August 2009	7.64
September 2009	7.94
October 2009	8.96
November 2009	8.78
December 2009	10.11
January 2010	9.14
February 2010	9.84
March 2010	9.20
April 2010	10.37
May 2010	9.56
June 2010	8.48
July 2010	10.99
August 2010	10.57
September 2010	11.08
October 2010	10.94
November 2010	9.68
December 2010	13.01
January 2011	12.15
February 2011	13.80
March 2011	15.54
April 2011	13.36
May 2011	12.47
June 2011	14.31
July 2011	13.01
August 2011	14.44
September 2011	14.47
October 2011	14.87
November 2011	16.54
December 2011	14.92
January 2012	17.27
February 2012	15.67
March 2012	15.81
April 2012	16.38
May 2012	20.21
June 2012	14.25
July 2012	16.10
August 2012	17.25
September 2012	17.88
October 2012	16.83
November 2012	17.38
December 2012	15.98
January 2013	17.28
February 2013	19.56
March 2013	19.03
April 2013	17.34
May 2013	18.98
June 2013	18.25
July 2013	21.20
August 2013	15.02
September 2013	21.31
October 2013	21.80
November 2013	23.23
December 2013	23.13
January 2014	21.27
February 2014	20.46
March 2014	23.16
April 2014	23.33
May 2014	23.73
June 2014	25.19
July 2014	25.33
August 2014	24.85
September 2014	22.60
October 2014	24.75
November 2014	24.16
December 2014	25.30
January 2015	25.18
February 2015	27.44
March 2015	25.32
April 2015	26.28
May 2015	28.52
June 2015	23.15
July 2015	26.42
August 2015	27.71
September 2015	28.81
October 2015	27.71
November 2015	27.11
December 2015	28.40
January 2016	28.18
February 2016	26.46
March 2016	26.46
April 2016	28.26
May 2016	26.29
June 2016	28.08
July 2016	27.41
August 2016	29.63
September 2016	26.06
October 2016	28.66
November 2016	30.10
December 2016	29.41
January 2017	30.20
February 2017	30.51
March 2017	31.60
April 2017	32.18
May 2017	33.13
June 2017	29.02
July 2017	36.38
August 2017	30.57
September 2017	32.27
October 2017	35.64
November 2017	29.17
December 2017	31.41
January 2018	33.12
February 2018	32.53

Source: National Federation of Independent Business.

Monthly
Percent*

Period	Job openings
December 2000	3.67
January 2001	4.19
February 2001	3.65
March 2001	3.52
April 2001	3.84
May 2001	3.50
June 2001	3.27
July 2001	3.49
August 2001	3.20
September 2001	3.15
October 2001	2.79
November 2001	2.62
December 2001	2.66
January 2002	3.00
February 2002	2.61
March 2002	2.77
April 2002	2.73
May 2002	2.78
June 2002	2.64
July 2002	2.68
August 2002	2.71
September 2002	2.61
October 2002	2.81
November 2002	2.69
December 2002	2.33
January 2003	3.05
February 2003	2.68
March 2003	2.41
April 2003	2.66
May 2003	2.60
June 2003	2.62
July 2003	2.62
August 2003	2.66
September 2003	2.48
October 2003	2.55
November 2003	2.55
December 2003	2.59
January 2004	2.81
February 2004	2.74
March 2004	2.68
April 2004	2.88
May 2004	2.90
June 2004	2.72
July 2004	3.17
August 2004	2.90
September 2004	2.98
October 2004	2.99
November 2004	2.54
December 2004	2.87
January 2005	2.93
February 2005	3.04
March 2005	3.02
April 2005	3.34
May 2005	3.04
June 2005	3.15
July 2005	3.36
August 2005	3.17
September 2005	3.29
October 2005	3.34
November 2005	3.30
December 2005	3.13
January 2006	3.34
February 2006	3.26
March 2006	3.44
April 2006	3.58
May 2006	3.36
June 2006	3.32
July 2006	3.09
August 2006	3.43
September 2006	3.41
October 2006	3.42
November 2006	3.29
December 2006	3.26
January 2007	3.51
February 2007	3.38
March 2007	3.51
April 2007	3.65
May 2007	3.43
June 2007	3.47
July 2007	3.37
August 2007	3.40
September 2007	3.40
October 2007	3.24
November 2007	3.12
December 2007	3.10
January 2008	3.22
February 2008	3.03
March 2008	2.99
April 2008	3.10
May 2008	2.93
June 2008	2.81
July 2008	2.88
August 2008	2.75
September 2008	2.44
October 2008	2.49
November 2008	2.24
December 2008	2.22
January 2009	2.10
February 2009	2.16
March 2009	1.90
April 2009	1.78
May 2009	1.92
June 2009	1.90
July 2009	1.74
August 2009	1.81
September 2009	2.01
October 2009	1.82
November 2009	1.84
December 2009	1.91
January 2010	2.05
February 2010	2.04
March 2010	2.05
April 2010	2.33
May 2010	2.28
June 2010	2.14
July 2010	2.39
August 2010	2.34
September 2010	2.22
October 2010	2.42
November 2010	2.36
December 2010	2.22
January 2011	2.35
February 2011	2.47
March 2011	2.50
April 2011	2.62
May 2011	2.51
June 2011	2.55
July 2011	2.79
August 2011	2.51
September 2011	2.74
October 2011	2.69
November 2011	2.48
December 2011	2.65
January 2012	2.95
February 2012	2.71
March 2012	2.97
April 2012	2.84
May 2012	2.88
June 2012	2.96
July 2012	2.88
August 2012	2.83
September 2012	2.73
October 2012	2.87
November 2012	2.74
December 2012	2.75
January 2013	2.91
February 2013	3.04
March 2013	2.99
April 2013	2.97
May 2013	2.94
June 2013	2.99
July 2013	2.97
August 2013	2.99
September 2013	3.01
October 2013	3.12
November 2013	2.92
December 2013	2.90
January 2014	3.03
February 2014	3.13
March 2014	3.13
April 2014	3.39
May 2014	3.43
June 2014	3.44
July 2014	3.43
August 2014	3.69
September 2014	3.39
October 2014	3.69
November 2014	3.47
December 2014	3.55
January 2015	3.73
February 2015	3.74
March 2015	3.77
April 2015	4.10
May 2015	3.93
June 2015	3.78
July 2015	4.26
August 2015	3.90
September 2015	3.93
October 2015	4.02
November 2015	3.78
December 2015	3.89
January 2016	4.14
February 2016	4.05
March 2016	4.28
April 2016	4.21
May 2016	4.08
June 2016	4.04
July 2016	4.21
August 2016	3.94
September 2016	4.01
October 2016	3.93
November 2016	3.96
December 2016	3.90
January 2017	3.87
February 2017	3.98
March 2017	3.95
April 2017	4.30
May 2017	4.01
June 2017	4.29
July 2017	4.36
August 2017	4.24
September 2017	4.39
October 2017	4.23
November 2017	4.16
December 2017	3.94
January 2018	4.38

* Percent of private employment and job openings. Return to text

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Monthly
Index

Period	Jobs plentiful
January 1980	-7.5
February 1980	-9.1
March 1980	-10.9
April 1980	-17.3
May 1980	-28.5
June 1980	-33.4
July 1980	-31.4
August 1980	-32.2
September 1980	-28.0
October 1980	-26.9
November 1980	-24.9
December 1980	-27.2
January 1981	-26.5
February 1981	-29.9
March 1981	-26.1
April 1981	-24.0
May 1981	-23.8
June 1981	-25.1
July 1981	-25.3
August 1981	-25.6
September 1981	-26.1
October 1981	-27.7
November 1981	-32.5
December 1981	-37.5
January 1982	-40.2
February 1982	-41.8
March 1982	-44.0
April 1982	-50.4
May 1982	-47.5
June 1982	-52.3
July 1982	-52.6
August 1982	-54.1
September 1982	-56.9
October 1982	-55.8
November 1982	-58.3
December 1982	-58.7
January 1983	-57.6
February 1983	-55.5
March 1983	-50.9
April 1983	-48.6
May 1983	-47.3
June 1983	-43.2
July 1983	-40.9
August 1983	-36.8
September 1983	-36.0
October 1983	-35.3
November 1983	-30.4
December 1983	-27.3
January 1984	-26.2
February 1984	-23.1
March 1984	-22.3
April 1984	-21.2
May 1984	-18.6
June 1984	-13.0
July 1984	-15.8
August 1984	-14.6
September 1984	-15.5
October 1984	-16.2
November 1984	-13.0
December 1984	-15.7
January 1985	-11.2
February 1985	-11.4
March 1985	-15.5
April 1985	-11.0
May 1985	-13.1
June 1985	-11.2
July 1985	-9.6
August 1985	-11.1
September 1985	-13.8
October 1985	-11.9
November 1985	-11.9
December 1985	-12.6
January 1986	-10.9
February 1986	-10.7
March 1986	-13.9
April 1986	-10.6
May 1986	-10.8
June 1986	-10.8
July 1986	-10.4
August 1986	-13.7
September 1986	-14.0
October 1986	-17.4
November 1986	-16.5
December 1986	-11.4
January 1987	-14.6
February 1987	-13.3
March 1987	-10.6
April 1987	-12.3
May 1987	-8.3
June 1987	-5.5
July 1987	-4.7
August 1987	-0.7
September 1987	1.7
October 1987	4.4
November 1987	0.6
December 1987	3.4
January 1988	3.8
February 1988	8.7
March 1988	4.8
April 1988	3.7
May 1988	7.0
June 1988	8.3
July 1988	8.8
August 1988	10.6
September 1988	7.5
October 1988	6.8
November 1988	6.9
December 1988	12.9
January 1989	11.8
February 1989	14.4
March 1989	12.3
April 1989	14.7
May 1989	13.0
June 1989	12.8
July 1989	13.8
August 1989	11.3
September 1989	9.7
October 1989	10.2
November 1989	8.9
December 1989	6.4
January 1990	5.6
February 1990	7.6
March 1990	7.4
April 1990	4.3
May 1990	4.0
June 1990	-0.3
July 1990	3.5
August 1990	-4.4
September 1990	-4.5
October 1990	-14.5
November 1990	-15.7
December 1990	-19.3
January 1991	-21.7
February 1991	-23.2
March 1991	-25.3
April 1991	-26.1
May 1991	-28.0
June 1991	-28.8
July 1991	-29.8
August 1991	-30.0
September 1991	-32.8
October 1991	-38.0
November 1991	-42.0
December 1991	-43.5
January 1992	-42.1
February 1992	-44.5
March 1992	-42.1
April 1992	-40.2
May 1992	-34.4
June 1992	-34.3
July 1992	-37.2
August 1992	-41.2
September 1992	-39.7
October 1992	-40.3
November 1992	-38.7
December 1992	-35.8
January 1993	-30.6
February 1993	-33.2
March 1993	-33.4
April 1993	-33.8
May 1993	-32.4
June 1993	-33.5
July 1993	-31.8
August 1993	-32.0
September 1993	-30.0
October 1993	-29.7
November 1993	-26.6
December 1993	-26.8
January 1994	-23.1
February 1994	-19.5
March 1994	-19.4
April 1994	-14.4
May 1994	-17.8
June 1994	-13.6
July 1994	-13.4
August 1994	-12.6
September 1994	-12.7
October 1994	-13.6
November 1994	-7.7
December 1994	-3.1
January 1995	-2.9
February 1995	-2.7
March 1995	-1.3
April 1995	-0.7
May 1995	-1.3
June 1995	-3.6
July 1995	0.9
August 1995	-1.0
September 1995	-2.4
October 1995	-6.4
November 1995	-2.9
December 1995	-3.2
January 1996	-5.0
February 1996	-1.6
March 1996	-3.7
April 1996	1.6
May 1996	2.0
June 1996	1.0
July 1996	4.1
August 1996	5.1
September 1996	6.0
October 1996	3.0
November 1996	5.1
December 1996	8.1
January 1997	12.3
February 1997	14.0
March 1997	14.6
April 1997	11.6
May 1997	17.5
June 1997	19.5
July 1997	19.3
August 1997	20.2
September 1997	20.3
October 1997	14.7
November 1997	19.0
December 1997	24.1
January 1998	23.7
February 1998	29.6
March 1998	31.2
April 1998	30.0
May 1998	30.2
June 1998	31.2
July 1998	32.1
August 1998	31.0
September 1998	30.9
October 1998	26.6
November 1998	26.3
December 1998	27.9
January 1999	33.6
February 1999	35.9
March 1999	35.1
April 1999	35.1
May 1999	35.1
June 1999	35.0
July 1999	37.9
August 1999	36.7
September 1999	34.8
October 1999	34.3
November 1999	36.3
December 1999	40.0
January 2000	44.0
February 2000	39.8
March 2000	42.7
April 2000	40.3
May 2000	42.0
June 2000	42.5
July 2000	46.2
August 2000	42.0
September 2000	41.9
October 2000	38.0
November 2000	39.5
December 2000	38.4
January 2001	36.2
February 2001	30.9
March 2001	31.2
April 2001	25.9
May 2001	25.0
June 2001	24.4
July 2001	21.5
August 2001	17.6
September 2001	8.3
October 2001	0.3
November 2001	-5.2
December 2001	-4.0
January 2002	-4.1
February 2002	-4.4
March 2002	-0.5
April 2002	-1.8
May 2002	-0.6
June 2002	-3.1
July 2002	-5.1
August 2002	-6.4
September 2002	-9.5
October 2002	-12.6
November 2002	-13.1
December 2002	-17.4
January 2003	-14.4
February 2003	-18.6
March 2003	-20.9
April 2003	-16.4
May 2003	-20.6
June 2003	-20.7
July 2003	-22.0
August 2003	-22.8
September 2003	-25.2
October 2003	-21.9
November 2003	-16.1
December 2003	-18.4
January 2004	-14.8
February 2004	-14.4
March 2004	-15.2
April 2004	-12.4
May 2004	-13.7
June 2004	-7.9
July 2004	-6.0
August 2004	-7.6
September 2004	-11.4
October 2004	-10.5
November 2004	-10.9
December 2004	-7.0
January 2005	-3.3
February 2005	-1.3
March 2005	-2.0
April 2005	-2.5
May 2005	-1.2
June 2005	0.0
July 2005	-0.9
August 2005	0.5
September 2005	-4.3
October 2005	-4.6
November 2005	-2.5
December 2005	0.8
January 2006	6.7
February 2006	7.2
March 2006	7.9
April 2006	9.7
May 2006	8.9
June 2006	8.0
July 2006	9.0
August 2006	3.4
September 2006	5.3
October 2006	3.8
November 2006	3.6
December 2006	6.3
January 2007	9.9
February 2007	9.9
March 2007	11.4
April 2007	8.7
May 2007	9.4
June 2007	7.1
July 2007	11.3
August 2007	7.8
September 2007	3.2
October 2007	1.3
November 2007	1.9
December 2007	0.9
January 2008	3.2
February 2008	-1.9
March 2008	-5.3
April 2008	-10.8
May 2008	-12.2
June 2008	-15.6
July 2008	-16.6
August 2008	-18.2
September 2008	-19.6
October 2008	-27.6
November 2008	-28.4
December 2008	-35.0
January 2009	-34.0
February 2009	-42.3
March 2009	-44.1
April 2009	-41.7
May 2009	-38.1
June 2009	-40.3
July 2009	-44.8
August 2009	-40.0
September 2009	-43.4
October 2009	-45.9
November 2009	-46.1
December 2009	-45.0
January 2010	-42.1
February 2010	-43.3
March 2010	-42.3
April 2010	-40.1
May 2010	-39.3
June 2010	-39.2
July 2010	-40.7
August 2010	-41.5
September 2010	-42.0
October 2010	-42.8
November 2010	-44.8
December 2010	-42.8
January 2011	-42.4
February 2011	-39.5
March 2011	-39.8
April 2011	-37.3
May 2011	-37.8
June 2011	-38.1
July 2011	-39.7
August 2011	-43.7
September 2011	-43.8
October 2011	-43.3
November 2011	-37.4
December 2011	-35.0
January 2012	-37.1
February 2012	-31.6
March 2012	-31.7
April 2012	-29.7
May 2012	-33.4
June 2012	-32.9
July 2012	-33.2
August 2012	-33.4
September 2012	-32.6
October 2012	-28.4
November 2012	-26.4
December 2012	-25.3
January 2013	-28.1
February 2013	-26.8
March 2013	-25.9
April 2013	-27.2
May 2013	-26.5
June 2013	-25.8
July 2013	-22.9
August 2013	-22.0
September 2013	-22.2
October 2013	-23.3
November 2013	-22.1
December 2013	-21.0
January 2014	-20.2
February 2014	-19.0
March 2014	-17.6
April 2014	-19.8
May 2014	-18.0
June 2014	-16.1
July 2014	-15.3
August 2014	-12.4
September 2014	-13.1
October 2014	-12.5
November 2014	-12.5
December 2014	-10.1
January 2015	-3.9
February 2015	-4.8
March 2015	-4.5
April 2015	-6.9
May 2015	-6.6
June 2015	-4.8
July 2015	-7.5
August 2015	0.4
September 2015	-0.1
October 2015	-1.9
November 2015	-4.8
December 2015	-0.3
January 2016	-0.6
February 2016	-0.8
March 2016	0.2
April 2016	1.4
May 2016	0.0
June 2016	-0.5
July 2016	0.9
August 2016	4.0
September 2016	5.3
October 2016	3.6
November 2016	6.6
December 2016	3.3
January 2017	6.0
February 2017	7.0
March 2017	12.8
April 2017	10.9
May 2017	11.7
June 2017	13.6
July 2017	14.5
August 2017	16.0
September 2017	14.7
October 2017	19.6
November 2017	20.7
December 2017	20.3
January 2018	20.9
February 2018	24.7

Note: The jobs plentiful series is the proportion of households believing jobs are plentiful minus the proportion believing jobs are hard to get.

Source: Conference Board.

Monthly
Percent

Period	Quits
December 2000	2.56
January 2001	2.91
February 2001	2.74
March 2001	2.66
April 2001	2.75
May 2001	2.62
June 2001	2.59
July 2001	2.53
August 2001	2.44
September 2001	2.35
October 2001	2.47
November 2001	2.23
December 2001	2.17
January 2002	2.50
February 2002	2.26
March 2002	2.15
April 2002	2.34
May 2002	2.35
June 2002	2.26
July 2002	2.36
August 2002	2.30
September 2002	2.27
October 2002	2.23
November 2002	2.11
December 2002	2.22
January 2003	2.18
February 2003	2.15
March 2003	2.09
April 2003	2.09
May 2003	2.06
June 2003	2.08
July 2003	2.08
August 2003	2.08
September 2003	2.15
October 2003	2.20
November 2003	2.14
December 2003	2.14
January 2004	2.11
February 2004	2.10
March 2004	2.25
April 2004	2.30
May 2004	2.12
June 2004	2.30
July 2004	2.34
August 2004	2.32
September 2004	2.22
October 2004	2.28
November 2004	2.42
December 2004	2.31
January 2005	2.44
February 2005	2.26
March 2005	2.41
April 2005	2.38
May 2005	2.45
June 2005	2.38
July 2005	2.38
August 2005	2.50
September 2005	2.57
October 2005	2.48
November 2005	2.44
December 2005	2.35
January 2006	2.46
February 2006	2.47
March 2006	2.49
April 2006	2.30
May 2006	2.51
June 2006	2.51
July 2006	2.46
August 2006	2.47
September 2006	2.42
October 2006	2.42
November 2006	2.52
December 2006	2.50
January 2007	2.44
February 2007	2.46
March 2007	2.43
April 2007	2.36
May 2007	2.44
June 2007	2.31
July 2007	2.39
August 2007	2.41
September 2007	2.14
October 2007	2.35
November 2007	2.26
December 2007	2.28
January 2008	2.32
February 2008	2.28
March 2008	2.11
April 2008	2.36
May 2008	2.14
June 2008	2.20
July 2008	2.12
August 2008	1.98
September 2008	2.02
October 2008	2.00
November 2008	1.73
December 2008	1.76
January 2009	1.74
February 2009	1.63
March 2009	1.54
April 2009	1.50
May 2009	1.51
June 2009	1.55
July 2009	1.50
August 2009	1.46
September 2009	1.43
October 2009	1.46
November 2009	1.56
December 2009	1.48
January 2010	1.46
February 2010	1.49
March 2010	1.57
April 2010	1.68
May 2010	1.58
June 2010	1.68
July 2010	1.61
August 2010	1.66
September 2010	1.66
October 2010	1.61
November 2010	1.54
December 2010	1.69
January 2011	1.57
February 2011	1.62
March 2011	1.71
April 2011	1.66
May 2011	1.75
June 2011	1.68
July 2011	1.68
August 2011	1.78
September 2011	1.75
October 2011	1.67
November 2011	1.65
December 2011	1.64
January 2012	1.66
February 2012	1.75
March 2012	1.82
April 2012	1.76
May 2012	1.83
June 2012	1.84
July 2012	1.76
August 2012	1.82
September 2012	1.65
October 2012	1.70
November 2012	1.71
December 2012	1.73
January 2013	1.91
February 2013	1.88
March 2013	1.73
April 2013	1.90
May 2013	1.86
June 2013	1.86
July 2013	1.96
August 2013	1.98
September 2013	1.98
October 2013	1.98
November 2013	1.94
December 2013	1.83
January 2014	1.92
February 2014	1.95
March 2014	1.98
April 2014	2.00
May 2014	2.04
June 2014	2.02
July 2014	2.09
August 2014	2.05
September 2014	2.24
October 2014	2.22
November 2014	2.09
December 2014	2.06
January 2015	2.21
February 2015	2.12
March 2015	2.16
April 2015	2.16
May 2015	2.16
June 2015	2.20
July 2015	2.20
August 2015	2.30
September 2015	2.20
October 2015	2.22
November 2015	2.27
December 2015	2.37
January 2016	2.26
February 2016	2.31
March 2016	2.26
April 2016	2.32
May 2016	2.35
June 2016	2.36
July 2016	2.40
August 2016	2.44
September 2016	2.39
October 2016	2.38
November 2016	2.33
December 2016	2.27
January 2017	2.42
February 2017	2.30
March 2017	2.40
April 2017	2.35
May 2017	2.46
June 2017	2.42
July 2017	2.47
August 2017	2.42
September 2017	2.47
October 2017	2.45
November 2017	2.41
December 2017	2.53
January 2018	2.47

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Monthly
Percent

Period	Total LFPR
January 1960	59.08
February 1960	58.96
March 1960	58.50
April 1960	59.62
May 1960	59.43
June 1960	59.53
July 1960	59.46
August 1960	59.36
September 1960	59.61
October 1960	59.53
November 1960	59.77
December 1960	59.74
January 1961	59.70
February 1961	59.67
March 1961	59.73
April 1961	59.40
May 1961	59.22
June 1961	59.53
July 1961	59.35
August 1961	59.26
September 1961	58.72
October 1961	59.23
November 1961	59.08
December 1961	59.03
January 1962	58.89
February 1962	58.94
March 1962	58.95
April 1962	58.76
May 1962	58.83
June 1962	58.66
July 1962	58.53
August 1962	58.95
September 1962	58.87
October 1962	58.73
November 1962	58.59
December 1962	58.59
January 1963	58.70
February 1963	58.72
March 1963	58.70
April 1963	58.83
May 1963	58.74
June 1963	58.57
July 1963	58.68
August 1963	58.53
September 1963	58.74
October 1963	58.74
November 1963	58.80
December 1963	58.54
January 1964	58.69
February 1964	58.70
March 1964	58.77
April 1964	59.12
May 1964	59.08
June 1964	58.77
July 1964	58.51
August 1964	58.59
September 1964	58.62
October 1964	58.56
November 1964	58.50
December 1964	58.56
January 1965	58.56
February 1965	58.68
March 1965	58.75
April 1965	58.82
May 1965	58.95
June 1965	58.86
July 1965	59.12
August 1965	58.85
September 1965	58.70
October 1965	58.90
November 1965	58.78
December 1965	58.98
January 1966	58.93
February 1966	58.65
March 1966	58.79
April 1966	59.05
May 1966	59.07
June 1966	59.26
July 1966	59.26
August 1966	59.41
September 1966	59.26
October 1966	59.32
November 1966	59.58
December 1966	59.51
January 1967	59.50
February 1967	59.42
March 1967	59.28
April 1967	59.27
May 1967	59.00
June 1967	59.49
July 1967	59.70
August 1967	59.79
September 1967	59.79
October 1967	59.83
November 1967	59.77
December 1967	59.87
January 1968	59.24
February 1968	59.68
March 1968	59.64
April 1968	59.48
May 1968	59.73
June 1968	59.94
July 1968	59.79
August 1968	59.59
September 1968	59.59
October 1968	59.52
November 1968	59.65
December 1968	59.64
January 1969	59.70
February 1969	59.96
March 1969	59.98
April 1969	59.99
May 1969	59.83
June 1969	60.11
July 1969	60.10
August 1969	60.30
September 1969	60.37
October 1969	60.41
November 1969	60.23
December 1969	60.33
January 1970	60.46
February 1970	60.45
March 1970	60.60
April 1970	60.59
May 1970	60.31
June 1970	60.18
July 1970	60.44
August 1970	60.21
September 1970	60.25
October 1970	60.39
November 1970	60.42
December 1970	60.32
January 1971	60.60
February 1971	60.25
March 1971	60.04
April 1971	60.10
May 1971	60.16
June 1971	59.64
July 1971	60.08
August 1971	60.24
September 1971	60.22
October 1971	60.16
November 1971	60.41
December 1971	60.41
January 1972	60.34
February 1972	60.27
March 1972	60.43
April 1972	60.33
May 1972	60.37
June 1972	60.38
July 1972	60.39
August 1972	60.54
September 1972	60.48
October 1972	60.43
November 1972	60.32
December 1972	60.42
January 1973	59.97
February 1973	60.49
March 1973	60.73
April 1973	60.76
May 1973	60.67
June 1973	60.92
July 1973	60.88
August 1973	60.65
September 1973	60.95
October 1973	61.11
November 1973	61.23
December 1973	61.25
January 1974	61.23
February 1974	61.30
March 1974	61.14
April 1974	61.08
May 1974	61.26
June 1974	61.24
July 1974	61.28
August 1974	61.15
September 1974	61.44
October 1974	61.40
November 1974	61.25
December 1974	61.27
January 1975	61.49
February 1975	61.19
March 1975	61.25
April 1975	61.28
May 1975	61.34
June 1975	61.16
July 1975	61.30
August 1975	61.27
September 1975	61.24
October 1975	61.19
November 1975	60.95
December 1975	61.06
January 1976	61.37
February 1976	61.38
March 1976	61.35
April 1976	61.47
May 1976	61.41
June 1976	61.48
July 1976	61.73
August 1976	61.79
September 1976	61.64
October 1976	61.68
November 1976	61.84
December 1976	61.84
January 1977	61.64
February 1977	61.97
March 1977	62.06
April 1977	62.08
May 1977	62.07
June 1977	62.40
July 1977	62.07
August 1977	62.32
September 1977	62.34
October 1977	62.48
November 1977	62.84
December 1977	62.73
January 1978	62.75
February 1978	62.67
March 1978	62.75
April 1978	62.98
May 1978	63.02
June 1978	63.32
July 1978	63.20
August 1978	63.25
September 1978	63.34
October 1978	63.46
November 1978	63.53
December 1978	63.62
January 1979	63.56
February 1979	63.67
March 1979	63.75
April 1979	63.49
May 1979	63.24
June 1979	63.56
July 1979	63.62
August 1979	63.68
September 1979	63.93
October 1979	63.85
November 1979	63.82
December 1979	64.03
January 1980	63.97
February 1980	63.88
March 1980	63.74
April 1980	63.81
May 1980	63.76
June 1980	63.71
July 1980	63.84
August 1980	63.68
September 1980	63.70
October 1980	63.75
November 1980	63.71
December 1980	63.66
January 1981	63.89
February 1981	63.89
March 1981	64.05
April 1981	64.22
May 1981	64.09
June 1981	63.73
July 1981	63.73
August 1981	63.78
September 1981	63.58
October 1981	63.86
November 1981	63.82
December 1981	63.69
January 1982	63.71
February 1982	63.90
March 1982	63.94
April 1982	63.91
May 1982	64.04
June 1982	63.94
July 1982	64.02
August 1982	64.07
September 1982	64.05
October 1982	63.97
November 1982	64.13
December 1982	64.12
January 1983	64.04
February 1983	63.91
March 1983	63.83
April 1983	63.80
May 1983	63.52
June 1983	64.22
July 1983	64.12
August 1983	64.29
September 1983	64.33
October 1983	63.98
November 1983	64.13
December 1983	64.13
January 1984	64.05
February 1984	64.12
March 1984	64.12
April 1984	64.29
May 1984	64.43
June 1984	64.60
July 1984	64.62
August 1984	64.40
September 1984	64.41
October 1984	64.48
November 1984	64.44
December 1984	64.64
January 1985	64.76
February 1985	64.70
March 1985	64.92
April 1985	64.87
May 1985	64.74
June 1985	64.58
July 1985	64.64
August 1985	64.62
September 1985	64.93
October 1985	64.98
November 1985	64.94
December 1985	64.94
January 1986	64.94
February 1986	65.08
March 1986	65.11
April 1986	65.15
May 1986	65.16
June 1986	65.37
July 1986	65.36
August 1986	65.33
September 1986	65.37
October 1986	65.38
November 1986	65.43
December 1986	65.34
January 1987	65.43
February 1987	65.46
March 1987	65.51
April 1987	65.42
May 1987	65.77
June 1987	65.38
July 1987	65.58
August 1987	65.75
September 1987	65.61
October 1987	65.79
November 1987	65.71
December 1987	65.83
January 1988	65.80
February 1988	65.84
March 1988	65.70
April 1988	65.81
May 1988	65.67
June 1988	65.77
July 1988	65.89
August 1988	66.07
September 1988	66.03
October 1988	66.02
November 1988	66.21
December 1988	66.22
January 1989	66.48
February 1989	66.23
March 1989	66.20
April 1989	66.40
May 1989	66.36
June 1989	66.45
July 1989	66.48
August 1989	66.49
September 1989	66.45
October 1989	66.55
November 1989	66.74
December 1989	66.62
January 1990	66.66
February 1990	66.61
March 1990	66.68
April 1990	66.60
May 1990	66.64
June 1990	66.44
July 1990	66.48
August 1990	66.44
September 1990	66.56
October 1990	66.47
November 1990	66.38
December 1990	66.41
January 1991	66.14
February 1991	66.27
March 1991	66.35
April 1991	66.50
May 1991	66.11
June 1991	66.24
July 1991	66.11
August 1991	65.97
September 1991	66.27
October 1991	66.08
November 1991	66.11
December 1991	66.11
January 1992	66.32
February 1992	66.33
March 1992	66.42
April 1992	66.51
May 1992	66.48
June 1992	66.66
July 1992	66.72
August 1992	66.59
September 1992	66.47
October 1992	66.18
November 1992	66.33
December 1992	66.41
January 1993	66.21
February 1993	66.29
March 1993	66.18
April 1993	66.10
May 1993	66.36
June 1993	66.43
July 1993	66.36
August 1993	66.42
September 1993	66.27
October 1993	66.36
November 1993	66.41
December 1993	66.49
January 1994	66.62
February 1994	66.66
March 1994	66.45
April 1994	66.49
May 1994	66.54
June 1994	66.40
July 1994	66.40
August 1994	66.66
September 1994	66.67
October 1994	66.75
November 1994	66.79
December 1994	66.79
January 1995	66.72
February 1995	66.64
March 1995	66.69
April 1995	66.88
May 1995	66.43
June 1995	66.47
July 1995	66.65
August 1995	66.62
September 1995	66.65
October 1995	66.66
November 1995	66.56
December 1995	66.46
January 1996	66.40
February 1996	66.53
March 1996	66.63
April 1996	66.64
May 1996	66.73
June 1996	66.71
July 1996	66.90
August 1996	66.78
September 1996	66.95
October 1996	67.08
November 1996	67.05
December 1996	66.94
January 1997	66.97
February 1997	66.90
March 1997	67.08
April 1997	67.10
May 1997	67.05
June 1997	67.14
July 1997	67.15
August 1997	67.26
September 1997	67.16
October 1997	67.11
November 1997	67.15
December 1997	67.20
January 1998	67.11
February 1998	67.06
March 1998	67.13
April 1998	66.95
May 1998	67.07
June 1998	67.06
July 1998	67.02
August 1998	67.03
September 1998	67.18
October 1998	67.14
November 1998	67.17
December 1998	67.16
January 1999	67.15
February 1999	67.09
March 1999	66.99
April 1999	67.00
May 1999	67.09
June 1999	67.10
July 1999	67.10
August 1999	67.08
September 1999	66.99
October 1999	67.05
November 1999	67.08
December 1999	67.13
January 2000	67.19
February 2000	67.24
March 2000	67.18
April 2000	67.26
May 2000	67.12
June 2000	67.13
July 2000	66.87
August 2000	67.01
September 2000	66.89
October 2000	66.94
November 2000	66.98
December 2000	67.12
January 2001	67.16
February 2001	67.01
March 2001	67.08
April 2001	66.92
May 2001	66.73
June 2001	66.66
July 2001	66.72
August 2001	66.63
September 2001	66.79
October 2001	66.71
November 2001	66.66
December 2001	66.73
January 2002	66.54
February 2002	66.81
March 2002	66.71
April 2002	66.61
May 2002	66.64
June 2002	66.59
July 2002	66.55
August 2002	66.61
September 2002	66.77
October 2002	66.57
November 2002	66.32
December 2002	66.34
January 2003	66.46
February 2003	66.43
March 2003	66.35
April 2003	66.41
May 2003	66.34
June 2003	66.49
July 2003	66.16
August 2003	66.08
September 2003	66.04
October 2003	66.04
November 2003	66.08
December 2003	65.94
January 2004	66.09
February 2004	65.97
March 2004	66.00
April 2004	65.94
May 2004	65.93
June 2004	65.99
July 2004	66.14
August 2004	65.95
September 2004	65.82
October 2004	65.92
November 2004	66.05
December 2004	65.94
January 2005	65.81
February 2005	65.92
March 2005	65.84
April 2005	66.07
May 2005	66.13
June 2005	65.97
July 2005	66.11
August 2005	66.21
September 2005	66.21
October 2005	66.12
November 2005	66.04
December 2005	66.03
January 2006	65.91
February 2006	66.05
March 2006	66.08
April 2006	66.09
May 2006	66.12
June 2006	66.15
July 2006	66.18
August 2006	66.19
September 2006	66.20
October 2006	66.34
November 2006	66.35
December 2006	66.43
January 2007	66.32
February 2007	66.17
March 2007	66.19
April 2007	66.01
May 2007	65.91
June 2007	66.03
July 2007	66.06
August 2007	65.77
September 2007	66.09
October 2007	65.97
November 2007	66.09
December 2007	66.05
January 2008	66.11
February 2008	65.86
March 2008	65.97
April 2008	66.01
May 2008	66.09
June 2008	66.01
July 2008	66.06
August 2008	66.06
September 2008	65.97
October 2008	66.10
November 2008	65.82
December 2008	65.87
January 2009	65.80
February 2009	65.85
March 2009	65.64
April 2009	65.70
May 2009	65.56
June 2009	65.61
July 2009	65.49
August 2009	65.28
September 2009	65.05
October 2009	64.92
November 2009	64.95
December 2009	64.59
January 2010	65.00
February 2010	64.93
March 2010	65.02
April 2010	65.20
May 2010	64.82
June 2010	64.51
July 2010	64.62
August 2010	64.71
September 2010	64.63
October 2010	64.43
November 2010	64.48
December 2010	64.32
January 2011	64.30
February 2011	64.20
March 2011	64.17
April 2011	64.19
May 2011	64.08
June 2011	63.92
July 2011	63.95
August 2011	64.05
September 2011	64.22
October 2011	64.12
November 2011	63.99
December 2011	64.04
January 2012	63.79
February 2012	63.89
March 2012	63.73
April 2012	63.68
May 2012	63.76
June 2012	63.73
July 2012	63.66
August 2012	63.50
September 2012	63.61
October 2012	63.82
November 2012	63.60
December 2012	63.66
January 2013	63.69
February 2013	63.46
March 2013	63.19
April 2013	63.36
May 2013	63.46
June 2013	63.45
July 2013	63.37
August 2013	63.24
September 2013	63.22
October 2013	62.91
November 2013	63.02
December 2013	62.89
January 2014	62.87
February 2014	62.93
March 2014	62.95
April 2014	62.82
May 2014	62.87
June 2014	62.88
July 2014	62.87
August 2014	62.87
September 2014	62.82
October 2014	63.02
November 2014	62.93
December 2014	62.82
January 2015	62.87
February 2015	62.69
March 2015	62.52
April 2015	62.78
May 2015	63.00
June 2015	62.60
July 2015	62.58
August 2015	62.58
September 2015	62.33
October 2015	62.54
November 2015	62.64
December 2015	62.74
January 2016	62.67
February 2016	62.86
March 2016	62.79
April 2016	62.83
May 2016	62.71
June 2016	62.73
July 2016	62.78
August 2016	62.78
September 2016	62.82
October 2016	62.85
November 2016	62.74
December 2016	62.75
January 2017	62.88
February 2017	62.83
March 2017	62.88
April 2017	62.90
May 2017	62.82
June 2017	62.84
July 2017	62.88
August 2017	62.89
September 2017	63.02
October 2017	62.76
November 2017	62.84
December 2017	62.75
January 2018	62.68
February 2018	63.02

Note: LFPR is labor force participation rate.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Annual
Percent

Period	Ratio*
1960	13.08
1961	13.21
1962	13.78
1963	13.84
1964	13.78
1965	13.78
1966	13.83
1967	13.88
1968	13.89
1969	13.89
1970	13.87
1971	13.84
1972	13.89
1973	13.86
1974	13.95
1975	14.06
1976	14.14
1977	14.21
1978	14.31
1979	14.42
1980	14.52
1981	14.61
1982	14.74
1983	14.86
1984	14.99
1985	15.15
1986	15.23
1987	15.38
1988	15.50
1989	15.65
1990	15.46
1991	15.56
1992	15.65
1993	15.72
1994	15.76
1995	15.84
1996	15.83
1997	15.75
1998	15.71
1999	15.64
2000	15.74
2001	15.65
2002	15.54
2003	15.49
2004	15.49
2005	15.51
2006	15.56
2007	15.62
2008	15.90
2009	16.11
2010	16.27
2011	16.58
2012	17.21
2013	17.67
2014	18.13
2015	18.55
2016	18.95
2017	19.42
2018	19.89
2019	20.39
2020	20.90
2021	21.43
2022	21.95
2023	22.48
2024	22.99
2025	23.50
2026	24.02
2027	24.49
2028	24.92
2029	25.33
2030	25.69
2031	25.99
2032	26.20
2033	26.36
2034	26.50
2035	26.66
2036	26.85
2037	26.99
2038	27.04
2039	27.03
2040	27.01
2041	26.99
2042	26.95
2043	26.93
2044	26.92
2045	26.94
2046	27.01
2047	27.07
2048	27.14
2049	27.20
2050	27.27
2051	27.36
2052	27.46
2053	27.56
2054	27.70
2055	27.88
2056	28.11
2057	28.35
2058	28.56
2059	28.76
2060	28.94

* Persons aged 65 and over as a share of the working-age population. Return to table

Source: U.S. Department of Commerce, Census Bureau.

Monthly
Percent

Month	Male prime-age LFPR	Female prime-age LFPR
January 2000	92.1	77.0
February 2000	92.2	76.9
March 2000	91.9	77.1
April 2000	91.7	77.3
May 2000	91.5	77.0
June 2000	91.7	76.8
July 2000	91.5	76.6
August 2000	91.5	76.3
September 2000	91.3	76.4
October 2000	91.2	76.3
November 2000	91.4	76.5
December 2000	91.6	76.5
January 2001	91.7	76.9
February 2001	91.6	76.8
March 2001	91.5	76.9
April 2001	91.4	76.3
May 2001	91.4	76.4
June 2001	91.3	76.2
July 2001	91.2	76.2
August 2001	91.1	76.2
September 2001	91.1	76.2
October 2001	91.3	76.1
November 2001	91.0	76.2
December 2001	91.2	76.3
January 2002	91.1	76.1
February 2002	91.3	76.4
March 2002	91.3	76.1
April 2002	91.2	76.2
May 2002	91.3	76.1
June 2002	91.0	75.7
July 2002	90.9	75.5
August 2002	91.1	75.7
September 2002	91.1	75.8
October 2002	91.0	75.7
November 2002	90.6	75.4
December 2002	90.6	75.8
January 2003	90.2	75.8
February 2003	90.5	75.8
March 2003	90.4	76.1
April 2003	90.7	76.0
May 2003	90.6	75.9
June 2003	90.7	76.1
July 2003	90.6	75.6
August 2003	90.7	75.6
September 2003	90.7	75.3
October 2003	90.7	75.3
November 2003	90.7	75.2
December 2003	90.7	75.1
January 2004	90.7	75.2
February 2004	90.4	75.2
March 2004	90.2	75.5
April 2004	90.3	75.4
May 2004	90.5	75.3
June 2004	90.5	75.5
July 2004	90.7	75.4
August 2004	90.5	75.1
September 2004	90.4	75.2
October 2004	90.2	75.1
November 2004	90.4	75.2
December 2004	90.3	75.1
January 2005	90.3	75.3
February 2005	90.5	75.3
March 2005	90.5	75.0
April 2005	90.5	75.2
May 2005	90.7	75.3
June 2005	90.4	75.0
July 2005	90.5	75.3
August 2005	90.9	75.2
September 2005	90.6	75.4
October 2005	90.4	75.2
November 2005	90.3	75.3
December 2005	90.2	75.4
January 2006	90.4	75.3
February 2006	90.6	75.5
March 2006	90.9	75.4
April 2006	90.6	75.3
May 2006	90.6	75.3
June 2006	90.5	75.4
July 2006	90.4	75.7
August 2006	90.5	75.6
September 2006	90.4	75.5
October 2006	90.4	75.6
November 2006	90.7	75.5
December 2006	90.9	75.5
January 2007	91.5	75.6
February 2007	91.4	75.3
March 2007	91.2	75.3
April 2007	91.1	75.0
May 2007	90.9	75.3
June 2007	90.7	75.3
July 2007	90.6	75.4
August 2007	90.5	75.5
September 2007	90.4	75.4
October 2007	90.3	75.3
November 2007	90.6	75.5
December 2007	90.9	75.5
January 2008	91.1	75.7
February 2008	91.0	75.5
March 2008	90.9	75.8
April 2008	90.6	75.8
May 2008	90.5	75.9
June 2008	90.5	76.0
July 2008	90.7	75.7
August 2008	90.5	76.0
September 2008	90.5	75.8
October 2008	90.4	75.8
November 2008	90.3	75.9
December 2008	89.9	75.9
January 2009	90.0	75.8
February 2009	89.8	76.0
March 2009	89.7	75.7
April 2009	89.9	75.9
May 2009	90.1	75.8
June 2009	90.0	75.9
July 2009	89.8	75.8
August 2009	90.1	75.6
September 2009	89.8	75.3
October 2009	89.8	75.3
November 2009	89.6	75.4
December 2009	88.9	75.2
January 2010	89.2	75.6
February 2010	89.2	75.5
March 2010	89.5	75.5
April 2010	89.7	75.6
May 2010	89.5	75.2
June 2010	89.5	75.1
July 2010	89.2	74.8
August 2010	89.3	74.9
September 2010	89.3	74.9
October 2010	88.9	74.9
November 2010	88.9	75.3
December 2010	88.6	75.2
January 2011	88.6	74.9
February 2011	88.7	74.7
March 2011	88.8	74.9
April 2011	88.7	74.9
May 2011	89.0	74.6
June 2011	88.9	74.6
July 2011	88.6	74.5
August 2011	88.7	74.7
September 2011	88.6	74.6
October 2011	88.4	74.4
November 2011	88.7	74.4
December 2011	88.7	74.6
January 2012	88.8	74.5
February 2012	88.7	74.5
March 2012	88.9	74.5
April 2012	88.7	74.4
May 2012	88.6	74.5
June 2012	88.9	74.4
July 2012	88.6	74.5
August 2012	88.6	74.5
September 2012	88.6	74.6
October 2012	88.8	74.7
November 2012	88.4	74.3
December 2012	88.6	74.6
January 2013	88.4	74.0
February 2013	88.5	73.9
March 2013	88.3	73.9
April 2013	88.6	73.7
May 2013	88.6	74.0
June 2013	88.6	74.0
July 2013	88.5	74.1
August 2013	88.3	74.0
September 2013	88.4	73.9
October 2013	88.0	73.5
November 2013	88.6	73.8
December 2013	88.1	73.8
January 2014	88.2	73.9
February 2014	88.1	74.3
March 2014	88.3	74.2
April 2014	88.0	74.0
May 2014	88.0	73.7
June 2014	88.3	74.0
July 2014	88.3	73.7
August 2014	88.5	74.0
September 2014	88.1	73.7
October 2014	88.1	73.9
November 2014	88.1	73.9
December 2014	88.2	73.8
January 2015	88.5	73.9
February 2015	88.4	73.7
March 2015	88.6	73.4
April 2015	88.5	73.8
May 2015	88.3	74.0
June 2015	88.2	73.8
July 2015	88.1	73.5
August 2015	88.2	73.5
September 2015	88.1	73.3
October 2015	88.2	73.6
November 2015	88.0	73.9
December 2015	88.2	73.9
January 2016	88.5	74.1
February 2016	88.6	74.1
March 2016	88.8	74.3
April 2016	88.6	74.2
May 2016	88.4	74.0
June 2016	88.6	74.1
July 2016	88.4	74.3
August 2016	88.4	74.4
September 2016	88.6	74.6
October 2016	88.6	74.8
November 2016	88.5	74.4
December 2016	88.5	74.5
January 2017	88.9	74.5
February 2017	88.7	74.8
March 2017	88.6	75.0
April 2017	88.6	75.1
May 2017	88.5	74.9
June 2017	88.5	75.0
July 2017	88.5	75.2
August 2017	88.4	75.0
September 2017	88.6	75.2
October 2017	88.6	74.9
November 2017	88.5	75.2
December 2017	89.0	75.0
January 2018	89.0	74.8
February 2018	89.3	75.2

Note: LFPR is labor force participation rate.

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Monthly
Percent change from 12 months earlier

Month	Average hourly earnings
January 2008	2.91
February 2008	2.85
March 2008	3.04
April 2008	2.89
May 2008	3.07
June 2008	2.67
July 2008	3.05
August 2008	3.33
September 2008	3.28
October 2008	3.32
November 2008	3.50
December 2008	3.59
January 2009	3.58
February 2009	3.43
March 2009	3.28
April 2009	3.37
May 2009	2.93
June 2009	2.88
July 2009	2.69
August 2009	2.44
September 2009	2.44
October 2009	2.53
November 2009	2.15
December 2009	1.96
January 2010	2.09
February 2010	2.09
March 2010	1.81
April 2010	1.81
May 2010	1.90
June 2010	1.76
July 2010	1.85
August 2010	1.75
September 2010	1.84
October 2010	1.93
November 2010	1.79
December 2010	1.79
January 2011	1.96
February 2011	1.83
March 2011	1.83
April 2011	1.87
May 2011	2.04
June 2011	2.13
July 2011	2.30
August 2011	1.95
September 2011	1.94
October 2011	2.07
November 2011	1.98
December 2011	2.02
January 2012	1.75
February 2012	1.79
March 2012	2.14
April 2012	2.09
May 2012	1.74
June 2012	1.96
July 2012	1.69
August 2012	1.86
September 2012	1.99
October 2012	1.51
November 2012	1.94
December 2012	2.11
January 2013	2.11
February 2013	2.19
March 2013	1.93
April 2013	2.01
May 2013	2.14
June 2013	2.13
July 2013	2.09
August 2013	2.26
September 2013	2.04
October 2013	2.25
November 2013	2.20
December 2013	1.90
January 2014	1.98
February 2014	2.23
March 2014	2.06
April 2014	1.97
May 2014	2.13
June 2014	2.05
July 2014	2.08
August 2014	2.21
September 2014	2.16
October 2014	2.03
November 2014	2.03
December 2014	1.99
January 2015	2.19
February 2015	1.93
March 2015	2.22
April 2015	2.22
May 2015	2.34
June 2015	2.17
July 2015	2.12
August 2015	2.24
September 2015	2.24
October 2015	2.52
November 2015	2.43
December 2015	2.56
January 2016	2.55
February 2016	2.38
March 2016	2.50
April 2016	2.61
May 2016	2.44
June 2016	2.56
July 2016	2.76
August 2016	2.47
September 2016	2.63
October 2016	2.70
November 2016	2.57
December 2016	2.65
January 2017	2.40
February 2017	2.72
March 2017	2.55
April 2017	2.51
May 2017	2.46
June 2017	2.50
July 2017	2.49
August 2017	2.60
September 2017	2.83
October 2017	2.28
November 2017	2.47
December 2017	2.66
January 2018	2.77
February 2018	2.61

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Quarterly
Percent

Quarter	Employment cost index
2008:Q1	3.17
2008:Q2	2.96
2008:Q3	2.84
2008:Q4	2.45
2009:Q1	1.86
2009:Q2	1.48
2009:Q3	1.20
2009:Q4	1.19
2010:Q1	1.65
2010:Q2	1.92
2010:Q3	2.00
2010:Q4	2.09
2011:Q1	1.98
2011:Q2	2.33
2011:Q3	2.14
2011:Q4	2.22
2012:Q1	2.12
2012:Q2	1.84
2012:Q3	1.92
2012:Q4	1.83
2013:Q1	1.90
2013:Q2	1.89
2013:Q3	1.88
2013:Q4	1.96
2014:Q1	1.70
2014:Q2	2.02
2014:Q3	2.27
2014:Q4	2.35
2015:Q1	2.75
2015:Q2	1.90
2015:Q3	1.89
2015:Q4	1.88
2016:Q1	1.79
2016:Q2	2.35
2016:Q3	2.26
2016:Q4	2.17
2017:Q1	2.31
2017:Q2	2.38
2017:Q3	2.52
2017:Q4	2.59

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Monthly
Percent change from 12 months earlier

Month	Core	Total
January 1980	8.21	10.46
February 1980	8.93	11.07
March 1980	9.31	11.56
April 1980	8.87	10.99
May 1980	8.80	10.70
June 1980	8.92	10.49
July 1980	9.13	10.51
August 1980	9.20	10.58
September 1980	9.48	10.63
October 1980	9.58	10.62
November 1980	9.74	10.75
December 1980	9.62	10.54
January 1981	9.74	10.45
February 1981	9.46	10.38
March 1981	9.06	9.80
April 1981	9.18	9.70
May 1981	9.05	9.34
June 1981	8.87	9.09
July 1981	8.77	8.90
August 1981	8.71	8.67
September 1981	8.40	8.33
October 1981	8.15	7.95
November 1981	7.93	7.65
December 1981	7.67	7.29
January 1982	7.39	6.89
February 1982	7.02	6.14
March 1982	6.89	5.67
April 1982	6.64	5.27
May 1982	6.49	5.42
June 1982	6.49	5.76
July 1982	6.54	5.75
August 1982	6.32	5.42
September 1982	6.03	5.08
October 1982	6.07	5.20
November 1982	5.86	4.96
December 1982	5.82	4.81
January 1983	5.93	4.71
February 1983	5.93	4.58
March 1983	5.62	4.46
April 1983	5.52	4.88
May 1983	5.11	4.57
June 1983	5.08	4.20
July 1983	5.11	4.18
August 1983	5.17	4.30
September 1983	5.20	4.37
October 1983	4.73	3.97
November 1983	4.58	3.80
December 1983	4.31	3.69
January 1984	3.91	3.63
February 1984	4.17	4.14
March 1984	4.42	4.34
April 1984	4.60	4.26
May 1984	4.69	4.10
June 1984	4.45	3.90
July 1984	4.20	3.68
August 1984	4.00	3.56
September 1984	3.74	3.34
October 1984	3.79	3.41
November 1984	3.77	3.41
December 1984	4.11	3.65
January 1985	4.35	3.72
February 1985	4.26	3.52
March 1985	4.24	3.59
April 1985	3.88	3.36
May 1985	4.01	3.49
June 1985	4.12	3.59
July 1985	3.98	3.48
August 1985	4.15	3.50
September 1985	4.20	3.53
October 1985	4.12	3.45
November 1985	4.14	3.60
December 1985	4.02	3.65
January 1986	4.00	3.62
February 1986	3.72	3.13
March 1986	3.65	2.49
April 1986	3.69	2.11
May 1986	3.49	2.04
June 1986	3.44	2.12
July 1986	3.31	1.89
August 1986	3.01	1.67
September 1986	3.13	1.83
October 1986	3.32	1.85
November 1986	3.29	1.74
December 1986	3.14	1.53
January 1987	2.81	1.52
February 1987	2.76	1.88
March 1987	2.76	2.39
April 1987	3.01	2.97
May 1987	3.12	3.05
June 1987	3.09	3.05
July 1987	3.18	3.27
August 1987	3.32	3.55
September 1987	3.40	3.57
October 1987	3.51	3.73
November 1987	3.51	3.74
December 1987	3.59	3.80
January 1988	3.84	3.71
February 1988	3.83	3.49
March 1988	3.96	3.57
April 1988	4.04	3.70
May 1988	4.11	3.75
June 1988	4.27	3.80
July 1988	4.43	4.07
August 1988	4.34	3.97
September 1988	4.48	4.12
October 1988	4.42	4.11
November 1988	4.47	4.15
December 1988	4.59	4.27
January 1989	4.62	4.40
February 1989	4.66	4.59
March 1989	4.52	4.61
April 1989	4.36	4.79
May 1989	4.31	4.86
June 1989	4.14	4.64
July 1989	3.97	4.37
August 1989	3.86	4.07
September 1989	3.65	3.79
October 1989	3.64	3.87
November 1989	3.63	3.85
December 1989	3.59	3.84
January 1990	3.47	4.09
February 1990	3.71	4.21
March 1990	3.90	4.21
April 1990	3.87	3.75
May 1990	3.87	3.59
June 1990	4.00	3.83
July 1990	3.99	3.84
August 1990	4.29	4.52
September 1990	4.30	4.94
October 1990	4.27	5.12
November 1990	4.12	5.02
December 1990	3.96	4.81
January 1991	4.08	4.42
February 1991	3.85	4.00
March 1991	3.57	3.64
April 1991	3.46	3.60
May 1991	3.57	3.80
June 1991	3.39	3.52
July 1991	3.46	3.44
August 1991	3.31	2.99
September 1991	3.35	2.71
October 1991	3.23	2.33
November 1991	3.30	2.42
December 1991	3.42	2.59
January 1992	3.19	2.34
February 1992	3.20	2.56
March 1992	3.25	2.80
April 1992	3.39	2.89
May 1992	3.12	2.60
June 1992	2.98	2.61
July 1992	3.06	2.79
August 1992	2.87	2.69
September 1992	2.63	2.51
October 1992	2.81	2.68
November 1992	2.85	2.67
December 1992	2.80	2.60
January 1993	2.82	2.71
February 1993	2.74	2.60
March 1993	2.70	2.56
April 1993	2.67	2.56
May 1993	2.87	2.74
June 1993	2.89	2.60
July 1993	2.72	2.42
August 1993	2.82	2.46
September 1993	2.80	2.40
October 1993	2.57	2.36
November 1993	2.61	2.35
December 1993	2.46	2.19
January 1994	2.24	1.98
February 1994	2.27	2.06
March 1994	2.40	2.13
April 1994	2.25	1.98
May 1994	2.13	1.81
June 1994	2.25	2.02
July 1994	2.26	2.18
August 1994	2.18	2.23
September 1994	2.18	2.24
October 1994	2.25	2.09
November 1994	2.18	2.10
December 1994	2.17	2.14
January 1995	2.34	2.31
February 1995	2.28	2.25
March 1995	2.17	2.15
April 1995	2.25	2.30
May 1995	2.19	2.30
June 1995	2.05	2.14
July 1995	2.00	1.95
August 1995	2.13	1.94
September 1995	2.11	1.90
October 1995	2.12	1.99
November 1995	1.99	1.79
December 1995	2.10	1.92
January 1996	1.98	1.95
February 1996	1.95	1.94
March 1996	1.94	2.06
April 1996	1.84	2.09
May 1996	1.85	2.12
June 1996	1.85	2.02
July 1996	1.88	2.12
August 1996	1.73	2.00
September 1996	1.90	2.20
October 1996	1.89	2.25
November 1996	1.96	2.43
December 1996	1.85	2.35
January 1997	1.84	2.25
February 1997	1.92	2.31
March 1997	1.92	2.11
April 1997	1.98	1.90
May 1997	1.89	1.69
June 1997	1.96	1.82
July 1997	1.83	1.66
August 1997	1.70	1.64
September 1997	1.60	1.59
October 1997	1.51	1.42
November 1997	1.41	1.25
December 1997	1.44	1.11
January 1998	1.47	1.02
February 1998	1.34	0.75
March 1998	1.20	0.66
April 1998	1.20	0.69
May 1998	1.22	0.87
June 1998	0.95	0.66
July 1998	1.16	0.85
August 1998	1.40	0.90
September 1998	1.18	0.61
October 1998	1.22	0.70
November 1998	1.19	0.69
December 1998	1.31	0.81
January 1999	1.36	0.95
February 1999	1.29	0.99
March 1999	1.21	1.05
April 1999	1.26	1.39
May 1999	1.23	1.29
June 1999	1.39	1.39
July 1999	1.29	1.42
August 1999	1.14	1.46
September 1999	1.43	1.88
October 1999	1.39	1.82
November 1999	1.48	1.91
December 1999	1.44	2.05
January 2000	1.51	2.16
February 2000	1.66	2.51
March 2000	1.84	2.87
April 2000	1.66	2.31
May 2000	1.69	2.34
June 2000	1.71	2.66
July 2000	1.76	2.63
August 2000	1.83	2.44
September 2000	1.82	2.52
October 2000	1.81	2.50
November 2000	1.88	2.55
December 2000	1.81	2.42
January 2001	1.88	2.59
February 2001	1.88	2.40
March 2001	1.77	1.97
April 2001	1.89	2.25
May 2001	1.83	2.45
June 2001	2.00	2.31
July 2001	2.04	2.03
August 2001	1.99	2.05
September 2001	1.17	1.28
October 2001	1.75	1.51
November 2001	1.79	1.30
December 2001	1.74	1.07
January 2002	1.44	0.69
February 2002	1.48	0.72
March 2002	1.51	1.00
April 2002	1.64	1.25
May 2002	1.73	1.06
June 2002	1.66	0.99
July 2002	1.58	1.23
August 2002	1.72	1.43
September 2002	2.43	1.93
October 2002	1.80	1.75
November 2002	1.69	1.92
December 2002	1.75	2.11
January 2003	1.74	2.31
February 2003	1.67	2.56
March 2003	1.70	2.52
April 2003	1.50	1.90
May 2003	1.52	1.70
June 2003	1.41	1.69
July 2003	1.45	1.75
August 2003	1.35	1.88
September 2003	1.30	1.99
October 2003	1.34	1.77
November 2003	1.36	1.77
December 2003	1.41	1.92
January 2004	1.61	2.02
February 2004	1.68	1.84
March 2004	1.72	1.77
April 2004	1.86	2.12
May 2004	1.87	2.59
June 2004	2.02	2.81
July 2004	1.96	2.67
August 2004	1.94	2.43
September 2004	2.02	2.34
October 2004	2.06	2.76
November 2004	2.11	3.00
December 2004	2.12	2.84
January 2005	2.18	2.54
February 2005	2.17	2.60
March 2005	2.23	2.72
April 2005	2.10	2.84
May 2005	2.19	2.59
June 2005	2.05	2.32
July 2005	2.04	2.61
August 2005	2.06	2.95
September 2005	2.11	3.75
October 2005	2.21	3.50
November 2005	2.29	2.92
December 2005	2.28	2.87
January 2006	2.16	3.25
February 2006	2.12	3.00
March 2006	2.11	2.86
April 2006	2.24	2.99
May 2006	2.20	3.13
June 2006	2.38	3.31
July 2006	2.34	3.24
August 2006	2.45	3.14
September 2006	2.39	1.90
October 2006	2.27	1.48
November 2006	2.07	1.74
December 2006	2.13	2.13
January 2007	2.35	2.00
February 2007	2.45	2.29
March 2007	2.29	2.48
April 2007	2.13	2.26
May 2007	2.03	2.31
June 2007	1.95	2.28
July 2007	1.98	2.07
August 2007	1.94	1.84
September 2007	2.05	2.49
October 2007	2.15	3.06
November 2007	2.27	3.55
December 2007	2.33	3.40
January 2008	2.15	3.35
February 2008	2.02	3.23
March 2008	2.17	3.19
April 2008	2.20	3.24
May 2008	2.28	3.40
June 2008	2.32	3.91
July 2008	2.31	4.20
August 2008	2.26	4.02
September 2008	2.11	3.72
October 2008	1.85	2.86
November 2008	1.68	1.19
December 2008	1.40	0.37
January 2009	1.22	0.18
February 2009	1.21	0.18
March 2009	1.10	-0.22
April 2009	1.24	-0.32
May 2009	1.15	-0.62
June 2009	1.09	-0.71
July 2009	0.97	-1.18
August 2009	0.97	-0.84
September 2009	1.03	-0.77
October 2009	1.33	0.08
November 2009	1.42	1.46
December 2009	1.50	2.07
January 2010	1.56	2.19
February 2010	1.54	1.98
March 2010	1.56	2.19
April 2010	1.33	2.02
May 2010	1.34	1.93
June 2010	1.31	1.38
July 2010	1.35	1.55
August 2010	1.33	1.42
September 2010	1.19	1.35
October 2010	0.97	1.27
November 2010	0.99	1.20
December 2010	0.95	1.39
January 2011	0.99	1.43
February 2011	1.08	1.70
March 2011	1.09	1.97
April 2011	1.31	2.43
May 2011	1.43	2.71
June 2011	1.46	2.69
July 2011	1.58	2.77
August 2011	1.69	2.86
September 2011	1.72	2.93
October 2011	1.78	2.75
November 2011	1.84	2.73
December 2011	1.96	2.50
January 2012	2.09	2.57
February 2012	2.06	2.52
March 2012	2.11	2.37
April 2012	2.03	2.06
May 2012	1.91	1.66
June 2012	1.90	1.60
July 2012	1.84	1.44
August 2012	1.68	1.55
September 2012	1.73	1.71
October 2012	1.84	1.94
November 2012	1.78	1.68
December 2012	1.72	1.66
January 2013	1.67	1.55
February 2013	1.66	1.71
March 2013	1.56	1.35
April 2013	1.44	1.13
May 2013	1.43	1.24
June 2013	1.45	1.44
July 2013	1.44	1.51
August 2013	1.50	1.31
September 2013	1.50	1.11
October 2013	1.43	0.96
November 2013	1.49	1.23
December 2013	1.55	1.42
January 2014	1.47	1.48
February 2014	1.41	1.17
March 2014	1.51	1.46
April 2014	1.63	1.74
May 2014	1.69	1.84
June 2014	1.67	1.76
July 2014	1.74	1.82
August 2014	1.68	1.65
September 2014	1.70	1.63
October 2014	1.62	1.48
November 2014	1.54	1.26
December 2014	1.48	0.86
January 2015	1.36	0.21
February 2015	1.39	0.30
March 2015	1.37	0.31
April 2015	1.33	0.16
May 2015	1.28	0.25
June 2015	1.30	0.34
July 2015	1.25	0.31
August 2015	1.30	0.33
September 2015	1.34	0.19
October 2015	1.28	0.23
November 2015	1.33	0.40
December 2015	1.37	0.53
January 2016	1.61	1.12
February 2016	1.70	0.91
March 2016	1.63	0.83
April 2016	1.71	1.11
May 2016	1.75	1.04
June 2016	1.72	1.00
July 2016	1.78	0.96
August 2016	1.91	1.14
September 2016	1.84	1.37
October 2016	1.91	1.56
November 2016	1.82	1.52
December 2016	1.87	1.77
January 2017	1.89	2.03
February 2017	1.86	2.18
March 2017	1.61	1.83
April 2017	1.58	1.73
May 2017	1.48	1.51
June 2017	1.50	1.42
July 2017	1.41	1.40
August 2017	1.30	1.44
September 2017	1.35	1.66
October 2017	1.47	1.60
November 2017	1.51	1.74
December 2017	1.52	1.70
January 2018	1.53	1.67
February 2018	1.60	1.75

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Quarterly
Percent change, 5-year moving average

Quarter	Labor productivity growth
1970:Q1	2.55
1970:Q2	2.77
1970:Q3	2.63
1970:Q4	2.20
1971:Q1	2.42
1971:Q2	2.54
1971:Q3	2.74
1971:Q4	2.42
1972:Q1	2.43
1972:Q2	2.76
1972:Q3	2.78
1972:Q4	2.94
1973:Q1	2.87
1973:Q2	2.72
1973:Q3	2.42
1973:Q4	2.52
1974:Q1	2.19
1974:Q2	2.28
1974:Q3	2.06
1974:Q4	2.26
1975:Q1	2.46
1975:Q2	2.56
1975:Q3	2.42
1975:Q4	2.58
1976:Q1	2.28
1976:Q2	2.41
1976:Q3	2.19
1976:Q4	2.47
1977:Q1	2.39
1977:Q2	1.91
1977:Q3	2.12
1977:Q4	1.69
1978:Q1	1.23
1978:Q2	1.58
1978:Q3	1.90
1978:Q4	1.90
1979:Q1	2.06
1979:Q2	1.95
1979:Q3	2.12
1979:Q4	1.93
1980:Q1	1.78
1980:Q2	1.21
1980:Q3	1.02
1980:Q4	1.20
1981:Q1	1.32
1981:Q2	1.01
1981:Q3	1.26
1981:Q4	0.86
1982:Q1	0.61
1982:Q2	0.64
1982:Q3	0.39
1982:Q4	0.81
1983:Q1	1.08
1983:Q2	1.05
1983:Q3	1.09
1983:Q4	1.19
1984:Q1	1.40
1984:Q2	1.62
1984:Q3	1.72
1984:Q4	1.80
1985:Q1	1.74
1985:Q2	2.05
1985:Q3	2.37
1985:Q4	2.22
1986:Q1	1.99
1986:Q2	2.29
1986:Q3	2.15
1986:Q4	2.36
1987:Q1	2.40
1987:Q2	2.46
1987:Q3	2.48
1987:Q4	2.45
1988:Q1	2.32
1988:Q2	1.97
1988:Q3	1.95
1988:Q4	1.82
1989:Q1	1.76
1989:Q2	1.68
1989:Q3	1.66
1989:Q4	1.63
1990:Q1	1.77
1990:Q2	1.84
1990:Q3	1.60
1990:Q4	1.33
1991:Q1	1.19
1991:Q2	1.38
1991:Q3	1.40
1991:Q4	1.60
1992:Q1	2.13
1992:Q2	2.15
1992:Q3	2.31
1992:Q4	2.26
1993:Q1	2.04
1993:Q2	1.92
1993:Q3	1.84
1993:Q4	1.96
1994:Q1	1.97
1994:Q2	1.84
1994:Q3	1.67
1994:Q4	1.85
1995:Q1	1.60
1995:Q2	1.51
1995:Q3	1.43
1995:Q4	1.78
1996:Q1	1.86
1996:Q2	1.78
1996:Q3	1.72
1996:Q4	1.62
1997:Q1	1.17
1997:Q2	1.29
1997:Q3	1.30
1997:Q4	1.28
1998:Q1	1.54
1998:Q2	1.73
1998:Q3	2.05
1998:Q4	2.07
1999:Q1	2.27
1999:Q2	2.36
1999:Q3	2.63
1999:Q4	2.74
2000:Q1	2.70
2000:Q2	3.06
2000:Q3	3.04
2000:Q4	3.12
2001:Q1	2.90
2001:Q2	2.99
2001:Q3	3.02
2001:Q4	3.26
2002:Q1	3.66
2002:Q2	3.44
2002:Q3	3.43
2002:Q4	3.30
2003:Q1	3.41
2003:Q2	3.64
2003:Q3	3.72
2003:Q4	3.71
2004:Q1	3.52
2004:Q2	3.59
2004:Q3	3.51
2004:Q4	3.33
2005:Q1	3.60
2005:Q2	3.12
2005:Q3	3.29
2005:Q4	3.09
2006:Q1	3.30
2006:Q2	2.96
2006:Q3	2.75
2006:Q4	2.59
2007:Q1	2.20
2007:Q2	2.30
2007:Q3	2.36
2007:Q4	2.45
2008:Q1	2.07
2008:Q2	1.94
2008:Q3	1.60
2008:Q4	1.32
2009:Q1	1.40
2009:Q2	1.67
2009:Q3	1.90
2009:Q4	2.01
2010:Q1	1.90
2010:Q2	2.03
2010:Q3	1.98
2010:Q4	2.01
2011:Q1	1.72
2011:Q2	1.78
2011:Q3	1.84
2011:Q4	1.87
2012:Q1	1.87
2012:Q2	1.82
2012:Q3	1.53
2012:Q4	1.40
2013:Q1	1.69
2013:Q2	1.48
2013:Q3	1.51
2013:Q4	1.81
2014:Q1	1.51
2014:Q2	1.22
2014:Q3	1.07
2014:Q4	0.71
2015:Q1	0.77
2015:Q2	0.77
2015:Q3	0.74
2015:Q4	0.53
2016:Q1	0.64
2016:Q2	0.62
2016:Q3	0.80
2016:Q4	0.74
2017:Q1	0.70
2017:Q2	0.67
2017:Q3	0.89
2017:Q4	0.92

Source: U.S. Department of Labor, Bureau of Labor Statistics.

GDP per hour worked in OECD countries (average growth rates, percent)

Countries	1997-2006	2007-2016	Difference
Latvia	7.04	2.16	-4.88
Greece	2.60	-0.79	-3.38
Slovenia	4.08	0.70	-3.38
Czech Republic	3.72	1.27	-2.45
Sweden	2.97	0.54	-2.43
Slovak Republic	4.82	2.48	-2.34
Finland	2.66	0.36	-2.31
Hungary	3.69	1.42	-2.27
Great Britain	2.26	0.27	-1.99
Norway	1.85	-0.08	-1.93
Poland	4.53	2.67	-1.86
Chile	3.28	1.55	-1.73
Iceland	3.00	1.28	-1.73
South Korea	5.01	3.34	-1.67
Turkey	3.66	2.21	-1.45
Netherlands	1.87	0.43	-1.43
Luxemburg	1.37	-0.02	-1.40
United States	2.28	0.96	-1.32
France	1.75	0.46	-1.29
Austria	1.98	0.81	-1.17
Mexico	1.13	-0.03	-1.17
Switzerland	1.51	0.43	-1.08
Japan	1.77	0.79	-0.98
Germany	1.69	0.79	-0.90
Canada	1.69	0.79	-0.90
Belgium	1.31	0.48	-0.82
Israel	1.73	0.94	-0.79
Italy	0.57	0.02	-0.56
Portugal	1.37	0.82	-0.55
Denmark	1.19	0.71	-0.48
New Zealand	1.23	0.93	-0.30
Australia	1.61	1.47	-0.14
Spain	0.12	1.26	1.14
Ireland	3.43	4.97	1.54

Source: Organisation for Economic Co-operation and Development (OECD), https://data.oecd.org/lprdty/gdp-per-hour-worked.htm#indicator-chart.

Percentage points

Years	Labor productivity growth	Contribution from innovation	Contribution from investment	Contribution from labor quality
1948-1973	3.21	2.07	0.95	0.19
1974-1995	1.66	0.69	0.69	0.28
1996-2003	3.26	1.63	1.35	0.28
2004-2017	1.40	0.65	0.54	0.22

Note: Chart key shows bars in order from top to bottom.

Source: John Fernald (2014), "A Quarterly, Utilization-Adjusted Series on Total Factor Productivity," Working Paper Series 2012-19 (San Francisco: Federal Reserve Bank of San Francisco, April; data updated February 1, 2018), https://www.frbsf.org/economic-research/files/wp12-19bk.pdf

Annual
Percent change

Years	Decade average	5-year moving average
1970	2.66	2.16
1971	2.66	2.18
1972	2.66	2.38
1973	2.66	2.58
1974	2.66	2.65
1975	2.66	2.52
1976	2.66	2.65
1977	2.66	2.61
1978	2.66	2.72
1979	2.66	2.68
1980	1.67	2.67
1981	1.67	2.48
1982	1.67	2.18
1983	1.67	1.76
1984	1.67	1.58
1985	1.67	1.54
1986	1.67	1.63
1987	1.67	1.69
1988	1.67	1.76
1989	1.67	1.76
1990	1.19	1.74
1991	1.19	1.41
1992	1.19	1.34
1993	1.19	1.21
1994	1.19	1.14
1995	1.19	1.01
1996	1.19	1.18
1997	1.19	1.25
1998	1.19	1.28
1999	1.19	1.24
2000	1.02	1.51
2001	1.02	1.43
2002	1.02	1.23
2003	1.02	1.25
2004	1.02	1.12
2005	1.02	0.92
2006	1.02	1.04
2007	1.02	1.12
2008	1.02	1.05
2009	1.02	0.91
2010	0.49	0.61
2011	0.49	0.29
2012	0.49	0.24
2013	0.49	0.14
2014	0.49	0.22
2015	0.49	0.42
2016	0.49	0.72
2017	0.49	0.68

Source: U.S. Department of Labor, Bureau of Labor Statistics.

LFPR for prime-age men, percent

Countries	Men 1990	Men 2016
Switzerland	97.8	95.5
Japan	97.5	95.5
Sweden	94.7	93.3
Greece	94.3	93.2
Luxembourg	95.0	93.1
New Zealand	93.3	92.9
France	95.4	92.7
Spain	94.4	92.5
United Kingdom	94.8	92.3
Germany	90.2	92.0
Portugal	94.0	91.9
Austria	93.1	91.8
Netherlands	93.4	91.7
Canada	93.1	90.9
Denmark	94.5	90.8
Belgium	92.2	90.4
Australia	93.3	90.2
Finland	92.9	89.7
Ireland	91.8	89.2
Norway	92.3	88.9
United States	93.4	88.5
Italy	94.1	88.2

Note: For Austria, the 1990 data refer to 1994; for Switzerland, the 1990 data refer to 1991.

Source: Organisation for Economic Co-operation and Development.

LFPR for prime-age women, percent

Countries	Women 1990	Women 2016
Sweden	90.7	88.4
Portugal	68.0	86.6
Switzerland	73.7	85.5
Austria	71.6	84.9
Norway	79.2	83.9
Denmark	87.8	83.8
France	72.9	83.1
Finland	86.4	82.8
Germany	63.4	82.7
Spain	46.9	82.3
Canada	75.5	82.2
Netherlands	58.5	82.2
Luxembourg	49.7	81.1
New Zealand	69.0	80.5
United Kingdom	73.0	80.1
Belgium	60.8	79.8
Greece	51.5	77.7
Australia	66.8	76.8
Japan	64.2	76.3
United States	74.0	74.3
Ireland	45.4	73.7
Italy	53.9	66.8

Note: For Austria, the 1990 data refer to 1994; for Switzerland, the 1990 data refer to 1991.

Source: Organisation for Economic Co-operation and Development.

Board of Governors of the Federal Reserve System

Accessible Version

Accessible Version

Figure 1. Unemployment is very low

Figure 2. Payroll employment growth remains solid

Table 1. Summary of Economic Projections

Figure 3. Broader measures of unemployment are also low

Figure 4. Businesses are having difficulty filling open positions

Figure 5. Households see a strong job market

Figure 6. Labor force participation is on a downward trend due to population aging

Figure 7. Prime-age labor force participation rates are still low

Figure 8. Wage growth remains moderate

Figure 9. Inflation is below target

Figure 10. Labor productivity growth is low

Figure 11. Productivity slowdown is global

Figure 12. Sources of the slowing in productivity growth

Figure 13. Labor force growth has slowed

Figure 14. U.S. LFPRs are falling behind those in other countries