Accessible Version
Accessible Version
Figure 1. Total and core PCE inflation
Monthly
Percent change from a year earlier
| Period | Total PCE | Core PCE |
|---|---|---|
| 14-Jan | 1.48 | 1.54 |
| 14-Feb | 1.17 | 1.48 |
| 14-Mar | 1.5 | 1.58 |
| 14-Apr | 1.78 | 1.7 |
| 14-May | 1.89 | 1.77 |
| 14-Jun | 1.79 | 1.72 |
| 14-Jul | 1.81 | 1.77 |
| 14-Aug | 1.64 | 1.69 |
| 14-Sep | 1.63 | 1.71 |
| 14-Oct | 1.43 | 1.58 |
| 14-Nov | 1.19 | 1.51 |
| 14-Dec | 0.84 | 1.47 |
| 15-Jan | 0.18 | 1.36 |
| 15-Feb | 0.29 | 1.4 |
| 15-Mar | 0.28 | 1.36 |
| 15-Apr | 0.16 | 1.34 |
| 15-May | 0.23 | 1.28 |
| 15-Jun | 0.31 | 1.29 |
| 15-Jul | 0.24 | 1.19 |
| 15-Aug | 0.26 | 1.23 |
| 15-Sep | 0.08 | 1.23 |
| 15-Oct | 0.09 | 1.16 |
| 15-Nov | 0.23 | 1.16 |
| 15-Dec | 0.3 | 1.13 |
| 16-Jan | 0.82 | 1.34 |
| 16-Feb | 0.59 | 1.39 |
| 16-Mar | 0.63 | 1.38 |
| 16-Apr | 0.89 | 1.47 |
| 16-May | 0.8 | 1.5 |
| 16-Jun | 0.79 | 1.5 |
| 16-Jul | 0.75 | 1.58 |
| 16-Aug | 0.9 | 1.7 |
| 16-Sep | 1.23 | 1.68 |
| 16-Oct | 1.46 | 1.82 |
| 16-Nov | 1.44 | 1.76 |
| 16-Dec | 1.71 | 1.83 |
| 17-Jan | 2.03 | 1.9 |
| 17-Feb | 2.25 | 1.94 |
| 17-Mar | 1.96 | 1.75 |
| 17-Apr | 1.85 | 1.73 |
| 17-May | 1.67 | 1.67 |
| 17-Jun | 1.57 | 1.7 |
| 17-Jul | 1.56 | 1.58 |
| 17-Aug | 1.65 | 1.52 |
| 17-Sep | 1.85 | 1.54 |
| 17-Oct | 1.78 | 1.65 |
| 17-Nov | 1.91 | 1.68 |
| 17-Dec | 1.87 | 1.7 |
| 18-Jan | 1.85 | 1.75 |
| 18-Feb | 1.95 | 1.77 |
| 18-Mar | 2.15 | 2.05 |
| 18-Apr | 2.12 | 1.98 |
| 18-May | 2.35 | 2.08 |
| 18-Jun | 2.36 | 2.04 |
| 18-Jul | 2.43 | 2.11 |
| 18-Aug | 2.27 | 2.01 |
| 18-Sep | 2.11 | 2.09 |
| 18-Oct | 2.13 | 1.96 |
| 18-Nov | 2.01 | 2.07 |
| 18-Dec | 1.88 | 2.08 |
| 19-Jan | 1.5 | 1.88 |
| 19-Feb | 1.41 | 1.73 |
| 19-Mar | 1.55 | 1.63 |
| 19-Apr | 1.66 | 1.73 |
| 19-May | 1.54 | 1.65 |
| 19-Jun | 1.49 | 1.75 |
| 19-Jul | 1.55 | 1.76 |
| 19-Aug | 1.5 | 1.84 |
| 19-Sep | 1.35 | 1.69 |
| 19-Oct | 1.38 | 1.69 |
| 19-Nov | 1.38 | 1.53 |
| 19-Dec | 1.6 | 1.59 |
| 20-Jan | 1.8 | 1.69 |
| 20-Feb | 1.76 | 1.8 |
| 20-Mar | 1.26 | 1.61 |
| 20-Apr | 0.42 | 0.91 |
| 20-May | 0.45 | 0.94 |
| 20-Jun | 0.74 | 0.94 |
| 20-Jul | 0.89 | 1.13 |
| 20-Aug | 1.16 | 1.35 |
| 20-Sep | 1.28 | 1.46 |
| 20-Oct | 1.11 | 1.35 |
| 20-Nov | 1.08 | 1.35 |
| 20-Dec | 1.28 | 1.46 |
| 21-Jan | 1.48 | 1.57 |
| 21-Feb | 1.7 | 1.56 |
| 21-Mar | 2.53 | 2.05 |
| 21-Apr | 3.63 | 3.12 |
| 21-May | 4.05 | 3.52 |
| 21-Jun | 4.25 | 3.8 |
| 21-Jul | 4.42 | 3.87 |
| 21-Aug | 4.52 | 3.88 |
| 21-Sep | 4.65 | 3.92 |
| 21-Oct | 5.22 | 4.31 |
| 21-Nov | 5.85 | 4.82 |
| 21-Dec | 5.97 | 5.04 |
| 22-Jan | 6.12 | 5.21 |
| 22-Feb | 6.39 | 5.42 |
| 22-Mar | 6.77 | 5.36 |
| 22-Apr | 6.41 | 5.03 |
| 22-May | 6.52 | 4.88 |
| 22-Jun | 6.98 | 5.04 |
| 22-Jul | 6.38 | 4.69 |
| 22-Aug | 6.24 | 4.92 |
| 22-Sep | 6.26 | 5.17 |
| 22-Oct | 6.04 | 5 |
Note: October data are estimates based on October data from the consumer price index and the producer price index. PCE is personal consumption expenditures.
Source: Bureau of Economic Analysis; Bureau of Labor Statistics; staff estimates.
Figure 2. Components of core PCE inflation
Monthly
Percent change from a year earlier
| Period | Core goods | Housing services | Core services less housing |
|---|---|---|---|
| Jan-14 | -1.13 | 2.59 | 2.39 |
| Feb-14 | -1.1 | 2.59 | 2.27 |
| Mar-14 | -0.94 | 2.67 | 2.35 |
| Apr-14 | -0.8 | 2.72 | 2.47 |
| May-14 | -0.7 | 2.73 | 2.55 |
| Jun-14 | -0.66 | 2.75 | 2.44 |
| Jul-14 | -0.64 | 2.85 | 2.5 |
| Aug-14 | -0.79 | 2.8 | 2.44 |
| Sep-14 | -0.71 | 2.85 | 2.41 |
| Oct-14 | -0.6 | 2.87 | 2.14 |
| Nov-14 | -0.82 | 2.89 | 2.11 |
| Dec-14 | -0.77 | 2.8 | 2.04 |
| Jan-15 | -0.94 | 2.85 | 1.91 |
| Feb-15 | -0.73 | 2.93 | 1.86 |
| Mar-15 | -0.63 | 2.95 | 1.75 |
| Apr-15 | -0.58 | 2.98 | 1.68 |
| May-15 | -0.58 | 2.99 | 1.58 |
| Jun-15 | -0.83 | 3.11 | 1.67 |
| Jul-15 | -0.95 | 3.15 | 1.54 |
| Aug-15 | -0.9 | 3.17 | 1.57 |
| Sep-15 | -0.8 | 3.23 | 1.52 |
| Oct-15 | -0.98 | 3.24 | 1.47 |
| Nov-15 | -0.79 | 3.19 | 1.4 |
| Dec-15 | -0.79 | 3.24 | 1.33 |
| Jan-16 | -0.62 | 3.25 | 1.62 |
| Feb-16 | -0.63 | 3.22 | 1.73 |
| Mar-16 | -0.75 | 3.19 | 1.77 |
| Apr-16 | -0.65 | 3.2 | 1.87 |
| May-16 | -0.84 | 3.3 | 1.98 |
| Jun-16 | -0.86 | 3.28 | 1.99 |
| Jul-16 | -0.86 | 3.27 | 2.14 |
| Aug-16 | -0.58 | 3.31 | 2.2 |
| Sep-16 | -0.58 | 3.38 | 2.16 |
| Oct-16 | -0.52 | 3.46 | 2.34 |
| Nov-16 | -0.88 | 3.58 | 2.37 |
| Dec-16 | -0.84 | 3.64 | 2.44 |
| Jan-17 | -0.5 | 3.61 | 2.43 |
| Feb-17 | -0.51 | 3.62 | 2.5 |
| Mar-17 | -0.54 | 3.6 | 2.18 |
| Apr-17 | -0.85 | 3.52 | 2.32 |
| May-17 | -0.89 | 3.43 | 2.25 |
| Jun-17 | -0.71 | 3.41 | 2.22 |
| Jul-17 | -0.58 | 3.39 | 1.98 |
| Aug-17 | -0.85 | 3.46 | 1.96 |
| Sep-17 | -1.17 | 3.37 | 2.15 |
| Oct-17 | -0.97 | 3.37 | 2.26 |
| Nov-17 | -0.83 | 3.31 | 2.27 |
| Dec-17 | -0.85 | 3.36 | 2.3 |
| Jan-18 | -0.76 | 3.38 | 2.34 |
| Feb-18 | -0.83 | 3.3 | 2.42 |
| Mar-18 | -0.67 | 3.37 | 2.82 |
| Apr-18 | -0.38 | 3.46 | 2.55 |
| May-18 | -0.13 | 3.48 | 2.6 |
| Jun-18 | -0.39 | 3.43 | 2.66 |
| Jul-18 | -0.51 | 3.46 | 2.83 |
| Aug-18 | -0.73 | 3.41 | 2.77 |
| Sep-18 | -0.54 | 3.37 | 2.83 |
| Oct-18 | -0.57 | 3.34 | 2.63 |
| Nov-18 | -0.35 | 3.39 | 2.71 |
| Dec-18 | -0.46 | 3.28 | 2.81 |
| Jan-19 | -0.35 | 3.25 | 2.42 |
| Feb-19 | -0.63 | 3.35 | 2.25 |
| Mar-19 | -0.76 | 3.38 | 2.13 |
| Apr-19 | -0.92 | 3.42 | 2.35 |
| May-19 | -0.89 | 3.41 | 2.21 |
| Jun-19 | -0.47 | 3.5 | 2.17 |
| Jul-19 | -0.49 | 3.46 | 2.21 |
| Aug-19 | -0.08 | 3.42 | 2.18 |
| Sep-19 | -0.25 | 3.5 | 1.97 |
| Oct-19 | -0.32 | 3.41 | 2.04 |
| Nov-19 | -0.51 | 3.36 | 1.86 |
| Dec-19 | -0.44 | 3.38 | 1.93 |
| Jan-20 | -0.75 | 3.46 | 2.22 |
| Feb-20 | -0.39 | 3.4 | 2.28 |
| Mar-20 | -0.58 | 3.32 | 2.06 |
| Apr-20 | -1.23 | 3.17 | 1.13 |
| May-20 | -1.5 | 3.16 | 1.3 |
| Jun-20 | -1.58 | 2.93 | 1.43 |
| Jul-20 | -0.93 | 2.88 | 1.5 |
| Aug-20 | -0.35 | 2.77 | 1.64 |
| Sep-20 | -0.28 | 2.56 | 1.9 |
| Oct-20 | -0.45 | 2.55 | 1.8 |
| Nov-20 | -0.19 | 2.33 | 1.75 |
| Dec-20 | 0.04 | 2.21 | 1.89 |
| Jan-21 | 0.31 | 2.03 | 2 |
| Feb-21 | 0.01 | 2.01 | 2.14 |
| Mar-21 | 0.51 | 1.96 | 2.82 |
| Apr-21 | 2.37 | 1.98 | 3.88 |
| May-21 | 3.58 | 2.03 | 3.98 |
| Jun-21 | 4.23 | 2.23 | 4.09 |
| Jul-21 | 3.98 | 2.3 | 4.3 |
| Aug-21 | 3.87 | 2.45 | 4.32 |
| Sep-21 | 4.1 | 2.78 | 4.17 |
| Oct-21 | 5.07 | 3.02 | 4.31 |
| Nov-21 | 5.45 | 3.41 | 4.93 |
| Dec-21 | 6.12 | 3.68 | 4.92 |
| Jan-22 | 6.77 | 4 | 4.8 |
| Feb-22 | 7.56 | 4.27 | 4.71 |
| Mar-22 | 7.38 | 4.51 | 4.61 |
| Apr-22 | 6.29 | 4.79 | 4.47 |
| May-22 | 5.69 | 5.12 | 4.41 |
| Jun-22 | 5.73 | 5.56 | 4.53 |
| Jul-22 | 5.51 | 5.95 | 3.9 |
| Aug-22 | 5.59 | 6.41 | 4.14 |
| Sep-22 | 5.69 | 6.82 | 4.42 |
| Oct-22 | 4.6 | 7.05 | 4.59 |
Note: October data are estimates based on October data from the consumer price index and the producer price index.
Source: Bureau of Economic Analysis; Bureau of Labor Statistics; staff estimates.
Figure 3. Market rents and PCE housing services inflation
Monthly
Percent change from a year earlier
| Period | PCE housing services | Zillow (national) | CoreLogic single-family detached (national) | RealPage (national) | ApartmentList (national) |
|---|---|---|---|---|---|
| Jan-14 | 2.59 | ND | 3.55 | 4.79 | ND |
| Feb-14 | 2.59 | ND | 3.45 | 5.02 | ND |
| Mar-14 | 2.67 | ND | 3.4 | 5.22 | ND |
| Apr-14 | 2.72 | ND | 3.46 | 5.41 | ND |
| May-14 | 2.73 | ND | 3.53 | 5.63 | ND |
| Jun-14 | 2.75 | ND | 3.65 | 5.88 | ND |
| Jul-14 | 2.85 | ND | 3.67 | 6.08 | ND |
| Aug-14 | 2.8 | ND | 3.72 | 6.24 | ND |
| Sep-14 | 2.85 | ND | 3.81 | 6.42 | ND |
| Oct-14 | 2.87 | ND | 3.65 | 6.61 | ND |
| Nov-14 | 2.89 | ND | 3.52 | 6.8 | ND |
| Dec-14 | 2.8 | ND | 3.46 | 6.92 | ND |
| Jan-15 | 2.85 | ND | 3.81 | 6.95 | ND |
| Feb-15 | 2.93 | ND | 4.09 | 6.89 | ND |
| Mar-15 | 2.95 | ND | 4.22 | 6.8 | ND |
| Apr-15 | 2.98 | ND | 4.11 | 6.72 | ND |
| May-15 | 2.99 | ND | 3.97 | 6.66 | ND |
| Jun-15 | 3.11 | ND | 3.9 | 6.66 | ND |
| Jul-15 | 3.15 | ND | 3.97 | 6.72 | ND |
| Aug-15 | 3.17 | ND | 3.85 | 6.75 | ND |
| Sep-15 | 3.23 | ND | 3.91 | 6.66 | ND |
| Oct-15 | 3.24 | ND | 4.01 | 6.45 | ND |
| Nov-15 | 3.19 | ND | 4.16 | 6.2 | ND |
| Dec-15 | 3.24 | ND | 4.2 | 6.02 | ND |
| Jan-16 | 3.25 | ND | 4.1 | 5.91 | ND |
| Feb-16 | 3.22 | ND | 4.27 | 5.84 | ND |
| Mar-16 | 3.19 | 4.74 | 4.22 | 5.75 | ND |
| Apr-16 | 3.2 | 4.51 | 4.2 | 5.58 | ND |
| May-16 | 3.3 | 4.35 | 4.16 | 5.3 | ND |
| Jun-16 | 3.28 | 4.04 | 3.92 | 4.91 | ND |
| Jul-16 | 3.27 | 3.96 | 3.52 | 4.49 | ND |
| Aug-16 | 3.31 | 3.71 | 3.4 | 4.16 | ND |
| Sep-16 | 3.38 | 3.56 | 3.2 | 3.95 | ND |
| Oct-16 | 3.46 | 3.34 | 3.2 | 3.8 | ND |
| Nov-16 | 3.58 | 3.23 | 2.99 | 3.63 | ND |
| Dec-16 | 3.64 | 3.18 | 2.79 | 3.43 | ND |
| Jan-17 | 3.61 | 3.14 | 2.69 | 3.26 | ND |
| Feb-17 | 3.62 | 3.2 | 2.53 | 3.18 | ND |
| Mar-17 | 3.6 | 3.17 | 2.77 | 3.17 | ND |
| Apr-17 | 3.52 | 3.31 | 2.87 | 3.17 | ND |
| May-17 | 3.43 | 3.39 | 2.88 | 3.17 | ND |
| Jun-17 | 3.41 | 3.54 | 2.89 | 3.17 | ND |
| Jul-17 | 3.39 | 3.64 | 2.93 | 3.12 | ND |
| Aug-17 | 3.46 | 3.71 | 2.9 | 3.03 | ND |
| Sep-17 | 3.37 | 3.75 | 2.88 | 2.93 | ND |
| Oct-17 | 3.37 | 3.75 | 2.97 | 2.88 | ND |
| Nov-17 | 3.31 | 3.79 | 3.21 | 2.9 | ND |
| Dec-17 | 3.36 | 3.87 | 3.44 | 2.96 | ND |
| Jan-18 | 3.38 | 3.88 | 3.38 | 2.99 | 1.84 |
| Feb-18 | 3.3 | 3.75 | 3.34 | 2.95 | 1.94 |
| Mar-18 | 3.37 | 3.65 | 3.09 | 2.93 | 2.32 |
| Apr-18 | 3.46 | 3.56 | 3.15 | 3 | 2.4 |
| May-18 | 3.48 | 3.55 | 3.11 | 3.21 | 2.18 |
| Jun-18 | 3.43 | 3.57 | 3.23 | 3.51 | 2.25 |
| Jul-18 | 3.46 | 3.6 | 3.26 | 3.84 | 2.43 |
| Aug-18 | 3.41 | 3.73 | 3.35 | 4.1 | 3 |
| Sep-18 | 3.37 | 3.77 | 3.36 | 4.26 | 3 |
| Oct-18 | 3.34 | 3.87 | 3.26 | 4.34 | 3.11 |
| Nov-18 | 3.39 | 3.95 | 3.26 | 4.34 | 3.13 |
| Dec-18 | 3.28 | 4.03 | 3.33 | 4.29 | 3.33 |
| Jan-19 | 3.25 | 4 | 3.44 | 4.26 | 3.43 |
| Feb-19 | 3.35 | 3.98 | 3.36 | 4.3 | 3.62 |
| Mar-19 | 3.38 | 3.95 | 3.26 | 4.37 | 3.4 |
| Apr-19 | 3.42 | 3.97 | 3.06 | 4.37 | 3.37 |
| May-19 | 3.41 | 3.99 | 3.04 | 4.26 | 3.15 |
| Jun-19 | 3.5 | 4.02 | 2.95 | 4.04 | 3.03 |
| Jul-19 | 3.46 | 4.03 | 3 | 3.79 | 2.92 |
| Aug-19 | 3.42 | 3.97 | 2.99 | 3.58 | 2.73 |
| Sep-19 | 3.5 | 3.94 | 3.04 | 3.44 | 2.64 |
| Oct-19 | 3.41 | 3.91 | 2.95 | 3.36 | 2.47 |
| Nov-19 | 3.36 | 3.84 | 2.92 | 3.35 | 2.3 |
| Dec-19 | 3.38 | 3.81 | 2.93 | 3.39 | 2.4 |
| Jan-20 | 3.46 | 3.83 | 2.9 | 3.37 | 2.49 |
| Feb-20 | 3.4 | 3.97 | 2.97 | 3.13 | 2.48 |
| Mar-20 | 3.32 | 3.86 | 2.95 | 2.57 | 2.37 |
| Apr-20 | 3.17 | 3.14 | 2.43 | 1.76 | 1 |
| May-20 | 3.16 | 2.15 | 1.88 | 0.86 | -0.54 |
| Jun-20 | 2.93 | 1.31 | 1.75 | 0 | -1.78 |
| Jul-20 | 2.88 | 1.1 | 2.4 | -0.73 | -1.95 |
| Aug-20 | 2.77 | 0.98 | 3.18 | -1.27 | -1.77 |
| Sep-20 | 2.56 | 0.87 | 3.92 | -1.59 | -1.51 |
| Oct-20 | 2.55 | 0.77 | 4.99 | -1.7 | -1.43 |
| Nov-20 | 2.33 | 0.95 | 5.84 | -1.69 | -1.35 |
| Dec-20 | 2.21 | 1.07 | 6.44 | -1.65 | -1.44 |
| Jan-21 | 2.03 | 1.13 | 6.61 | -1.55 | -1.26 |
| Feb-21 | 2.01 | 1.02 | 6.84 | -1.23 | -0.81 |
| Mar-21 | 1.96 | 1.36 | 7.39 | -0.46 | 0.18 |
| Apr-21 | 1.98 | 2.79 | 8.44 | 0.84 | 2.42 |
| May-21 | 2.03 | 4.94 | 9.76 | 2.62 | 5.42 |
| Jun-21 | 2.23 | 7.26 | 10.98 | 4.71 | 8.61 |
| Jul-21 | 2.3 | 9.19 | 11.41 | 6.9 | 11.2 |
| Aug-21 | 2.45 | 11.21 | 11.85 | 8.97 | 13.69 |
| Sep-21 | 2.78 | 13.07 | 12.2 | 10.74 | 15.96 |
| Oct-21 | 3.02 | 14.52 | 12.32 | 12.12 | 17.39 |
| Nov-21 | 3.41 | 15.36 | 12.16 | 13.18 | 18.03 |
| Dec-21 | 3.68 | 16.07 | 12.12 | 14.03 | 17.99 |
| Jan-22 | 4 | 16.39 | 12.51 | 14.81 | 17.94 |
| Feb-22 | 4.27 | 17.04 | 12.94 | 15.5 | 17.71 |
| Mar-22 | 4.51 | 17.01 | 13.3 | 15.96 | 17.1 |
| Apr-22 | 4.79 | 16.93 | 13.61 | 16.06 | 16.46 |
| May-22 | 5.12 | 16.13 | 13.35 | 15.71 | 15.41 |
| Jun-22 | 5.56 | 15.25 | 12.59 | 14.9 | 14.11 |
| Jul-22 | 5.95 | 14 | 11.84 | 13.73 | 12.19 |
| Aug-22 | 6.41 | 12.48 | 10.54 | 12.35 | 9.83 |
| Sep-22 | 6.82 | 11.02 | 9.29 | 10.96 | 7.54 |
| Oct-22 | 7.05 | 9.82 | ND | 9.7 | 5.79 |
Note: Note: ApartmentList, CoreLogic, RealPage, and Zillow measure market rate rents – that is, rents for a new lease by a new tenant. October PCE (personal consumption expenditures) data are estimates based on October data from the consumer price index and the producer price index. The Zillow data start in March 2016, and the ApartmentList data start in January 2018.
Source: Source: ApartmentList; Bureau of Economic Analysis; Bureau of Labor Statistics; CoreLogic; RealPage; Zillow; staff estimates.
Figure 4. Labor force shortfall and labor force participation rate gap
Labor force shortfall
Quarterly
Millions
| Period | Observed labor force | CBO, Jan. 2020 |
|---|---|---|
| 2019:Q4 | 165.73 | 165.73 |
| 2020:Q1 | 165.74 | 165.94 |
| 2020:Q2 | 159.82 | 166.17 |
| 2020:Q3 | 161.87 | 166.38 |
| 2020:Q4 | 162.14 | 166.59 |
| 2021:Q1 | 161.95 | 166.78 |
| 2021:Q2 | 162.47 | 166.96 |
| 2021:Q3 | 162.96 | 167.13 |
| 2021:Q4 | 163.54 | 167.3 |
| 2022:Q1 | 164.03 | 167.45 |
| 2022:Q2 | 164.15 | 167.6 |
| 2022:Q3 | 164.54 | 167.74 |
| 2022:Q4 | ND | 167.88 |
Note: All data are adjusted for population controls. In the left panel, the 'CBO, Jan. 2020' line appends the Congressional Budget Office's (CBO) January 2020 projected labor force growth over the years 2020-22 onto the level of the labor force in 2019:Q4 that is adjusted for population controls. In the right panel, data from 2016 through 2021 are from Robertson and Willis (2022) and are adjusted for the effects of population controls. Data from 2022 are published by the Bureau of Labor Statistics. The shaded bars indicate a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020. LFPR is labor force participation rate.
Source: Congressional Budget Office; Bureau of Labor Statistics; Robertson and Willis (2022); staff calculations.
Labor force participation rate gap
Monthly
Percent
| Period | LFPR, ages 16+ |
|---|---|
| Jan-16 | 62.82 |
| Feb-16 | 62.93 |
| Mar-16 | 63.13 |
| Apr-16 | 63.03 |
| May-16 | 62.83 |
| Jun-16 | 62.84 |
| Jul-16 | 62.94 |
| Aug-16 | 63.04 |
| Sep-16 | 63.05 |
| Oct-16 | 62.95 |
| Nov-16 | 62.85 |
| Dec-16 | 62.85 |
| Jan-17 | 62.96 |
| Feb-17 | 63.06 |
| Mar-17 | 63.06 |
| Apr-17 | 63.16 |
| May-17 | 62.97 |
| Jun-17 | 62.97 |
| Jul-17 | 63.07 |
| Aug-17 | 63.07 |
| Sep-17 | 63.28 |
| Oct-17 | 62.88 |
| Nov-17 | 62.88 |
| Dec-17 | 62.88 |
| Jan-18 | 62.89 |
| Feb-18 | 63.19 |
| Mar-18 | 63.09 |
| Apr-18 | 63.09 |
| May-18 | 63.1 |
| Jun-18 | 63.1 |
| Jul-18 | 63.1 |
| Aug-18 | 62.9 |
| Sep-18 | 62.91 |
| Oct-18 | 63.11 |
| Nov-18 | 63.11 |
| Dec-18 | 63.21 |
| Jan-19 | 63.32 |
| Feb-19 | 63.32 |
| Mar-19 | 63.32 |
| Apr-19 | 63.12 |
| May-19 | 63.13 |
| Jun-19 | 63.13 |
| Jul-19 | 63.33 |
| Aug-19 | 63.34 |
| Sep-19 | 63.44 |
| Oct-19 | 63.44 |
| Nov-19 | 63.44 |
| Dec-19 | 63.55 |
| Jan-20 | 63.65 |
| Feb-20 | 63.65 |
| Mar-20 | 62.95 |
| Apr-20 | 60.44 |
| May-20 | 61.05 |
| Jun-20 | 61.65 |
| Jul-20 | 61.76 |
| Aug-20 | 61.96 |
| Sep-20 | 61.66 |
| Oct-20 | 61.86 |
| Nov-20 | 61.77 |
| Dec-20 | 61.77 |
| Jan-21 | 61.67 |
| Feb-21 | 61.77 |
| Mar-21 | 61.78 |
| Apr-21 | 61.98 |
| May-21 | 61.88 |
| Jun-21 | 61.88 |
| Jul-21 | 61.99 |
| Aug-21 | 61.99 |
| Sep-21 | 61.99 |
| Oct-21 | 62 |
| Nov-21 | 62.2 |
| Dec-21 | 62.2 |
| Jan-22 | 62.2 |
| Feb-22 | 62.3 |
| Mar-22 | 62.4 |
| Apr-22 | 62.2 |
| May-22 | 62.3 |
| Jun-22 | 62.2 |
| Jul-22 | 62.1 |
| Aug-22 | 62.4 |
| Sep-22 | 62.3 |
| Oct-22 | 62.2 |
Note: All data are adjusted for population controls. In the left panel, the 'CBO, Jan. 2020' line appends the Congressional Budget Office's (CBO) January 2020 projected labor force growth over the years 2020-22 onto the level of the labor force in 2019:Q4 that is adjusted for population controls. In the right panel, data from 2016 through 2021 are from Robertson and Willis (2022) and are adjusted for the effects of population controls. Data from 2022 are published by the Bureau of Labor Statistics. The shaded bars indicate a period of business recession as defined by the National Bureau of Economic Research: February 2020-April 2020. LFPR is labor force participation rate.
Source: Congressional Budget Office; Bureau of Labor Statistics; Robertson and Willis (2022); staff calculations.
Figure 5. Jobs-worker gap
Monthly
Millions
| Period | Available jobs (job openings + employment) | Available workers (labor force) |
|---|---|---|
| Jan-80 | 105.34 | 107.06 |
| Feb-80 | 105.34 | 107.21 |
| Mar-80 | 104.95 | 106.96 |
| Apr-80 | 104.4 | 107.12 |
| May-80 | 103.56 | 107.46 |
| Jun-80 | 102.95 | 107.32 |
| Jul-80 | 103.13 | 107.71 |
| Aug-80 | 103.18 | 107.66 |
| Sep-80 | 103.46 | 107.66 |
| Oct-80 | 103.88 | 107.98 |
| Nov-80 | 104.13 | 108.15 |
| Dec-80 | 104.41 | 107.94 |
| Jan-81 | 104.57 | 108.63 |
| Feb-81 | 104.72 | 108.85 |
| Mar-81 | 105.18 | 109.17 |
| Apr-81 | 105.66 | 109.55 |
| May-81 | 105.65 | 109.86 |
| Jun-81 | 104.86 | 109.04 |
| Jul-81 | 105.29 | 109.21 |
| Aug-81 | 105.26 | 109.38 |
| Sep-81 | 104.6 | 108.96 |
| Oct-81 | 104.71 | 109.7 |
| Nov-81 | 104.33 | 109.92 |
| Dec-81 | 103.76 | 109.6 |
| Jan-82 | 103.64 | 109.79 |
| Feb-82 | 103.7 | 110.18 |
| Mar-82 | 103.48 | 110.28 |
| Apr-82 | 103.3 | 110.55 |
| May-82 | 103.71 | 111.19 |
| Jun-82 | 103.12 | 110.83 |
| Jul-82 | 102.9 | 111.1 |
| Aug-82 | 102.91 | 111.28 |
| Sep-82 | 102.71 | 111.49 |
| Oct-82 | 102.29 | 111.52 |
| Nov-82 | 102.19 | 111.84 |
| Dec-82 | 102.12 | 111.88 |
| Jan-83 | 102.36 | 111.5 |
| Feb-83 | 102.33 | 111.44 |
| Mar-83 | 102.42 | 111.4 |
| Apr-83 | 102.89 | 111.65 |
| May-83 | 103.05 | 111.63 |
| Jun-83 | 104.3 | 112.73 |
| Jul-83 | 104.89 | 112.61 |
| Aug-83 | 105.48 | 113.1 |
| Sep-83 | 105.96 | 113.18 |
| Oct-83 | 106.05 | 112.81 |
| Nov-83 | 107.07 | 113.12 |
| Dec-83 | 107.36 | 113.23 |
| Jan-84 | 107.72 | 113.12 |
| Feb-84 | 108.45 | 113.53 |
| Mar-84 | 108.78 | 113.64 |
| Apr-84 | 109.16 | 114.04 |
| May-84 | 110.21 | 114.6 |
| Jun-84 | 110.68 | 114.78 |
| Jul-84 | 110.62 | 114.94 |
| Aug-84 | 110.43 | 114.66 |
| Sep-84 | 110.6 | 114.84 |
| Oct-84 | 110.87 | 115.01 |
| Nov-84 | 111.24 | 115.17 |
| Dec-84 | 111.44 | 115.6 |
| Jan-85 | 111.72 | 115.75 |
| Feb-85 | 111.86 | 115.91 |
| Mar-85 | 112.33 | 116.38 |
| Apr-85 | 112.41 | 116.39 |
| May-85 | 112.28 | 116.3 |
| Jun-85 | 111.96 | 116.03 |
| Jul-85 | 112.26 | 116.4 |
| Aug-85 | 112.53 | 116.38 |
| Sep-85 | 113.12 | 117.01 |
| Oct-85 | 113.41 | 117.26 |
| Nov-85 | 113.5 | 117.25 |
| Dec-85 | 113.8 | 117.48 |
| Jan-86 | 114.37 | 117.82 |
| Feb-86 | 113.95 | 118.03 |
| Mar-86 | 114.31 | 118.38 |
| Apr-86 | 114.4 | 118.49 |
| May-86 | 114.57 | 118.71 |
| Jun-86 | 114.99 | 119.28 |
| Jul-86 | 115.52 | 119.33 |
| Aug-86 | 115.53 | 119.36 |
| Sep-86 | 115.66 | 119.62 |
| Oct-86 | 115.91 | 119.75 |
| Nov-86 | 116.1 | 119.88 |
| Dec-86 | 116.56 | 119.86 |
| Jan-87 | 116.53 | 120.11 |
| Feb-87 | 116.79 | 120.4 |
| Mar-87 | 117.22 | 120.55 |
| Apr-87 | 117.83 | 120.63 |
| May-87 | 118.44 | 121.32 |
| Jun-87 | 118.39 | 120.96 |
| Jul-87 | 118.78 | 121.23 |
| Aug-87 | 119.22 | 121.66 |
| Sep-87 | 119.32 | 121.35 |
| Oct-87 | 119.67 | 121.87 |
| Nov-87 | 119.97 | 121.91 |
| Dec-87 | 120.33 | 122.11 |
| Jan-88 | 120.33 | 122.36 |
| Feb-88 | 120.42 | 122.55 |
| Mar-88 | 120.31 | 122.32 |
| Apr-88 | 121.06 | 122.67 |
| May-88 | 120.68 | 122.49 |
| Jun-88 | 121.43 | 122.91 |
| Jul-88 | 121.43 | 123.11 |
| Aug-88 | 121.76 | 123.59 |
| Sep-88 | 121.87 | 123.43 |
| Oct-88 | 121.92 | 123.69 |
| Nov-88 | 122.68 | 124.13 |
| Dec-88 | 122.53 | 124.12 |
| Jan-89 | 123.26 | 124.91 |
| Feb-89 | 123.19 | 124.66 |
| Mar-89 | 123.43 | 124.76 |
| Apr-89 | 123.38 | 125.11 |
| May-89 | 123.66 | 125.03 |
| Jun-89 | 123.75 | 125.57 |
| Jul-89 | 123.61 | 125.55 |
| Aug-89 | 123.89 | 125.76 |
| Sep-89 | 123.56 | 125.54 |
| Oct-89 | 123.76 | 125.82 |
| Nov-89 | 124.23 | 126.26 |
| Dec-89 | 123.96 | 126.13 |
| Jan-90 | 124.49 | 126.43 |
| Feb-90 | 124.42 | 126.32 |
| Mar-90 | 124.36 | 126.42 |
| Apr-90 | 124.01 | 126.28 |
| May-90 | 124.25 | 126.54 |
| Jun-90 | 123.99 | 126.24 |
| Jul-90 | 123.77 | 126.42 |
| Aug-90 | 123.78 | 126.69 |
| Sep-90 | 123.34 | 126.61 |
| Oct-90 | 123.21 | 126.73 |
| Nov-90 | 122.78 | 126.82 |
| Dec-90 | 122.46 | 126.91 |
| Jan-91 | 122.17 | 126.74 |
| Feb-91 | 121.74 | 126.82 |
| Mar-91 | 121.54 | 127.06 |
| Apr-91 | 121.95 | 127.39 |
| May-91 | 121.28 | 127.03 |
| Jun-91 | 121.48 | 127.2 |
| Jul-91 | 121.48 | 127.04 |
| Aug-91 | 121.29 | 127.05 |
| Sep-91 | 121.7 | 127.57 |
| Oct-91 | 121.62 | 127.58 |
| Nov-91 | 121.47 | 127.66 |
| Dec-91 | 121.23 | 127.63 |
| Jan-92 | 121.78 | 128.25 |
| Feb-92 | 121.42 | 128.21 |
| Mar-92 | 121.94 | 128.63 |
| Apr-92 | 122.39 | 128.89 |
| May-92 | 122.25 | 129.18 |
| Jun-92 | 122.41 | 129.54 |
| Jul-92 | 122.68 | 129.67 |
| Aug-92 | 122.79 | 129.73 |
| Sep-92 | 122.77 | 129.64 |
| Oct-92 | 122.6 | 129.17 |
| Nov-92 | 122.92 | 129.61 |
| Dec-92 | 123.16 | 129.74 |
| Jan-93 | 123.26 | 129.6 |
| Feb-93 | 123.4 | 129.68 |
| Mar-93 | 123.81 | 129.83 |
| Apr-93 | 123.73 | 129.84 |
| May-93 | 124.39 | 130.54 |
| Jun-93 | 124.72 | 130.71 |
| Jul-93 | 124.83 | 130.71 |
| Aug-93 | 125.35 | 130.95 |
| Sep-93 | 125.14 | 130.61 |
| Oct-93 | 125.35 | 130.94 |
| Nov-93 | 125.89 | 131.09 |
| Dec-93 | 126.23 | 131.34 |
| Jan-94 | 126.21 | 131.18 |
| Feb-94 | 126.47 | 131.27 |
| Mar-94 | 126.5 | 131.02 |
| Apr-94 | 126.93 | 131.26 |
| May-94 | 127.52 | 131.43 |
| Jun-94 | 127.47 | 131.23 |
| Jul-94 | 127.45 | 131.34 |
| Aug-94 | 128.32 | 131.98 |
| Sep-94 | 128.52 | 132.15 |
| Oct-94 | 129.01 | 132.49 |
| Nov-94 | 129.71 | 132.65 |
| Dec-94 | 129.87 | 132.73 |
| Jan-95 | 130 | 132.83 |
| Feb-95 | 130.11 | 132.93 |
| Mar-95 | 130.17 | 132.94 |
| Apr-95 | 130.07 | 133.44 |
| May-95 | 129.63 | 132.71 |
| Jun-95 | 129.43 | 132.83 |
| Jul-95 | 129.8 | 133.24 |
| Aug-95 | 130.08 | 133.25 |
| Sep-95 | 130.34 | 133.55 |
| Oct-95 | 130.62 | 133.67 |
| Nov-95 | 130.5 | 133.58 |
| Dec-95 | 130.26 | 133.5 |
| Jan-96 | 130.72 | 133.62 |
| Feb-96 | 130.98 | 133.97 |
| Mar-96 | 131.12 | 134.22 |
| Apr-96 | 131.39 | 134.47 |
| May-96 | 131.56 | 134.74 |
| Jun-96 | 131.78 | 134.79 |
| Jul-96 | 132.55 | 135.4 |
| Aug-96 | 132.52 | 135.19 |
| Sep-96 | 132.92 | 135.67 |
| Oct-96 | 133.53 | 136.09 |
| Nov-96 | 133.21 | 136.2 |
| Dec-96 | 133.68 | 136.32 |
| Jan-97 | 133.92 | 136.5 |
| Feb-97 | 133.91 | 136.46 |
| Mar-97 | 134.66 | 136.92 |
| Apr-97 | 134.83 | 137.01 |
| May-97 | 135.08 | 137.08 |
| Jun-97 | 134.78 | 137.2 |
| Jul-97 | 135.64 | 137.49 |
| Aug-97 | 135.59 | 137.55 |
| Sep-97 | 135.68 | 137.61 |
| Oct-97 | 136.07 | 137.55 |
| Nov-97 | 136.46 | 137.9 |
| Dec-97 | 136.84 | 138.13 |
| Jan-98 | 136.89 | 138.38 |
| Feb-98 | 137.19 | 138.41 |
| Mar-98 | 137.35 | 138.54 |
| Apr-98 | 137.72 | 138.46 |
| May-98 | 137.87 | 138.7 |
| Jun-98 | 137.82 | 138.79 |
| Jul-98 | 137.81 | 138.94 |
| Aug-98 | 137.9 | 138.93 |
| Sep-98 | 138.6 | 139.66 |
| Oct-98 | 138.4 | 139.66 |
| Nov-98 | 138.65 | 139.77 |
| Dec-98 | 139.26 | 140.04 |
| Jan-99 | 139.54 | 140.36 |
| Feb-99 | 139.73 | 140.34 |
| Mar-99 | 139.92 | 140.11 |
| Apr-99 | 139.71 | 140.35 |
| May-99 | 140.04 | 140.51 |
| Jun-99 | 140.21 | 140.74 |
| Jul-99 | 140.02 | 140.86 |
| Aug-99 | 140.31 | 140.86 |
| Sep-99 | 140.46 | 141.06 |
| Oct-99 | 140.59 | 141.22 |
| Nov-99 | 141.15 | 141.49 |
| Dec-99 | 141.34 | 141.65 |
| Jan-00 | 142.04 | 142.27 |
| Feb-00 | 142.38 | 142.46 |
| Mar-00 | 142.59 | 142.43 |
| Apr-00 | 143.01 | 142.7 |
| May-00 | 142.38 | 142.32 |
| Jun-00 | 142.3 | 142.5 |
| Jul-00 | 141.78 | 142.18 |
| Aug-00 | 142.01 | 142.41 |
| Sep-00 | 141.91 | 142.4 |
| Oct-00 | 142.27 | 142.5 |
| Nov-00 | 142.52 | 142.88 |
| Dec-00 | 142.63 | 143.17 |
| Jan-01 | 142.82 | 143.74 |
| Feb-01 | 142.77 | 143.62 |
| Mar-01 | 142.79 | 143.83 |
| Apr-01 | 141.96 | 143.46 |
| May-01 | 141.6 | 143.2 |
| Jun-01 | 141.18 | 143.23 |
| Jul-01 | 141.3 | 143.51 |
| Aug-01 | 140.54 | 143.13 |
| Sep-01 | 140.71 | 143.82 |
| Oct-01 | 140.29 | 143.9 |
| Nov-01 | 139.75 | 144.03 |
| Dec-01 | 139.62 | 144.08 |
| Jan-02 | 139.17 | 143.66 |
| Feb-02 | 139.93 | 144.43 |
| Mar-02 | 139.41 | 144.26 |
| Apr-02 | 139.53 | 144.49 |
| May-02 | 139.79 | 144.7 |
| Jun-02 | 139.65 | 144.57 |
| Jul-02 | 139.59 | 144.54 |
| Aug-02 | 139.82 | 144.73 |
| Sep-02 | 140.55 | 145.26 |
| Oct-02 | 140.03 | 145.01 |
| Nov-02 | 139.72 | 144.73 |
| Dec-02 | 139.64 | 144.74 |
| Jan-03 | 139.66 | 144.96 |
| Feb-03 | 139.94 | 145.06 |
| Mar-03 | 139.62 | 144.92 |
| Apr-03 | 139.64 | 145.31 |
| May-03 | 139.54 | 145.32 |
| Jun-03 | 139.93 | 145.83 |
| Jul-03 | 139.69 | 145.23 |
| Aug-03 | 139.32 | 145.16 |
| Sep-03 | 139.56 | 145.22 |
| Oct-03 | 139.82 | 145.38 |
| Nov-03 | 140.45 | 145.64 |
| Dec-03 | 140.42 | 145.33 |
| Jan-04 | 140.94 | 145.84 |
| Feb-04 | 140.99 | 145.68 |
| Mar-04 | 141 | 145.9 |
| Apr-04 | 141.21 | 145.79 |
| May-04 | 141.36 | 146 |
| Jun-04 | 141.86 | 146.38 |
| Jul-04 | 141.86 | 146.6 |
| Aug-04 | 142.33 | 146.45 |
| Sep-04 | 141.95 | 146.28 |
| Oct-04 | 142.46 | 146.64 |
| Nov-04 | 143.06 | 146.99 |
| Dec-04 | 142.47 | 146.87 |
| Jan-05 | 143.23 | 146.88 |
| Feb-05 | 143.08 | 147.2 |
| Mar-05 | 143.5 | 147.21 |
| Apr-05 | 144.18 | 147.75 |
| May-05 | 144.64 | 148.07 |
| Jun-05 | 144.37 | 148.03 |
| Jul-05 | 144.94 | 148.22 |
| Aug-05 | 145.52 | 148.55 |
| Sep-05 | 145.36 | 148.7 |
| Oct-05 | 145.7 | 148.73 |
| Nov-05 | 145.46 | 148.78 |
| Dec-05 | 145.79 | 148.75 |
| Jan-06 | 146.35 | 149.07 |
| Feb-06 | 146.77 | 149.5 |
| Mar-06 | 146.97 | 149.66 |
| Apr-06 | 147.4 | 149.72 |
| May-06 | 147.77 | 149.9 |
| Jun-06 | 147.7 | 150.18 |
| Jul-06 | 147.7 | 150.2 |
| Aug-06 | 147.89 | 150.52 |
| Sep-06 | 148.39 | 150.47 |
| Oct-06 | 148.92 | 150.84 |
| Nov-06 | 148.99 | 151.21 |
| Dec-06 | 149.49 | 151.54 |
| Jan-07 | 149.36 | 151.79 |
| Feb-07 | 149.54 | 151.63 |
| Mar-07 | 149.74 | 151.7 |
| Apr-07 | 149.26 | 151.08 |
| May-07 | 149.29 | 151.3 |
| Jun-07 | 149.41 | 151.66 |
| Jul-07 | 149.44 | 151.66 |
| Aug-07 | 148.94 | 151.34 |
| Sep-07 | 149.44 | 151.99 |
| Oct-07 | 149.24 | 151.74 |
| Nov-07 | 149.86 | 152.39 |
| Dec-07 | 149.54 | 152.46 |
| Jan-08 | 150.13 | 153.23 |
| Feb-08 | 149.98 | 152.81 |
| Mar-08 | 149.56 | 153.06 |
| Apr-08 | 149.55 | 152.92 |
| May-08 | 149.12 | 153.44 |
| Jun-08 | 149.11 | 153.45 |
| Jul-08 | 148.52 | 153.59 |
| Aug-08 | 148.1 | 153.74 |
| Sep-08 | 147.88 | 153.66 |
| Oct-08 | 147.13 | 153.94 |
| Nov-08 | 146.57 | 153.69 |
| Dec-08 | 145.68 | 153.69 |
| Jan-09 | 144.79 | 153.69 |
| Feb-09 | 143.86 | 154.01 |
| Mar-09 | 143.04 | 153.6 |
| Apr-09 | 142.65 | 153.96 |
| May-09 | 142 | 154.19 |
| Jun-09 | 142 | 154.15 |
| Jul-09 | 141.84 | 153.93 |
| Aug-09 | 141.16 | 153.73 |
| Sep-09 | 140.59 | 153.25 |
| Oct-09 | 140.34 | 153.19 |
| Nov-09 | 140.48 | 153.28 |
| Dec-09 | 139.93 | 152.51 |
| Jan-10 | 140.66 | 153.13 |
| Feb-10 | 141.07 | 153.34 |
| Mar-10 | 141.06 | 153.59 |
| Apr-10 | 141.63 | 154.27 |
| May-10 | 142.07 | 153.77 |
| Jun-10 | 141.82 | 153.31 |
| Jul-10 | 141.69 | 153.4 |
| Aug-10 | 142.25 | 153.82 |
| Sep-10 | 142.13 | 153.72 |
| Oct-10 | 141.8 | 153.4 |
| Nov-10 | 142.06 | 153.92 |
| Dec-10 | 142.31 | 153.46 |
| Jan-11 | 142.61 | 153.61 |
| Feb-11 | 142.82 | 153.58 |
| Mar-11 | 143.21 | 153.77 |
| Apr-11 | 143.22 | 153.97 |
| May-11 | 143.28 | 153.93 |
| Jun-11 | 142.98 | 153.82 |
| Jul-11 | 143.43 | 153.8 |
| Aug-11 | 144.03 | 154.29 |
| Sep-11 | 144.01 | 154.69 |
| Oct-11 | 144.67 | 154.55 |
| Nov-11 | 144.99 | 154.74 |
| Dec-11 | 145.05 | 154.65 |
| Jan-12 | 145.75 | 154.81 |
| Feb-12 | 146.19 | 155.12 |
| Mar-12 | 146.09 | 155.22 |
| Apr-12 | 146.34 | 155.04 |
| May-12 | 146.48 | 155.38 |
| Jun-12 | 146.72 | 155.62 |
| Jul-12 | 146.72 | 155.5 |
| Aug-12 | 146.56 | 155.34 |
| Sep-12 | 147.41 | 155.76 |
| Oct-12 | 147.89 | 156.17 |
| Nov-12 | 147.71 | 155.98 |
| Dec-12 | 147.83 | 156.3 |
| Jan-13 | 147.77 | 156.31 |
| Feb-13 | 147.8 | 155.87 |
| Mar-13 | 147.84 | 155.56 |
| Apr-13 | 148.24 | 155.96 |
| May-13 | 148.41 | 156.12 |
| Jun-13 | 148.7 | 156.35 |
| Jul-13 | 148.98 | 156.21 |
| Aug-13 | 148.8 | 156.24 |
| Sep-13 | 149.12 | 156.35 |
| Oct-13 | 148.29 | 155.34 |
| Nov-13 | 149.35 | 155.96 |
| Dec-13 | 149.57 | 155.9 |
| Jan-14 | 149.95 | 156.08 |
| Feb-14 | 149.95 | 156.22 |
| Mar-14 | 150.73 | 156.79 |
| Apr-14 | 150.78 | 156.14 |
| May-14 | 151.13 | 156.48 |
| Jun-14 | 151.76 | 156.52 |
| Jul-14 | 152.15 | 156.83 |
| Aug-14 | 152.18 | 156.99 |
| Sep-14 | 152.95 | 156.92 |
| Oct-14 | 153.2 | 157.33 |
| Nov-14 | 153.3 | 157.43 |
| Dec-14 | 153.36 | 157.29 |
| Jan-15 | 153.88 | 157.67 |
| Feb-15 | 154 | 157.29 |
| Mar-15 | 154.2 | 157.29 |
| Apr-15 | 154.34 | 157.72 |
| May-15 | 155.05 | 158.33 |
| Jun-15 | 155.03 | 157.75 |
| Jul-15 | 154.74 | 157.7 |
| Aug-15 | 155.92 | 157.89 |
| Sep-15 | 154.98 | 157.46 |
| Oct-15 | 155.44 | 157.91 |
| Nov-15 | 155.96 | 158.22 |
| Dec-15 | 156.58 | 158.81 |
| Jan-16 | 157.05 | 158.86 |
| Feb-16 | 157.52 | 159.23 |
| Mar-16 | 157.56 | 159.78 |
| Apr-16 | 157.79 | 159.76 |
| May-16 | 157.53 | 159.4 |
| Jun-16 | 157.59 | 159.59 |
| Jul-16 | 157.9 | 159.83 |
| Aug-16 | 158.34 | 160.19 |
| Sep-16 | 158.04 | 160.35 |
| Oct-16 | 158.27 | 160.24 |
| Nov-16 | 158.15 | 160.14 |
| Dec-16 | 158.74 | 160.31 |
| Jan-17 | 159.23 | 160.78 |
| Feb-17 | 159.21 | 161.03 |
| Mar-17 | 160.11 | 161.31 |
| Apr-17 | 160.2 | 161.53 |
| May-17 | 160.3 | 161.26 |
| Jun-17 | 160.3 | 161.39 |
| Jul-17 | 161.04 | 161.67 |
| Aug-17 | 160.9 | 161.79 |
| Sep-17 | 161.73 | 162.35 |
| Oct-17 | 161.09 | 161.52 |
| Nov-17 | 161.38 | 161.79 |
| Dec-17 | 161.35 | 161.76 |
| Jan-18 | 161.67 | 161.86 |
| Feb-18 | 162.68 | 162.7 |
| Mar-18 | 162.7 | 162.61 |
| Apr-18 | 162.99 | 162.65 |
| May-18 | 163.4 | 162.72 |
| Jun-18 | 163.54 | 163.01 |
| Jul-18 | 164.15 | 163.12 |
| Aug-18 | 163.49 | 162.49 |
| Sep-18 | 163.96 | 162.84 |
| Oct-18 | 164.4 | 163.32 |
| Nov-18 | 164.73 | 163.52 |
| Dec-18 | 165.07 | 163.92 |
| Jan-19 | 165.28 | 164.35 |
| Feb-19 | 165.68 | 164.37 |
| Mar-19 | 165.14 | 164.29 |
| Apr-19 | 165.27 | 163.89 |
| May-19 | 165.3 | 164.05 |
| Jun-19 | 165.63 | 164.28 |
| Jul-19 | 165.84 | 164.72 |
| Aug-19 | 166.07 | 165.02 |
| Sep-19 | 166.61 | 165.27 |
| Oct-19 | 166.67 | 165.59 |
| Nov-19 | 167.14 | 165.69 |
| Dec-19 | 166.89 | 165.9 |
| Jan-20 | 167.14 | 166.28 |
| Feb-20 | 167.77 | 166.38 |
| Mar-20 | 164.33 | 164.55 |
| Apr-20 | 140.88 | 158.13 |
| May-20 | 143.49 | 159.83 |
| Jun-20 | 149.23 | 161.5 |
| Jul-20 | 151.31 | 161.63 |
| Aug-20 | 155.31 | 162.28 |
| Sep-20 | 155.36 | 161.69 |
| Oct-20 | 157.66 | 162.34 |
| Nov-20 | 158.05 | 162 |
| Dec-20 | 158.09 | 162.08 |
| Jan-21 | 158.44 | 161.75 |
| Feb-21 | 159.1 | 161.92 |
| Mar-21 | 160.28 | 162.18 |
| Apr-21 | 161.2 | 162.5 |
| May-21 | 162.26 | 162.31 |
| Jun-21 | 162.69 | 162.62 |
| Jul-21 | 164.01 | 162.88 |
| Aug-21 | 165.41 | 163.02 |
| Sep-21 | 165.89 | 162.98 |
| Oct-21 | 166.37 | 163.13 |
| Nov-21 | 167.9 | 163.67 |
| Dec-21 | 168.37 | 163.83 |
| Jan-22 | 168.62 | 163.69 |
| Feb-22 | 169.01 | 163.99 |
| Mar-22 | 169.8 | 164.41 |
| Apr-22 | 169.96 | 164.05 |
| May-22 | 170.11 | 164.38 |
| Jun-22 | 169.41 | 164.02 |
| Jul-22 | 169.33 | 163.96 |
| Aug-22 | 169.9 | 164.75 |
| Sep-22 | 169.22 | 164.69 |
| Oct-22 | 169.33 | 164.67 |
Note: The shaded bars indicate periods of business recession as defined by the National Bureau of Economic Research: January 1980-July 1980; July 1981-November 1982; July 1990-March 1991; March 2001-November 2001; December 2007-June 2009; February 2020-April 2020.
Source: Census Bureau, Current Population Survey; Bureau of Labor Statistics, Job Openings and Labor Turnover Survey.
Figure 6. Wage growth
Quarterly
Percent change from a year earlier
| Period | Employment Cost Index |
|---|---|
| 2014:Q1 | 1.7 |
| 2014:Q2 | 2.02 |
| 2014:Q3 | 2.27 |
| 2014:Q4 | 2.35 |
| 2015:Q1 | 2.75 |
| 2015:Q2 | 1.9 |
| 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 |
| 2018:Q1 | 2.81 |
| 2018:Q2 | 2.86 |
| 2018:Q3 | 2.92 |
| 2018:Q4 | 2.99 |
| 2019:Q1 | 2.81 |
| 2019:Q2 | 2.63 |
| 2019:Q3 | 2.69 |
| 2019:Q4 | 2.68 |
| 2020:Q1 | 2.8 |
| 2020:Q2 | 2.71 |
| 2020:Q3 | 2.4 |
| 2020:Q4 | 2.61 |
| 2021:Q1 | 2.8 |
| 2021:Q2 | 3.07 |
| 2021:Q3 | 4.05 |
| 2021:Q4 | 4.38 |
| 2022:Q1 | 4.82 |
| 2022:Q2 | 5.54 |
| 2022:Q3 | 5.19 |
Monthly
Percent change from a year earlier
| Period | Average Hourly Earnings | Atlanta Wage Tracker (median) |
|---|---|---|
| Jan-14 | 1.89 | 2.3 |
| Feb-14 | 2.31 | 2.5 |
| Mar-14 | 2.1 | 2.4 |
| Apr-14 | 1.97 | 2.3 |
| May-14 | 2.13 | 2.3 |
| Jun-14 | 2 | 2.3 |
| Jul-14 | 2.09 | 2.4 |
| Aug-14 | 2.21 | 2.4 |
| Sep-14 | 2.08 | 2.6 |
| Oct-14 | 2.03 | 2.8 |
| Nov-14 | 2.03 | 2.9 |
| Dec-14 | 1.99 | 2.9 |
| Jan-15 | 2.15 | 3 |
| Feb-15 | 1.89 | 3 |
| Mar-15 | 2.18 | 3.2 |
| Apr-15 | 2.26 | 3.3 |
| May-15 | 2.3 | 3.3 |
| Jun-15 | 2.17 | 3.2 |
| Jul-15 | 2.17 | 3.1 |
| Aug-15 | 2.2 | 3.1 |
| Sep-15 | 2.24 | 3 |
| Oct-15 | 2.52 | 2.9 |
| Nov-15 | 2.39 | 3.1 |
| Dec-15 | 2.52 | 3.1 |
| Jan-16 | 2.55 | 3.1 |
| Feb-16 | 2.46 | 3.2 |
| Mar-16 | 2.46 | 3.2 |
| Apr-16 | 2.57 | 3.4 |
| May-16 | 2.44 | 3.5 |
| Jun-16 | 2.6 | 3.6 |
| Jul-16 | 2.72 | 3.4 |
| Aug-16 | 2.47 | 3.3 |
| Sep-16 | 2.63 | 3.6 |
| Oct-16 | 2.7 | 3.9 |
| Nov-16 | 2.65 | 3.9 |
| Dec-16 | 2.65 | 3.5 |
| Jan-17 | 2.64 | 3.2 |
| Feb-17 | 2.72 | 3.2 |
| Mar-17 | 2.59 | 3.4 |
| Apr-17 | 2.51 | 3.5 |
| May-17 | 2.5 | 3.4 |
| Jun-17 | 2.46 | 3.2 |
| Jul-17 | 2.57 | 3.3 |
| Aug-17 | 2.53 | 3.4 |
| Sep-17 | 2.79 | 3.6 |
| Oct-17 | 2.36 | 3.4 |
| Nov-17 | 2.43 | 3.2 |
| Dec-17 | 2.74 | 2.9 |
| Jan-18 | 2.69 | 3 |
| Feb-18 | 2.57 | 2.9 |
| Mar-18 | 2.83 | 3.3 |
| Apr-18 | 2.75 | 3.3 |
| May-18 | 2.9 | 3.2 |
| Jun-18 | 2.93 | 3.2 |
| Jul-18 | 2.85 | 3.3 |
| Aug-18 | 3.19 | 3.5 |
| Sep-18 | 3.1 | 3.5 |
| Oct-18 | 3.28 | 3.7 |
| Nov-18 | 3.35 | 3.9 |
| Dec-18 | 3.41 | 3.8 |
| Jan-19 | 3.25 | 3.8 |
| Feb-19 | 3.55 | 3.4 |
| Mar-19 | 3.54 | 3.5 |
| Apr-19 | 3.31 | 3.6 |
| May-19 | 3.26 | 3.7 |
| Jun-19 | 3.37 | 3.9 |
| Jul-19 | 3.43 | 3.9 |
| Aug-19 | 3.38 | 3.7 |
| Sep-19 | 3.08 | 3.6 |
| Oct-19 | 3.18 | 3.5 |
| Nov-19 | 3.35 | 3.7 |
| Dec-19 | 2.94 | 3.7 |
| Jan-20 | 3.01 | 3.8 |
| Feb-20 | 3.1 | 3.7 |
| Mar-20 | 3.56 | 3.5 |
| Apr-20 | 8.03 | 3.3 |
| May-20 | 6.68 | 3.5 |
| Jun-20 | 5.08 | 3.8 |
| Jul-20 | 4.92 | 3.9 |
| Aug-20 | 4.8 | 3.5 |
| Sep-20 | 4.83 | 3.5 |
| Oct-20 | 4.61 | 3.5 |
| Nov-20 | 4.59 | 3.7 |
| Dec-20 | 5.46 | 3.4 |
| Jan-21 | 5.28 | 3.4 |
| Feb-21 | 5.18 | 3.4 |
| Mar-21 | 4.41 | 3.4 |
| Apr-21 | 0.63 | 3.2 |
| May-21 | 2.19 | 3 |
| Jun-21 | 3.95 | 3.2 |
| Jul-21 | 4.28 | 3.7 |
| Aug-21 | 4.34 | 3.9 |
| Sep-21 | 4.78 | 4.2 |
| Oct-21 | 5.35 | 4.1 |
| Nov-21 | 5.33 | 4.3 |
| Dec-21 | 4.88 | 4.5 |
| Jan-22 | 5.45 | 5.1 |
| Feb-22 | 5.19 | 5.8 |
| Mar-22 | 5.62 | 6 |
| Apr-22 | 5.5 | 6 |
| May-22 | 5.34 | 6.1 |
| Jun-22 | 5.21 | 6.7 |
| Jul-22 | 5.22 | 6.7 |
| Aug-22 | 5.2 | 6.7 |
| Sep-22 | 4.98 | 6.3 |
| Oct-22 | 4.73 | 6.4 |
Source: Bureau of Labor Statistics; Federal Reserve Bank of Atlanta.
Last Update:
November 30, 2022