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Dallas Fed Recent Additions

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  • Texas Economy

    Texas Employment Forecast

    Incorporating July employment growth of 1.3 percent and new leading index data, the Texas Employment Forecast suggests jobs will grow 2.7 percent this year (December/December), with an 80 percent confidence band of 2.1 to 3.3 percent.

    August 17, 2018

  • Mexico Economic Update

    Mexico Posts Negative Growth in Second Quarter but Outlook Stable

    Mexico’s economy contracted an annualized 0.4 percent in the second quarter. Nevertheless, the consensus growth forecast for 2018 held steady in June at 2.3 percent.

    August 15, 2018

  • Community Development Publication

    Weathering the Storm: A Framework for Meeting CRA Obligations

    This report provides a brief overview of disaster recovery and its connection to the Community Reinvestment Act (CRA).

    August 14, 2018

  • U.S. Economic Data

    Market Value of U.S. Government Debt

    For many uses, market value more accurately represents the debt burden faced by the U.S. government than the par value. The par value of government debt, which is reported by the U.S. Treasury Department, reflects interest rates at the time the debt was issued while the market value is adjusted to reflect market interest rates as of the observed period. Federal Reserve Bank of Dallas researchers calculated the market value of U.S. government debt series until October 2010.

    August 10, 2018

  • Texas Economic Update

    Red-Hot Texas Economic Growth Likely to Cool

    The regional economy is about as hot as the Texas summer. Texas job growth was a blistering 3.6 percent (annualized) in the first half of 2018.

    August 10, 2018

  • Research Publications

    Does Medicaid Generosity Affect Household Income?

    Using a Regression Kink Design (RKD) framework, this paper takes a uniquely different approach to the identification of the effect of Medicaid generosity on household income.

    August 09, 2018

  • Research Department Working Papers

    A Closer Look at the Behavior of Uncertainty and Disagreement: Micro Evidence from the Euro Area

    This paper examines point and density forecasts of real GDP growth, inflation and unemployment from the European Central Bank’s Survey of Professional Forecasters.

    August 08, 2018

  • U.S. Economic Update

    U.S. Economy Appears Well-Positioned for Second Half

    The U.S. economy entered its 10th year of economic expansion last month, and recent data point to continued economic growth for the second half of the year.

    August 07, 2018

  • International Economic Update

    Global Growth Continues but with Higher Uncertainty

    First-quarter GDP growth has been disappointing in a number of economies, and growth appears to be less synchronous than anticipated earlier in the year.

    August 07, 2018

  • Globalization Institute Working Paper

    Explosive Dynamics in House Prices? An Exploration of Financial Market Spillovers in Housing Markets Around the World

    We investigate the effect of asset market spillovers on the emergence of explosiveness in the dynamics of real house prices.

    August 03, 2018

  • Globalization Institute

    Detecting Periods of Exuberance: A Look at the Role of Aggregation with an Application to House Prices

    In this paper, we examine through simulation experiments the effect of cross-sectional aggregation on the power properties of SADF and GSADF unit root tests.

    August 03, 2018

  • Energy Indicators

    Recent indicators have been mixed but continue to paint a positive overall picture for the industry. Drilling, well permit applications and production numbers have all plateaued in recent weeks.

    August 03, 2018

  • Trimmed Mean PCE Inflation Rate

    Behind the Numbers: PCE Inflation Update, June 2018

    The headline, or all-items, PCE price index rose 1.2 percent at an annualized rate in June, following a 2.4 percent annualized increase a month earlier.

    August 03, 2018

  • U.S. Economy

    Trimmed Mean PCE Inflation Rate

    The Trimmed Mean PCE inflation rate for June was an annualized 2.2 percent. According to the BEA, the overall PCE inflation rate for June was 1.2 percent, annualized, while the inflation rate for PCE excluding food and energy was 1.3 percent.

    August 03, 2018

  • Austin Economic Indicators

    The Austin economy continued to expand at a solid pace in June. The Austin Business-Cycle Index grew near its long-term trend. Although labor markets remained constrained, the metro posted solid employment growth.

    August 02, 2018

  • Research Department Working Papers

    Labor Market Effects of Credit Constraints: Evidence from a Natural Experiment

    We exploit the 1998 and 2003 constitutional amendment in Texas—allowing home equity loans and lines of credit for non-housing purposes—as natural experiments to estimate the effect of easier credit access on the labor market.

    August 02, 2018

  • Houston Economic Indicators

    The professional services sector continues to lead a broad-based acceleration in the Houston economy this year amid strong growth in the local labor force. Construction employment is surging as the existing-home market remains tight.

    July 31, 2018

  • Research Department Working Papers

    Hispanics in the U.S. Labor Market: A Tale of Three Generations

    While relatively low education levels do not appear to hamper Hispanic immigrants’ employment, they play a key role in explaining low levels of employment among Hispanic immigrants’ descendants.

    July 31, 2018

  • Texas Economy

    Texas Service Sector Activity Accelerates

    Texas service sector activity accelerated in July, according to business executives responding to the Texas Service Sector Outlook Survey.

    July 31, 2018

  • Texas Economy

    Texas Manufacturing Outlook Survey

    The robust expansion in Texas factory activity continued in July, according to business executives responding to the Texas Manufacturing Outlook Survey.

    July 30, 2018

  • El Paso Economic Indicators

    The El Paso economy continues to expand as the labor market continues to add jobs and home sales reach record levels. Trade through the El Paso port of entry rose, while maquiladora employment remained steady.

    July 27, 2018

  • San Antonio Economic Indicators

    Growth in the San Antonio economy remained mild in June. The San Antonio Business-Cycle Index continued to expand, though below its long-term average, as the unemployment rate held at a low level and job growth remained tepid.

    July 26, 2018

  • Permian Basin Economic Indicators

    Employment growth picked up in the second quarter, and unemployment remains near historic lows. The rig count has stalled, but production continues to grow.

    July 26, 2018

  • Dallas-Fort Worth Economic Indicators

    The Dallas–Fort Worth economy continues to expand. The June jobs report indicated employment growth moderated, with DFW adding jobs at the slowest pace so far this year.

    July 24, 2018

  • Texas Economic Indicators

    The Texas economy continued to expand at a solid pace in June. There were strong job gains, and unemployment remained low. The Dallas Fed’s Texas Business Outlook Surveys indicated continued growth in the state’s manufacturing and service-providing sectors.

    July 24, 2018

  • Next Generation Sector Partnerships: A Series of Case Studies

    A look at partnerships that advance workforce and economic competitiveness in five separate regions.

    July 23, 2018

  • Next Generation Sector Partnerships: A Series of Case Studies

    West Central Texas Region: Manufacturing Partnership

    Partnerships launch when industry leaders in one geographic region (such as West Central Texas) come together to identify their biggest shared opportunities for growth, then prioritize the most important requirements to capitalize on those opportunities.

    July 21, 2018

  • Next Generation Sector Partnerships: A Series of Case Studies

    Northeast Louisiana: Health Care Partnership

    The health care sector is prominently featured in the region's workforce development plan. This sector also matters to economic development simply because of the number of quality jobs it provides.

    July 21, 2018

  • Next Generation Sector Partnerships: A Series of Case Studies

    East Bay, California: Manufacturing and Transportation & Logistics Partnerships

    Partnerships launch when industry leaders in one geographic region (such as the East Bay of California) come together to identify their biggest shared opportunities for growth, then prioritize the most important requirements to capitalize on those opportunities.

    July 21, 2018

  • Next Generation Sector Partnerships: A Series of Case Studies

    Lane County, Oregon: Technology Partnership

    Lane Workforce Partnership (LWP) is Lane County’s local workforce development board, a nonprofit organization.

    July 21, 2018

  • Research Department Working Papers

    Valuation Risk Revalued

    The recent asset pricing literature finds valuation risk is an important determinant of key asset pricing moments. After correcting the preference specification, we find long-run risk, rather than valuation risk, plays the biggest role in explaining asset prices.

    July 20, 2018

  • Texas Economy

    Texas Employment Forecast

    Incorporating June employment growth of 2.8 percent and new leading index data, the Texas Employment Forecast suggests jobs will grow 3.0 percent this year (December/December), with an 80 percent confidence band of 2.2 to 3.8 percent.

    July 20, 2018

  • Reports on Regional Economic Activity

    Eleventh District Beige Book

    Economic activity continued to grow at a solid pace. Manufacturing output rose, and broad-based expansion in the services and energy sectors continued. Retail spending rose while drought conditions became more widespread.

    July 18, 2018

  • Research Department Working Papers

    Texas Service Sector Outlook Survey: Survey Methodology and Performance

    This paper describes the Texas Service Sector Outlook Survey (TSSOS) and Texas Retail Outlook Survey (TROS)’s methodology and analyzes the explanatory and predictive power of TSSOS and TROS indexes with regard to Texas employment growth.

    July 17, 2018

  • International Economic Data

    International House Price Database

    The international house price database comprises quarterly house price and personal disposable income (PDI) series for a number of countries.

    July 13, 2018

  • Energy Indicators

    Drilling activity continues to expand in Texas as prices continue to be favorable. OPEC recently indicated it would increase production, but falling inventories, unplanned outages and limited spare OPEC capacity left the price reaction mixed.

    July 05, 2018

  • Austin Economic Indicators

    Austin economic activity held steady in May. The Austin Business-Cycle Index continued to grow near trend. Job growth accelerated after softening in March and April, while the unemployment rate fell to its lowest rate since the beginning of the year.

    July 05, 2018

  • Regional Economy

    Agricultural Survey

    Bankers responding to the second-quarter survey noted continuing drought conditions across many regions of the Eleventh District.

    July 02, 2018

  • Mexico Economic Update

    Mexico’s First-Quarter Output Revised Up, but Growth Stalls in April

    Mexico’s economy grew slightly faster in first quarter 2018 than previously estimated. First-quarter gross domestic product was revised to 4.6 percent, up from the prior estimate of 4.5 percent.

    June 29, 2018

  • Trimmed Mean PCE Inflation Rate

    Behind the Numbers: PCE Inflation Update, May 2018

    The headline, or all-items, PCE price index rose 2.6 percent at an annualized rate in May, following a 2.9 percent annualized increase a month earlier.

    June 29, 2018

  • El Paso Economic Indicators

    The El Paso economy continues to expand. The labor market keeps growing, and homes sales reached near-record levels in May. Trade through the El Paso Port of Entry rose, while maquiladora employment remained steady.

    June 28, 2018

  • Surveys

    Dallas Fed Energy Survey

    Energy sector activity expanded strongly in second quarter 2018, according to oil and gas executives responding to the Dallas Fed Energy Survey.

    June 27, 2018

  • Texas Economy

    Texas Service Sector Activity Continues to Expand

    Texas service sector activity continued to increase in June, although at a slightly slower pace than last month, according to business executives responding to the Texas Service Sector Outlook Survey.

    June 26, 2018

  • Houston Economic Indicators

    Professional services and manufacturing are leading growth in the Houston economy. The energy sector is expanding at an accelerated pace, leading to strong export growth. Lending at local banks has been outpacing the state and the nation. Healthy gains in the Houston Leading Index and the Houston Business-Cycle Index suggest a continued positive outlook.

    June 25, 2018

  • Southwest Economy, Second Quarter 2018

    Harvey Highlights Houston MUD Bond Development Funding

    Historic flooding from Hurricane Harvey struck many Houston housing developments whose infrastructure was funded with municipal utility district (MUD) bonds.

    June 25, 2018

  • Texas Economy

    Texas Manufacturing Outlook Survey

    The expansion in Texas factory activity continued in June, albeit at a slower pace than in May, according to business executives responding to the Texas Manufacturing Outlook Survey.

    June 25, 2018

  • San Antonio Economic Indicators

    Growth in the San Antonio economy held steady in May. The San Antonio Business-Cycle Index continued to expand, though below its long-term average, as the unemployment rate fell but job growth remained tepid.

    June 21, 2018

  • Permian Basin Economic Indicators

    The Permian Basin economy continued its rapid expansion in May. Employment surpassed its prebust peak as unemployment fell to a record low.

    June 20, 2018

  • U.S. Economic Update

    U.S. Economic Picture Unchanged in Second Quarter 2018

    Economic data released since March point to continued growth in economic activity due to robust consumer spending, strong employment growth and diminishing labor market slack.

    June 19, 2018

  • Dallas-Fort Worth Economic Indicators

    The Dallas-Fort Worth economy continued to expand at a torrid pace. The May jobs report showed the metro area growing at a 3.7 percent annualized rate in the first five months of the year, adding a total of 55,500 net new jobs.

    June 19, 2018

  • Next Generation Sector Partnerships: A Series of Case Studies

    Rio Grande Valley, Texas: Next Generation Sector Partnerships in Health Care and Information Technology

    Partnerships launch when industry leaders in one geographic region (such as the Rio Grande Valley, Texas) come together to identify their biggest, shared opportunities for growth, then prioritize the most important requirements to capitalize on those opportunities.

    June 19, 2018

  • Essay by President Robert S. Kaplan

    A Perspective on Oil

    This essay lays out the key factors the Dallas Fed closely tracks in analyzing the global energy markets and in considering the impact of oil prices on economic conditions in the U.S.

    June 19, 2018

  • Economic Letter, Vol. 13, No. 8

    Smaller Banks Less Able to Withstand Flattening Yield Curve

    For the overall U.S. banking system, the effect on profitability of yield-curve flattening—the lowering of the difference between the yields of short- and long-term debt—lasts about a year and is relatively small.

    June 18, 2018

  • Texas Economic Update

    Texas Economy Continues to Advance

    The Texas economy is expanding at a solid pace. Employment has grown at a 3.6 percent annualized rate through May, driven by job gains in the goods-producing sector. Unemployment remains near its historical low, and labor markets are tight.

    June 18, 2018

  • Texas Economic Indicators

    The Texas economy continued to expand at a solid pace in May. The state posted strong job gains, and unemployment remained low. The headline indexes of the Dallas Fed's Texas Business Outlook Surveys indicated accelerating growth.

    June 18, 2018

  • Texas Economy

    Texas Employment Forecast

    Incorporating May annualized employment growth of 3.2 percent and new leading index data, the Texas Employment Forecast suggests jobs will grow 3.3 percent this year (December/December), with an 80 percent confidence band of 2.4 to 4.2 percent.

    June 15, 2018

  • International Economic Update

    Downside Risks Imperil Prospective Gains from Globalization

    Downside risks to the global economy could diminish its recent steady performance. Threats include challenges to existing trade arrangements, instability in the euro area and possible global blow-back from Federal Reserve benchmark rate increases.

    June 15, 2018

  • Austin Economic Indicators

    Austin economic activity held steady in April. The Austin Business-Cycle Index continued to grow well above trend. Although job growth softened in April, the unemployment rate remained low. Wages continued to rise, aiding home affordability.

    June 08, 2018

  • Research Department Working Papers

    The Impact of the Dodd-Frank Act on Small Business

    We find that the Dodd-Frank Act has impeded small-business lending controlling for cyclical effects and bank size, consistent with relative changes in bank credit standards. Also, the Sarbanes-Oxley Act, and to a lesser extent the Dodd-Frank Act, appear to have restrained business formation.

    June 07, 2018

  • Globalization Institute Working Paper

    Gains from Trade: Does Sectoral Heterogeneity Matter?

    This paper assesses the quantitative importance of including sectoral heterogeneity in computing the gains from trade.

    June 06, 2018

  • Energy Indicators

    The higher price environment is driving production and employment growth in the oil and gas industry. Higher prices for crude are also being passed onto consumer fuel prices even as exports remain elevated.

    June 01, 2018

  • Trimmed Mean PCE Inflation Rate

    Behind the Numbers: PCE Inflation Update, April 2018

    The headline, or all-items, PCE price index rose 2.7 percent at an annualized rate in April, following a negligible increase a month earlier.

    May 31, 2018

  • Reports on Regional Economic Activity

    Eleventh District Beige Book

    Economic activity grew at a solid pace, with an acceleration in manufacturing activity. Expansion in the services, energy, and real estate sectors continued at about the same pace. Retail spending was mixed and drought conditions persisted in parts of the District.

    May 30, 2018

  • Texas Economy

    Texas Service Sector Activity Expands at an Accelerated Pace

    Texas service sector activity accelerated sharply in May, according to business executives responding to the Texas Service Sector Outlook Survey.

    May 30, 2018

  • Houston Economic Indicators

    Overall, the outlook for Houston remains positive. Recent job growth has been very strong and broad based, and the region is likely to receive a tailwind from continued strength in the U.S. and Texas economies.

    May 29, 2018

  • Texas Economy

    Texas Manufacturing Outlook Survey

    Texas factory activity rose markedly in May, according to business executives responding to the Texas Manufacturing Outlook Survey.

    May 29, 2018

  • San Antonio Economic Indicators

    Growth in the San Antonio economy picked up in April. The San Antonio Business-Cycle Index accelerated to just slightly below its long-term pace as jobs increased and the unemployment rate fell.

    May 25, 2018

  • El Paso Economic Indicators

    Although employment contracted in April, the El Paso economy continues to expand. Trade through the El Paso Port of Entry inched down, while maquiladora employment remained steady.

    May 24, 2018

  • 2017 Small Business Credit Survey

    The Small Business Credit Survey is a national sample of small businesses, or firms with fewer than 500 employees, aimed at providing insight into their financing and debt needs and experiences. Analysis of this dataset is issued through a series of reports.

    May 22, 2018

  • Dallas-Fort Worth Economic Indicators

    Dallas–Fort Worth economic activity accelerated in April, with the Dallas and Fort Worth business-cycle indexes posting above-trend growth and payroll employment climbing in both metros.

    May 22, 2018

  • Texas Economic Indicators

    The Texas economy continued to post strong growth in April, with total nonfarm employment increasing from the previous month. Activity in the energy sector expanded further, with both the rig count and oil prices increasing.

    May 21, 2018

  • Texas Economy

    Texas Employment Forecast

    Incorporating April annualized employment growth of 4.2 percent and gains in the leading index, the Texas Employment Forecast projects jobs will grow 3.6 percent this year (December/December), with an 80 percent confidence band of 2.5 to 4.7 percent.

    May 18, 2018

  • Southern New Mexico Economic Indicators

    New Mexico’s labor market expanded in the first quarter, while employment levels in Las Cruces inched down. Trade through the port is rising, and the rig count is well above year-ago levels.

    May 17, 2018

  • Permian Basin Economic Indicators

    Employment increased in the Permian Basin during March while the unemployment rate continued to fall. Oil indicators are showing strength.

    May 17, 2018

  • Mexico Economic Update

    Mexico Economy Expands at a Strong Pace in First Quarter

    Mexico’s gross domestic product (GDP) grew at an annualized 4.5 percent pace in first quarter 2018—its highest quarterly growth since mid-2016.

    May 15, 2018

  • Texas Economic Update

    Texas Economic Growth Continues at Healthy Pace

    The Texas economy remains in a broad-based expansion. Job growth in the first quarter was a robust 3.5 percent, maintaining the solid gains seen in fourth quarter 2017.

    May 10, 2018

  • Globalization Institute Working Paper

    Macro Aspects of Housing

    The findings in this paper suggest that a reconsideration and refinement of existing “macro-housing” theories would be appropriate.

    May 10, 2018

  • Research Department Working Papers

    The Dynamic Effects of Personal and Corporate Income Tax Changes in the United States: Reply to Jentsch and Lunsford

    When focusing on the relevant impulse responses, the evidence for economic and statistically significant macroeconomic effects of tax changes in Mertens and Ravn (2013) remains present for a range of asymptotically valid inference methods.

    May 09, 2018

  • U.S. Economic Update

    Slower Growth in First Quarter Appears Temporary

    The U.S. economy entered 2018 with strong momentum, but it slowed in the first quarter.

    May 08, 2018

  • Research Department Working Papers

    The Accuracy of Linear and Nonlinear Estimation in the Presence of the Zero Lower Bound

    This paper evaluates the accuracy of linear and nonlinear estimation methods for dynamic stochastic general equilibrium models.

    May 07, 2018

  • Economic Letter, Vol. 13, No. 7

    Consumers Respond More to Negative News than Positive Info

    Consumers, forced to navigate a constant stream of economic information, are often challenged to sort through details and respond to new material.

    May 04, 2018

  • Energy Indicators

    Texas oil and gas employment and drilling activity continued to grow in March and April. The price of West Texas Intermediate (WTI) crude strengthened to its highest monthly average since November 2014. However, pipeline capacity in the Permian may be in short supply over the next year, putting downward pressure on barrels priced in the region and potentially restricting production growth in 2019.

    May 04, 2018

  • International Economic Update

    Global Economic Outlook Remains Strong

    Real world output growth excluding the U.S. came in at 3.4 percent in 2017, and forecasts call for continued strong growth in 2018 and 2019.

    May 04, 2018

  • Trimmed Mean PCE Inflation Rate

    Behind the Numbers: PCE Inflation Update, March 2018

    The headline, or all-items, PCE price index was essentially unchanged in March, weighed down by declines in the prices of energy goods and services, particularly gasoline.

    May 04, 2018

  • Austin Economic Indicators

    Austin economic activity accelerated in March. The Austin Business-Cycle Index grew at its fastest pace since late 2015, bolstered by strong employment growth over the first quarter of this year.

    May 03, 2018

  • Texas Economy

    Texas Service Sector Activity Continues to Expand but at Slower Pace

    Texas service sector activity continued to increase in April, albeit at a slower pace than last month, according to business executives responding to the Texas Service Sector Outlook Survey.

    May 01, 2018

  • Houston Economic Indicators

    Overall, the outlook for Houston remains positive. Coincident and leading indicators continue to suggest healthy growth in activity in the region. Exports are expanding, while real estate and construction data are more mixed.

    April 30, 2018

  • Texas Economy

    Texas Manufacturing Outlook Survey

    Texas factory activity rose markedly in April after posting slower growth in March, according to business executives responding to the Texas Manufacturing Outlook Survey.

    April 30, 2018

  • San Antonio Economic Indicators

    Growth in the San Antonio economy slowed in March. The San Antonio Business-Cycle Index decelerated below its long-term pace, primarily due to a decline in jobs and a slight increase in the unemployment rate.

    April 27, 2018

  • El Paso Economic Indicators

    Economic activity in El Paso remains solid. Ciudad Juárez maquiladora employment is steady, while employment in El Paso continues to expand.

    April 25, 2018

  • Dallas-Fort Worth Economic Indicators

    Dallas-Fort Worth economic growth continued to be healthy in March. Payroll employment in the first quarter expanded at its fastest rate in a year and a half.

    April 24, 2018

  • Texas Economic Indicators

    The Texas economy continued to grow at a healthy pace in March. The Texas Business-Cycle Index accelerated for the 24th month in a row, as employment expanded and the unemployment rate held steady at a low level.

    April 23, 2018

  • Texas Economy

    Texas Employment Forecast

    Incorporating March employment growth of 2.3 percent and leading index data, the Texas Employment Forecast suggests jobs will grow 3.4 percent this year (December/December), with an 80 percent confidence band of 2.2 to 4.6 percent.

    April 20, 2018

  • Globalization Institute Working Paper

    Official Debt Restructurings and Development

    Despite the frequency of official debt restructurings, little systematic evidence has been produced on their characteristics and implications. Using a dataset covering more than 400 Paris Club agreements, this paper fills that gap.

    April 20, 2018

  • Permian Basin Economic Indicators

    The Permian Basin economy remains robust in terms of employment, energy and housing. Employment expanded for the 18th month in a row during February.

    April 19, 2018

  • Research Department Working Papers

    The Near Term Growth Impact of the Tax Cuts and Jobs Act

    This paper uses existing empirical estimates of the macroeconomic effects of tax changes to project the near term impact of the Tax Cuts and Jobs Act on US GDP growth.

    April 18, 2018

  • Energy Indicators

    The Texas oil and gas sector remained strong through March. Prices for West Texas Intermediate (WTI) crude oil rose slightly in March, staying close to $63 per barrel. Oil production in the Permian Basin and Eagle Ford rose again. Texas oil and gas employment spiked up in February and is at its highest level since late 2015. U.S. Liquefied Natural Gas (LNG) exports are at an all-time high and projected to increase further this year.

    April 18, 2018

  • Reports on Regional Economic Activity

    Eleventh District Beige Book

    Economic activity grew moderately, with a rebound in retail sales and an acceleration in financial and nonfinancial services activity. Robust expansion in the energy industry continued, while growth in manufacturing eased somewhat.

    April 18, 2018

  • Essay by President Robert S. Kaplan

    Taking the Long View: Creating a Better Future for Our Children and Grandchildren

    Short-term cyclical developments are only part of the story in understanding the U.S. and global economies.

    April 16, 2018

  • Economic Letter, Vol. 13, No. 6

    Declining U.S. Labor Force Participation Rates Stand Out

    Male and female prime-age labor force participation rates have declined in the U.S. at a faster rate than in most developed countries over the past 20 years, even among people with a college degree.

    April 12, 2018