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Searching for Maximum Employment

Author

Listed:
  • Sarah Albert
  • Robert G. Valletta

Abstract

How well the economy is progressing toward the Federal Reserve’s goal of maximum employment is reflected in a range of indicators that evolve over time. Beyond the unemployment rate, two key metrics of labor market health are the labor force participation rate and the employment-to-population ratio. The aging of the population is reducing the levels of both measures, implying that they are unlikely to return to pre-pandemic highs. However, these two indicators remain well below their demographic trends, and analysis suggests that they will not recover to trend until 2024.

Suggested Citation

  • Sarah Albert & Robert G. Valletta, 2022. "Searching for Maximum Employment," FRBSF Economic Letter, Federal Reserve Bank of San Francisco, vol. 2022(02), pages 1-06, February.
    • Handle: RePEc:fip:fedfel:93693
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    Cited by:

    1. John G. Fernald & Huiyu Li, 2022. "The Impact of COVID on Productivity and Potential Output," Working Paper Series 2022-19, Federal Reserve Bank of San Francisco.
    2. Janice C. dup Eberly & John dup Fernald, 2022. "Jackson Hole 2022 - Reassessing Economic Constraints: Potential Output (The Impact of COVID on Productivity and Potential Output)," Proceedings - Economic Policy Symposium - Jackson Hole, Federal Reserve Bank of Kansas City, August.

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