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Factors in Unemployment Dynamics

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The U.S. unemployment rate averaged 8.4% during the first five years of recovery from the Great Recession of 2007-2009, the weakest recovery on record. But as the expansion continued, unemployment continued to decline and by 2018 reached the lowest levels in almost half a century. In this Note, we explore why unemployment remained so high for so long, and what factors contributed to the recent lows.

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  • Hie Joo Ahn & James D. Hamilton, 2018. "Factors in Unemployment Dynamics," FEDS Notes 2018-12-21-3, Board of Governors of the Federal Reserve System (U.S.).
    • Handle: RePEc:fip:fedgfn:2018-12-21-3
    DOI: 10.17016/2380-7172.2274
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