Accessible Version
Accessible Version
Investing in Rural America Conference
Lisa D. Cook
Member
Board of Governors of the Federal Reserve System
Investing in Rural America Conference
Asheville, N.C
November 7, 2023
Figure 1: Unemployment Rate
Percent (%)
| Year | Rural | National |
|---|---|---|
| 2015 | 5.7044207 | 5.3 |
| 2016 | 5.5389736 | 4.9 |
| 2017 | 4.8514736 | 4.4 |
| 2018 | 4.3371443 | 3.9 |
| 2019 | 4.2101626 | 3.7 |
| 2020 | 6.6790603 | 8.1 |
| 2021 | 4.744467 | 5.4 |
| 2022 | 3.7319797 | 3.7 |
| 2023 | 3.7240609 | 3.6 |
| 2024 | 4.0495431 | 4 |
| 2025 | 4.2830964 | 4.3 |
Source: U.S. Bureau of Labor and Statistics, Local Area Unemployment Statistics. U.S. Bureau of Labor Statistics via FRED ®
Figure 2: Employment-Population Ratio (Prime-Age)
Percent (%)
| Month-Year | Rural | Urban |
|---|---|---|
| 01/2019 | 76.59 | 79.98 |
| 02/2019 | 76.51 | 80.08 |
| 03/2019 | 76.57 | 80.22 |
| 04/2019 | 77.02 | 80.25 |
| 05/2019 | 77.33 | 80.37 |
| 06/2019 | 77.61 | 80.46 |
| 07/2019 | 77.31 | 80.42 |
| 08/2019 | 76.98 | 80.46 |
| 09/2019 | 76.97 | 80.50 |
| 10/2019 | 77.20 | 80.70 |
| 11/2019 | 77.54 | 80.69 |
| 12/2019 | 77.66 | 80.61 |
| 01/2020 | 77.77 | 80.62 |
| 02/2020 | 77.81 | 80.67 |
| 03/2020 | 77.56 | 80.44 |
| 04/2020 | 74.83 | 76.90 |
| 05/2020 | 72.94 | 73.77 |
| 06/2020 | 71.92 | 71.84 |
| 07/2020 | 73.38 | 73.22 |
| 08/2020 | 74.43 | 74.59 |
| 09/2020 | 74.41 | 75.00 |
| 10/2020 | 74.61 | 75.54 |
| 11/2020 | 74.56 | 75.60 |
| 12/2020 | 75.08 | 75.86 |
| 01/2021 | 75.61 | 75.96 |
| 02/2021 | 75.95 | 76.27 |
| 03/2021 | 76.01 | 76.63 |
| 04/2021 | 75.67 | 77.02 |
| 05/2021 | 75.27 | 77.41 |
| 06/2021 | 74.99 | 77.74 |
| 07/2021 | 74.98 | 78.10 |
| 08/2021 | 75.25 | 78.25 |
| 09/2021 | 75.62 | 78.38 |
| 10/2021 | 76.06 | 78.41 |
| 11/2021 | 76.43 | 78.68 |
| 12/2021 | 76.81 | 78.97 |
| 01/2022 | 76.99 | 79.24 |
| 02/2022 | 77.17 | 79.48 |
| 03/2022 | 77.52 | 79.82 |
| 04/2022 | 77.45 | 80.21 |
| 05/2022 | 77.47 | 80.51 |
| 06/2022 | 77.28 | 80.59 |
| 07/2022 | 77.32 | 80.55 |
| 08/2022 | 77.15 | 80.56 |
| 09/2022 | 77.21 | 80.53 |
| 10/2022 | 77.33 | 80.49 |
| 11/2022 | 77.53 | 80.34 |
| 12/2022 | 77.37 | 80.35 |
| 01/2023 | 77.20 | 80.49 |
| 02/2023 | 77.03 | 80.77 |
| 03/2023 | 77.15 | 81.03 |
| 04/2023 | 77.56 | 81.25 |
| 05/2023 | 78.02 | 81.32 |
| 06/2023 | 78.26 | 81.33 |
| 07/2023 | 78.36 | 81.31 |
| 08/2023 | 78.20 | 81.30 |
| 09/2023 | 77.96 | 81.29 |
| 10/2023 | 77.67 | 81.23 |
| 11/2023 | 77.75 | 81.28 |
| 12/2023 | 77.77 | 81.15 |
| 01/2024 | 77.94 | 81.11 |
| 02/2024 | 77.89 | 81.05 |
| 03/2024 | 78.11 | 81.12 |
| 04/2024 | 78.32 | 81.14 |
| 05/2024 | 78.50 | 81.19 |
| 06/2024 | 78.50 | 81.23 |
| 07/2024 | 78.64 | 81.26 |
| 08/2024 | 78.63 | 81.19 |
| 09/2024 | 78.56 | 81.22 |
| 10/2024 | 78.31 | 81.20 |
| 11/2024 | 78.04 | 81.13 |
| 12/2024 | 78.06 | 80.97 |
| 01/2025 | 78.07 | 80.98 |
| 02/2025 | 78.24 | 80.99 |
| 03/2025 | 78.19 | 81.03 |
| 04/2025 | 78.13 | 81.04 |
| 05/2025 | 78.00 | 81.02 |
| 06/2025 | 78.11 | 81.06 |
| 07/2025 | 78.10 | 80.94 |
| 08/2025 | 78.32 | 80.95 |
| 09/2025 | 78.42 | 80.89 |
| 10/2025 | 78.61 | 80.95 |
| 11/2025 | 78.66 | 80.99 |
| 12/2025 | 78.45 | 81.10 |
| 01/2026 | 78.38 | 81.20 |
| 02/2026 | 78.23 | 81.24 |
| 03/2026 | 78.56 | 81.19 |
| 04/2026 | 78.63 | 81.16 |
Note: Restricted to prime-age individuals (25-54). There are no data for October 2025
Source: Federal Reserve Bank of New York, Economic Heterogeneity Indicators.
Figure 3: Total Employment Growth (12-month rolling average)
Index (Jan. 2019 = 100)
| Month-Year | Rural | Urban |
|---|---|---|
| 12/2019 | 102.1181 | 101.7921 |
| 01/2020 | 102.1271 | 101.8814 |
| 02/2020 | 102.1485 | 101.969 |
| 03/2020 | 102.0306 | 101.9284 |
| 04/2020 | 101.132 | 100.7707 |
| 05/2020 | 100.3303 | 99.83028 |
| 06/2020 | 99.73804 | 99.14892 |
| 07/2020 | 99.17044 | 98.5223 |
| 08/2020 | 98.79263 | 98.07532 |
| 09/2020 | 98.4081 | 97.61873 |
| 10/2020 | 98.16447 | 97.2855 |
| 11/2020 | 97.92132 | 96.94173 |
| 12/2020 | 97.67847 | 96.58275 |
| 01/2021 | 97.44755 | 96.27126 |
| 02/2021 | 97.18955 | 95.95741 |
| 03/2021 | 97.13639 | 95.87061 |
| 04/2021 | 97.90188 | 97.26643 |
| 05/2021 | 98.47855 | 98.04329 |
| 06/2021 | 98.82774 | 98.53152 |
| 07/2021 | 99.16322 | 99.00064 |
| 08/2021 | 99.3203 | 99.31721 |
| 09/2021 | 99.47663 | 99.66055 |
| 10/2021 | 99.5021 | 99.90211 |
| 11/2021 | 99.59381 | 100.2213 |
| 12/2021 | 99.74065 | 100.596 |
| 01/2022 | 99.8937 | 100.9375 |
| 02/2022 | 100.0995 | 101.2956 |
| 03/2022 | 100.3255 | 101.6501 |
| 04/2022 | 100.4827 | 101.9551 |
| 05/2022 | 100.6587 | 102.2579 |
| 06/2022 | 100.8175 | 102.5425 |
| 07/2022 | 100.9696 | 102.7848 |
| 08/2022 | 101.0749 | 103.0165 |
| 09/2022 | 101.1671 | 103.2259 |
| 10/2022 | 101.2281 | 103.3958 |
| 11/2022 | 101.263 | 103.5118 |
| 12/2022 | 101.33 | 103.6389 |
| 01/2023 | 101.3867 | 103.7822 |
| 02/2023 | 101.4417 | 103.9058 |
| 03/2023 | 101.4591 | 104.0202 |
| 04/2023 | 101.5135 | 104.1648 |
| 05/2023 | 101.5305 | 104.2741 |
| 06/2023 | 101.6178 | 104.4193 |
| 07/2023 | 101.6753 | 104.5785 |
| 08/2023 | 101.7842 | 104.7424 |
| 09/2023 | 101.9025 | 104.9115 |
| 10/2023 | 102.0005 | 105.0785 |
| 11/2023 | 102.1422 | 105.2837 |
| 12/2023 | 102.1787 | 105.3948 |
| 01/2024 | 102.2209 | 105.4982 |
| 02/2024 | 102.2297 | 105.5885 |
| 03/2024 | 102.2607 | 105.684 |
| 04/2024 | 102.3044 | 105.7722 |
| 05/2024 | 102.35 | 105.8624 |
| 06/2024 | 102.4025 | 105.9523 |
| 07/2024 | 102.4504 | 106.025 |
| 08/2024 | 102.491 | 106.0827 |
| 09/2024 | 102.523 | 106.1556 |
| 10/2024 | 102.5579 | 106.2196 |
| 11/2024 | 102.5208 | 106.2359 |
| 12/2024 | 102.5553 | 106.3108 |
| 01/2025 | 102.6307 | 106.3923 |
| 02/2025 | 102.6624 | 106.4412 |
| 03/2025 | 102.6835 | 106.4826 |
| 04/2025 | 102.6915 | 106.5478 |
| 05/2025 | 102.659 | 106.586 |
| 06/2025 | 102.6152 | 106.6186 |
| 07/2025 | 102.5688 | 106.6288 |
| 08/2025 | 102.5368 | 106.6496 |
| 09/2025 | 102.5046 | 106.6542 |
Note: Index set to January 2019 = 100. 12-month rolling average
Source: U.S. Bureau of Labor Statistics, Local Area Unemployment Statistics.
Figure 4: Inflation (12-month change)
Percent (%)
| Month-Year | Rural | Urban |
|---|---|---|
| 01/2019 | 0.82184393 | 1.48759 |
| 02/2019 | 0.906062458 | 1.51886 |
| 03/2019 | 1.386140255 | 1.88319 |
| 04/2019 | 1.475724874 | 2.00058 |
| 05/2019 | 1.200014333 | 1.79591 |
| 06/2019 | 1.012154667 | 1.67119 |
| 07/2019 | 1.188760628 | 1.82633 |
| 08/2019 | 1.122439786 | 1.73764 |
| 09/2019 | 1.073372646 | 1.6845 |
| 10/2019 | 1.163399416 | 1.73397 |
| 11/2019 | 1.702434831 | 2.09229 |
| 12/2019 | 2.068099541 | 2.31953 |
| 01/2020 | 2.379237285 | 2.59977 |
| 02/2020 | 1.948971122 | 2.34132 |
| 03/2020 | 0.862895963 | 1.49404 |
| 04/2020 | -0.439006029 | 0.31305 |
| 05/2020 | -0.525218919 | 0.1982 |
| 06/2020 | 0.142432519 | 0.71666 |
| 07/2020 | 0.610828609 | 0.99686 |
| 08/2020 | 1.13867767 | 1.28107 |
| 09/2020 | 1.511054069 | 1.39102 |
| 10/2020 | 1.472392867 | 1.23039 |
| 11/2020 | 1.395744131 | 1.17575 |
| 12/2020 | 1.52173208 | 1.32042 |
| 01/2021 | 1.679686334 | 1.37384 |
| 02/2021 | 2.228561391 | 1.66982 |
| 03/2021 | 3.806728789 | 2.66782 |
| 04/2021 | 5.855477655 | 4.13308 |
| 05/2021 | 7.165732852 | 4.91826 |
| 06/2021 | 7.6475287 | 5.29563 |
| 07/2021 | 7.449009272 | 5.24517 |
| 08/2021 | 7.008975886 | 5.15202 |
| 09/2021 | 7.015822757 | 5.35122 |
| 10/2021 | 7.930990329 | 6.23504 |
| 11/2021 | 8.754360915 | 6.90197 |
| 12/2021 | 9.273673704 | 7.17434 |
| 01/2022 | 9.861772542 | 7.55881 |
| 02/2022 | 10.40335587 | 7.93728 |
| 03/2022 | 10.75407049 | 8.5722 |
| 04/2022 | 10.06278681 | 8.23175 |
| 05/2022 | 10.00591203 | 8.53817 |
| 06/2022 | 10.2214001 | 8.97936 |
| 07/2022 | 9.416957651 | 8.46258 |
| 08/2022 | 8.896368786 | 8.22258 |
| 09/2022 | 8.568520037 | 8.19211 |
| 10/2022 | 7.864644752 | 7.75881 |
| 11/2022 | 6.830779359 | 7.12286 |
| 12/2022 | 6.228522291 | 6.4046 |
| 01/2023 | 6.27588536 | 6.32718 |
| 02/2023 | 6.032718824 | 5.95782 |
| 03/2023 | 4.742183204 | 4.91772 |
| 04/2023 | 4.433864288 | 4.95008 |
| 05/2023 | 3.30521069 | 4.13185 |
| 06/2023 | 1.958669088 | 3.07062 |
| 07/2023 | 2.281835658 | 3.28775 |
| 08/2023 | 2.976908292 | 3.7225 |
| 09/2023 | 3.057765207 | 3.68721 |
| 10/2023 | 2.46041406 | 3.25127 |
| 11/2023 | 2.231013723 | 3.13335 |
| 12/2023 | 2.461187962 | 3.31591 |
| 01/2024 | 2.36693921 | 3.08834 |
| 02/2024 | 2.542395424 | 3.15707 |
| 03/2024 | 2.907359045 | 3.48683 |
| 04/2024 | 2.814184243 | 3.3608 |
| 05/2024 | 2.69252446 | 3.24428 |
| 06/2024 | 2.446745699 | 2.97026 |
| 07/2024 | 2.375259623 | 2.94148 |
| 08/2024 | 2.020474951 | 2.60714 |
| 09/2024 | 1.884200621 | 2.42648 |
| 10/2024 | 2.160780658 | 2.57884 |
| 11/2024 | 2.459960038 | 2.71947 |
| 12/2024 | 2.661745173 | 2.87069 |
| 01/2025 | 2.736459785 | 2.99098 |
| 02/2025 | 2.395146544 | 2.80158 |
| 03/2025 | 1.855444955 | 2.38198 |
| 04/2025 | 1.798855886 | 2.32539 |
| 05/2025 | 1.947556646 | 2.37727 |
| 06/2025 | 2.368545041 | 2.68045 |
| 07/2025 | 2.56771613 | 2.74262 |
| 08/2025 | 2.906772668 | 2.93859 |
| 09/2025 | 3.07508132 | 3.02257 |
| 10/2025 | ||
| 11/2025 | 2.763825472 | 2.69644 |
| 12/2025 | 2.676198614 | 2.6533 |
| 01/2026 | 2.388184191 | 2.3912 |
| 02/2026 | 2.638834901 | 2.434 |
| 03/2026 | 3.832689192 | 3.28596 |
| 04/2026 | 4.566195596 | 3.77925 |
| 05/2026 | 4.16661 | 4.16661 |
| 06/2026 | 3.46353 | 3.46353 |
| 07/2026 | 3.30386 | 3.30386 |
Note: 12-month percent change. There are no data for October 2025.
Source: Federal Reserve Bank of New York, Economic Heterogeneity Indicators. U.S. Bureau of Labor Statistics vis FRED ®.
Last Update:
September 30, 2026