Board of Governors of the Federal Reserve System

Figure 1. Inflation is moving up toward target

Percent change from 12 months earlier

Period	Core	Total
January 1980	8.21	10.46
February 1980	8.93	11.07
March 1980	9.31	11.56
April 1980	8.87	10.99
May 1980	8.80	10.71
June 1980	8.92	10.49
July 1980	9.13	10.51
August 1980	9.20	10.59
September 1980	9.48	10.63
October 1980	9.58	10.62
November 1980	9.74	10.75
December 1980	9.62	10.54
January 1981	9.74	10.45
February 1981	9.46	10.38
March 1981	9.06	9.80
April 1981	9.18	9.70
May 1981	9.06	9.34
June 1981	8.87	9.09
July 1981	8.77	8.90
August 1981	8.71	8.67
September 1981	8.40	8.33
October 1981	8.15	7.95
November 1981	7.93	7.65
December 1981	7.67	7.29
January 1982	7.39	6.89
February 1982	7.02	6.14
March 1982	6.89	5.67
April 1982	6.64	5.27
May 1982	6.49	5.42
June 1982	6.49	5.76
July 1982	6.54	5.75
August 1982	6.32	5.42
September 1982	6.03	5.08
October 1982	6.07	5.20
November 1982	5.86	4.96
December 1982	5.83	4.81
January 1983	5.93	4.71
February 1983	5.93	4.58
March 1983	5.62	4.46
April 1983	5.53	4.88
May 1983	5.11	4.57
June 1983	5.08	4.20
July 1983	5.11	4.18
August 1983	5.17	4.30
September 1983	5.20	4.37
October 1983	4.73	3.97
November 1983	4.58	3.80
December 1983	4.31	3.69
January 1984	3.91	3.63
February 1984	4.17	4.14
March 1984	4.42	4.34
April 1984	4.60	4.26
May 1984	4.69	4.10
June 1984	4.45	3.90
July 1984	4.20	3.69
August 1984	4.00	3.56
September 1984	3.75	3.34
October 1984	3.79	3.41
November 1984	3.77	3.41
December 1984	4.11	3.65
January 1985	4.35	3.72
February 1985	4.26	3.52
March 1985	4.24	3.60
April 1985	3.88	3.36
May 1985	4.02	3.49
June 1985	4.13	3.59
July 1985	3.99	3.48
August 1985	4.15	3.50
September 1985	4.20	3.53
October 1985	4.12	3.45
November 1985	4.15	3.60
December 1985	4.02	3.65
January 1986	4.00	3.62
February 1986	3.72	3.13
March 1986	3.65	2.49
April 1986	3.69	2.11
May 1986	3.49	2.04
June 1986	3.44	2.12
July 1986	3.31	1.89
August 1986	3.01	1.67
September 1986	3.13	1.83
October 1986	3.32	1.85
November 1986	3.29	1.74
December 1986	3.14	1.53
January 1987	2.81	1.52
February 1987	2.76	1.88
March 1987	2.76	2.39
April 1987	3.01	2.97
May 1987	3.12	3.05
June 1987	3.10	3.06
July 1987	3.18	3.27
August 1987	3.32	3.55
September 1987	3.40	3.57
October 1987	3.51	3.73
November 1987	3.51	3.74
December 1987	3.60	3.80
January 1988	3.84	3.71
February 1988	3.83	3.49
March 1988	3.96	3.57
April 1988	4.04	3.70
May 1988	4.11	3.75
June 1988	4.27	3.80
July 1988	4.43	4.07
August 1988	4.34	3.97
September 1988	4.48	4.12
October 1988	4.42	4.11
November 1988	4.47	4.15
December 1988	4.59	4.27
January 1989	4.62	4.40
February 1989	4.66	4.59
March 1989	4.52	4.61
April 1989	4.36	4.79
May 1989	4.31	4.86
June 1989	4.15	4.64
July 1989	3.97	4.37
August 1989	3.86	4.07
September 1989	3.65	3.79
October 1989	3.64	3.87
November 1989	3.63	3.85
December 1989	3.60	3.84
January 1990	3.47	4.09
February 1990	3.72	4.21
March 1990	3.90	4.21
April 1990	3.87	3.75
May 1990	3.87	3.59
June 1990	4.00	3.83
July 1990	3.99	3.84
August 1990	4.29	4.52
September 1990	4.30	4.94
October 1990	4.27	5.12
November 1990	4.12	5.02
December 1990	3.96	4.81
January 1991	4.08	4.42
February 1991	3.85	4.00
March 1991	3.57	3.64
April 1991	3.46	3.60
May 1991	3.57	3.80
June 1991	3.39	3.52
July 1991	3.46	3.44
August 1991	3.31	2.99
September 1991	3.35	2.72
October 1991	3.23	2.33
November 1991	3.30	2.42
December 1991	3.42	2.59
January 1992	3.19	2.34
February 1992	3.20	2.56
March 1992	3.25	2.80
April 1992	3.39	2.89
May 1992	3.12	2.60
June 1992	2.98	2.61
July 1992	3.06	2.79
August 1992	2.87	2.69
September 1992	2.63	2.51
October 1992	2.81	2.68
November 1992	2.85	2.67
December 1992	2.80	2.60
January 1993	2.82	2.71
February 1993	2.74	2.61
March 1993	2.70	2.56
April 1993	2.67	2.56
May 1993	2.87	2.74
June 1993	2.89	2.60
July 1993	2.72	2.42
August 1993	2.82	2.46
September 1993	2.80	2.41
October 1993	2.57	2.36
November 1993	2.61	2.35
December 1993	2.46	2.19
January 1994	2.25	1.98
February 1994	2.27	2.06
March 1994	2.40	2.13
April 1994	2.25	1.98
May 1994	2.13	1.81
June 1994	2.25	2.02
July 1994	2.26	2.18
August 1994	2.18	2.23
September 1994	2.18	2.24
October 1994	2.25	2.09
November 1994	2.18	2.10
December 1994	2.17	2.14
January 1995	2.34	2.31
February 1995	2.28	2.25
March 1995	2.17	2.15
April 1995	2.25	2.30
May 1995	2.19	2.30
June 1995	2.05	2.14
July 1995	2.00	1.95
August 1995	2.13	1.94
September 1995	2.11	1.90
October 1995	2.12	1.99
November 1995	1.99	1.79
December 1995	2.10	1.92
January 1996	1.98	1.95
February 1996	1.95	1.94
March 1996	1.94	2.06
April 1996	1.84	2.09
May 1996	1.85	2.12
June 1996	1.85	2.03
July 1996	1.88	2.12
August 1996	1.73	2.00
September 1996	1.90	2.20
October 1996	1.89	2.25
November 1996	1.96	2.43
December 1996	1.85	2.35
January 1997	1.84	2.25
February 1997	1.92	2.31
March 1997	1.93	2.11
April 1997	1.98	1.90
May 1997	1.89	1.69
June 1997	1.96	1.82
July 1997	1.83	1.66
August 1997	1.70	1.64
September 1997	1.60	1.59
October 1997	1.51	1.42
November 1997	1.41	1.25
December 1997	1.44	1.11
January 1998	1.47	1.02
February 1998	1.34	0.75
March 1998	1.20	0.66
April 1998	1.20	0.69
May 1998	1.22	0.87
June 1998	0.95	0.66
July 1998	1.16	0.85
August 1998	1.40	0.91
September 1998	1.18	0.61
October 1998	1.22	0.70
November 1998	1.19	0.69
December 1998	1.31	0.81
January 1999	1.36	0.95
February 1999	1.29	0.99
March 1999	1.21	1.05
April 1999	1.26	1.39
May 1999	1.23	1.29
June 1999	1.39	1.39
July 1999	1.30	1.42
August 1999	1.14	1.46
September 1999	1.43	1.88
October 1999	1.39	1.82
November 1999	1.48	1.91
December 1999	1.44	2.05
January 2000	1.51	2.16
February 2000	1.66	2.51
March 2000	1.84	2.87
April 2000	1.66	2.31
May 2000	1.69	2.34
June 2000	1.71	2.66
July 2000	1.76	2.63
August 2000	1.83	2.44
September 2000	1.82	2.52
October 2000	1.81	2.50
November 2000	1.88	2.55
December 2000	1.81	2.43
January 2001	1.88	2.59
February 2001	1.88	2.40
March 2001	1.78	1.97
April 2001	1.89	2.25
May 2001	1.83	2.45
June 2001	2.00	2.31
July 2001	2.04	2.03
August 2001	1.99	2.05
September 2001	1.17	1.28
October 2001	1.76	1.51
November 2001	1.79	1.30
December 2001	1.74	1.07
January 2002	1.44	0.69
February 2002	1.48	0.72
March 2002	1.51	1.00
April 2002	1.64	1.25
May 2002	1.73	1.06
June 2002	1.66	0.99
July 2002	1.58	1.23
August 2002	1.72	1.43
September 2002	2.43	1.94
October 2002	1.80	1.76
November 2002	1.69	1.92
December 2002	1.75	2.11
January 2003	1.74	2.31
February 2003	1.67	2.56
March 2003	1.70	2.52
April 2003	1.51	1.90
May 2003	1.52	1.71
June 2003	1.41	1.69
July 2003	1.45	1.75
August 2003	1.35	1.88
September 2003	1.30	1.99
October 2003	1.34	1.77
November 2003	1.36	1.77
December 2003	1.41	1.92
January 2004	1.61	2.02
February 2004	1.68	1.84
March 2004	1.72	1.77
April 2004	1.86	2.12
May 2004	1.87	2.59
June 2004	2.02	2.81
July 2004	1.96	2.67
August 2004	1.94	2.43
September 2004	2.02	2.34
October 2004	2.06	2.76
November 2004	2.11	3.00
December 2004	2.12	2.84
January 2005	2.18	2.54
February 2005	2.17	2.60
March 2005	2.23	2.72
April 2005	2.11	2.84
May 2005	2.19	2.59
June 2005	2.05	2.32
July 2005	2.04	2.61
August 2005	2.06	2.95
September 2005	2.11	3.75
October 2005	2.21	3.50
November 2005	2.29	2.92
December 2005	2.28	2.87
January 2006	2.16	3.26
February 2006	2.12	3.00
March 2006	2.11	2.86
April 2006	2.24	2.99
May 2006	2.20	3.13
June 2006	2.38	3.31
July 2006	2.34	3.24
August 2006	2.45	3.14
September 2006	2.39	1.90
October 2006	2.27	1.48
November 2006	2.07	1.74
December 2006	2.14	2.13
January 2007	2.35	2.00
February 2007	2.45	2.29
March 2007	2.29	2.48
April 2007	2.13	2.26
May 2007	2.03	2.31
June 2007	1.95	2.28
July 2007	1.98	2.07
August 2007	1.94	1.84
September 2007	2.05	2.49
October 2007	2.15	3.06
November 2007	2.27	3.55
December 2007	2.33	3.40
January 2008	2.15	3.35
February 2008	2.02	3.23
March 2008	2.17	3.19
April 2008	2.20	3.24
May 2008	2.28	3.40
June 2008	2.32	3.91
July 2008	2.31	4.20
August 2008	2.26	4.02
September 2008	2.11	3.72
October 2008	1.85	2.86
November 2008	1.68	1.19
December 2008	1.40	0.37
January 2009	1.23	0.18
February 2009	1.21	0.18
March 2009	1.10	-0.22
April 2009	1.24	-0.32
May 2009	1.15	-0.62
June 2009	1.09	-0.71
July 2009	0.97	-1.18
August 2009	0.97	-0.84
September 2009	1.03	-0.77
October 2009	1.33	0.08
November 2009	1.42	1.46
December 2009	1.50	2.07
January 2010	1.56	2.19
February 2010	1.54	1.98
March 2010	1.56	2.19
April 2010	1.33	2.02
May 2010	1.34	1.93
June 2010	1.31	1.38
July 2010	1.35	1.55
August 2010	1.33	1.42
September 2010	1.19	1.35
October 2010	0.97	1.27
November 2010	0.99	1.20
December 2010	0.95	1.39
January 2011	0.99	1.43
February 2011	1.08	1.70
March 2011	1.09	1.97
April 2011	1.31	2.43
May 2011	1.43	2.71
June 2011	1.46	2.69
July 2011	1.58	2.77
August 2011	1.69	2.86
September 2011	1.72	2.93
October 2011	1.78	2.75
November 2011	1.84	2.73
December 2011	1.96	2.50
January 2012	2.09	2.57
February 2012	2.06	2.52
March 2012	2.11	2.37
April 2012	2.03	2.06
May 2012	1.91	1.66
June 2012	1.90	1.60
July 2012	1.84	1.44
August 2012	1.68	1.55
September 2012	1.73	1.71
October 2012	1.84	1.94
November 2012	1.78	1.69
December 2012	1.72	1.66
January 2013	1.67	1.55
February 2013	1.66	1.71
March 2013	1.56	1.35
April 2013	1.44	1.13
May 2013	1.43	1.24
June 2013	1.45	1.44
July 2013	1.44	1.51
August 2013	1.50	1.31
September 2013	1.50	1.11
October 2013	1.43	0.96
November 2013	1.49	1.23
December 2013	1.55	1.42
January 2014	1.47	1.46
February 2014	1.43	1.13
March 2014	1.54	1.43
April 2014	1.67	1.74
May 2014	1.74	1.83
June 2014	1.71	1.75
July 2014	1.77	1.78
August 2014	1.71	1.62
September 2014	1.72	1.62
October 2014	1.64	1.51
November 2014	1.55	1.29
December 2014	1.50	0.91
January 2015	1.41	0.26
February 2015	1.46	0.36
March 2015	1.44	0.37
April 2015	1.40	0.23
May 2015	1.35	0.31
June 2015	1.36	0.39
July 2015	1.31	0.37
August 2015	1.36	0.39
September 2015	1.39	0.24
October 2015	1.34	0.28
November 2015	1.38	0.45
December 2015	1.39	0.56
January 2016	1.61	1.10
February 2016	1.66	0.87
March 2016	1.55	0.76
April 2016	1.60	1.01
May 2016	1.64	0.96
June 2016	1.60	0.91
July 2016	1.63	0.85
August 2016	1.73	1.00
September 2016	1.70	1.25

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Figure 2. Payroll employment growth is solid

Millions

Period	Private	Government
January 2000	110.44	20.57
February 2000	110.54	20.60
March 2000	110.88	20.73
April 2000	111.09	20.80
May 2000	110.98	21.15
June 2000	111.19	20.89
July 2000	111.38	20.87
August 2000	111.40	20.84
September 2000	111.64	20.74
October 2000	111.62	20.74
November 2000	111.83	20.76
December 2000	111.93	20.80
January 2001	111.87	20.84
February 2001	111.87	20.91
March 2001	111.81	20.95
April 2001	111.48	20.99
May 2001	111.40	21.03
June 2001	111.17	21.14
July 2001	111.01	21.19
August 2001	110.82	21.22
September 2001	110.55	21.24
October 2001	110.19	21.28
November 2001	109.85	21.33
December 2001	109.65	21.36
January 2002	109.49	21.38
February 2002	109.34	21.39
March 2002	109.28	21.43
April 2002	109.19	21.44
May 2002	109.11	21.51
June 2002	109.14	21.55
July 2002	109.06	21.54
August 2002	109.00	21.59
September 2002	108.98	21.55
October 2002	109.09	21.56
November 2002	109.08	21.58
December 2002	108.92	21.59
January 2003	108.97	21.63
February 2003	108.82	21.62
March 2003	108.63	21.61
April 2003	108.60	21.60
May 2003	108.62	21.57
June 2003	108.59	21.61
July 2003	108.59	21.63
August 2003	108.62	21.56
September 2003	108.78	21.50
October 2003	108.92	21.56
November 2003	108.96	21.54
December 2003	109.07	21.55
January 2004	109.24	21.54
February 2004	109.28	21.55
March 2004	109.57	21.59
April 2004	109.79	21.61
May 2004	110.10	21.61
June 2004	110.19	21.60
July 2004	110.23	21.61
August 2004	110.33	21.63
September 2004	110.49	21.64
October 2004	110.81	21.66
November 2004	110.84	21.69
December 2004	110.97	21.69
January 2005	111.06	21.74
February 2005	111.29	21.74
March 2005	111.43	21.74
April 2005	111.78	21.75
May 2005	111.93	21.78
June 2005	112.19	21.76
July 2005	112.47	21.86
August 2005	112.66	21.86
September 2005	112.75	21.85
October 2005	112.85	21.83
November 2005	113.16	21.86
December 2005	113.30	21.88
January 2006	113.61	21.85
February 2006	113.89	21.88
March 2006	114.15	21.90
April 2006	114.31	21.92
May 2006	114.33	21.93
June 2006	114.42	21.92
July 2006	114.57	21.97
August 2006	114.71	22.01
September 2006	114.80	22.08
October 2006	114.82	22.07
November 2006	115.01	22.08
December 2006	115.18	22.09
January 2007	115.41	22.10
February 2007	115.47	22.13
March 2007	115.64	22.15
April 2007	115.69	22.18
May 2007	115.81	22.19
June 2007	115.88	22.21
July 2007	115.88	22.17
August 2007	115.80	22.23
September 2007	115.84	22.28
October 2007	115.90	22.30
November 2007	115.98	22.33
December 2007	116.04	22.38
January 2008	116.04	22.39
February 2008	115.93	22.42
March 2008	115.83	22.44
April 2008	115.61	22.45
May 2008	115.39	22.48
June 2008	115.19	22.52
July 2008	114.93	22.57
August 2008	114.67	22.57
September 2008	114.24	22.54
October 2008	113.76	22.55
November 2008	112.98	22.56
December 2008	112.29	22.56
January 2009	111.47	22.58
February 2009	110.77	22.58
March 2009	109.97	22.56
April 2009	109.16	22.68
May 2009	108.87	22.62
June 2009	108.44	22.58
July 2009	108.17	22.52
August 2009	107.94	22.54
September 2009	107.81	22.45
October 2009	107.54	22.52
November 2009	107.52	22.53
December 2009	107.29	22.48
January 2010	107.31	22.49
February 2010	107.26	22.48
March 2010	107.38	22.52
April 2010	107.57	22.57
May 2010	107.67	23.00
June 2010	107.79	22.74
July 2010	107.89	22.57
August 2010	108.00	22.42
September 2010	108.13	22.25
October 2010	108.33	22.30
November 2010	108.47	22.29
December 2010	108.57	22.27
January 2011	108.62	22.26
February 2011	108.86	22.22
March 2011	109.10	22.19
April 2011	109.46	22.18
May 2011	109.59	22.13
June 2011	109.79	22.16
July 2011	109.97	22.05
August 2011	110.11	22.02
September 2011	110.39	21.98
October 2011	110.58	22.00
November 2011	110.75	21.97
December 2011	110.97	21.95
January 2012	111.32	21.95
February 2012	111.58	21.94
March 2012	111.82	21.94
April 2012	111.91	21.93
May 2012	112.04	21.91
June 2012	112.11	21.93
July 2012	112.27	21.91
August 2012	112.44	21.93
September 2012	112.62	21.93
October 2012	112.79	21.90
November 2012	112.96	21.87
December 2012	113.19	21.88
January 2013	113.40	21.87
February 2013	113.69	21.89
March 2013	113.84	21.87
April 2013	114.04	21.87
May 2013	114.26	21.86
June 2013	114.43	21.84
July 2013	114.60	21.81
August 2013	114.84	21.84
September 2013	115.02	21.85
October 2013	115.22	21.83
November 2013	115.50	21.84
December 2013	115.57	21.82
January 2014	115.77	21.81
February 2014	115.93	21.82
March 2014	116.19	21.83
April 2014	116.47	21.86
May 2014	116.68	21.85
June 2014	116.95	21.89
July 2014	117.19	21.88
August 2014	117.43	21.87
September 2014	117.66	21.92
October 2014	117.85	21.93
November 2014	118.18	21.93
December 2014	118.46	21.95
January 2015	118.67	21.95
February 2015	118.92	21.97
March 2015	119.01	21.96
April 2015	119.25	21.97
May 2015	119.51	21.99
June 2015	119.73	21.99
July 2015	119.98	22.02
August 2015	120.10	22.05
September 2015	120.26	22.04
October 2015	120.57	22.03
November 2015	120.85	22.03
December 2015	121.11	22.04
January 2016	121.26	22.05
February 2016	121.48	22.06
March 2016	121.65	22.08
April 2016	121.80	22.08
May 2016	121.80	22.11
June 2016	122.03	22.14
July 2016	122.26	22.17
August 2016	122.39	22.21
September 2016	122.58	22.22
October 2016	122.72	22.24

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Average 3-month change*
Thousands

Period	Average 3-month change
January 2007	206
February 2007	167
March 2007	173
April 2007	119
May 2007	137
June 2007	100
July 2007	63
August 2007	7
September 2007	10
October 2007	50
November 2007	96
December 2007	99
January 2008	77
February 2008	10
March 2008	-48
April 2008	-125
May 2008	-158
June 2008	-187
July 2008	-186
August 2008	-213
September 2008	-309
October 2008	-397
November 2008	-565
December 2008	-646
January 2009	-752
February 2009	-730
March 2009	-772
April 2009	-737
May 2009	-620
June 2009	-502
July 2009	-383
August 2009	-337
September 2009	-253
October 2009	-210
November 2009	-142
December 2009	-162
January 2010	-86
February 2010	-107
March 2010	41
April 2010	112
May 2010	176
June 2010	144
July 2010	89
August 2010	54
September 2010	15
October 2010	74
November 2010	109
December 2010	156
January 2011	84
February 2011	106
March 2011	152
April 2011	253
May 2011	215
June 2011	218
July 2011	126
August 2011	137
September 2011	141
October 2011	185
November 2011	198
December 2011	185
January 2012	230
February 2012	267
March 2012	278
April 2012	190
May 2012	143
June 2012	92
July 2012	115
August 2012	140
September 2012	171
October 2012	168
November 2012	154
December 2012	175
January 2013	194
February 2013	248
March 2013	212
April 2013	213
May 2013	182
June 2013	185
July 2013	168
August 2013	185
September 2013	198
October 2013	214
November 2013	222
December 2013	175
January 2014	174
February 2014	133
March 2014	209
April 2014	250
May 2014	265
June 2014	276
July 2014	250
August 2014	252
September 2014	245
October 2014	235
November 2014	272
December 2014	274
January 2015	281
February 2015	259
March 2015	190
April 2015	200
May 2015	203
June 2015	251
July 2015	259
August 2015	218
September 2015	192
October 2015	198
November 2015	241
December 2015	282
January 2016	240
February 2016	224
March 2016	196
April 2016	188
May 2016	118
June 2016	146
July 2016	182
August 2016	230
September 2016	192

* Excluding temporary Census Bureau workers.  Return to table

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Figure 3. Unemployment has returned to pre-crisis levels

Period	Percent
January 1970	3.9
February 1970	4.2
March 1970	4.4
April 1970	4.6
May 1970	4.8
June 1970	4.9
July 1970	5.0
August 1970	5.1
September 1970	5.4
October 1970	5.5
November 1970	5.9
December 1970	6.1
January 1971	5.9
February 1971	5.9
March 1971	6.0
April 1971	5.9
May 1971	5.9
June 1971	5.9
July 1971	6.0
August 1971	6.1
September 1971	6.0
October 1971	5.8
November 1971	6.0
December 1971	6.0
January 1972	5.8
February 1972	5.7
March 1972	5.8
April 1972	5.7
May 1972	5.7
June 1972	5.7
July 1972	5.6
August 1972	5.6
September 1972	5.5
October 1972	5.6
November 1972	5.3
December 1972	5.2
January 1973	4.9
February 1973	5.0
March 1973	4.9
April 1973	5.0
May 1973	4.9
June 1973	4.9
July 1973	4.8
August 1973	4.8
September 1973	4.8
October 1973	4.6
November 1973	4.8
December 1973	4.9
January 1974	5.1
February 1974	5.2
March 1974	5.1
April 1974	5.1
May 1974	5.1
June 1974	5.4
July 1974	5.5
August 1974	5.5
September 1974	5.9
October 1974	6.0
November 1974	6.6
December 1974	7.2
January 1975	8.1
February 1975	8.1
March 1975	8.6
April 1975	8.8
May 1975	9.0
June 1975	8.8
July 1975	8.6
August 1975	8.4
September 1975	8.4
October 1975	8.4
November 1975	8.3
December 1975	8.2
January 1976	7.9
February 1976	7.7
March 1976	7.6
April 1976	7.7
May 1976	7.4
June 1976	7.6
July 1976	7.8
August 1976	7.8
September 1976	7.6
October 1976	7.7
November 1976	7.8
December 1976	7.8
January 1977	7.5
February 1977	7.6
March 1977	7.4
April 1977	7.2
May 1977	7.0
June 1977	7.2
July 1977	6.9
August 1977	7.0
September 1977	6.8
October 1977	6.8
November 1977	6.8
December 1977	6.4
January 1978	6.4
February 1978	6.3
March 1978	6.3
April 1978	6.1
May 1978	6.0
June 1978	5.9
July 1978	6.2
August 1978	5.9
September 1978	6.0
October 1978	5.8
November 1978	5.9
December 1978	6.0
January 1979	5.9
February 1979	5.9
March 1979	5.8
April 1979	5.8
May 1979	5.6
June 1979	5.7
July 1979	5.7
August 1979	6.0
September 1979	5.9
October 1979	6.0
November 1979	5.9
December 1979	6.0
January 1980	6.3
February 1980	6.3
March 1980	6.3
April 1980	6.9
May 1980	7.5
June 1980	7.6
July 1980	7.8
August 1980	7.7
September 1980	7.5
October 1980	7.5
November 1980	7.5
December 1980	7.2
January 1981	7.5
February 1981	7.4
March 1981	7.4
April 1981	7.2
May 1981	7.5
June 1981	7.5
July 1981	7.2
August 1981	7.4
September 1981	7.6
October 1981	7.9
November 1981	8.3
December 1981	8.5
January 1982	8.6
February 1982	8.9
March 1982	9.0
April 1982	9.3
May 1982	9.4
June 1982	9.6
July 1982	9.8
August 1982	9.8
September 1982	10.1
October 1982	10.4
November 1982	10.8
December 1982	10.8
January 1983	10.4
February 1983	10.4
March 1983	10.3
April 1983	10.2
May 1983	10.1
June 1983	10.1
July 1983	9.4
August 1983	9.5
September 1983	9.2
October 1983	8.8
November 1983	8.5
December 1983	8.3
January 1984	8.0
February 1984	7.8
March 1984	7.8
April 1984	7.7
May 1984	7.4
June 1984	7.2
July 1984	7.5
August 1984	7.5
September 1984	7.3
October 1984	7.4
November 1984	7.2
December 1984	7.3
January 1985	7.3
February 1985	7.2
March 1985	7.2
April 1985	7.3
May 1985	7.2
June 1985	7.4
July 1985	7.4
August 1985	7.1
September 1985	7.1
October 1985	7.1
November 1985	7.0
December 1985	7.0
January 1986	6.7
February 1986	7.2
March 1986	7.2
April 1986	7.1
May 1986	7.2
June 1986	7.2
July 1986	7.0
August 1986	6.9
September 1986	7.0
October 1986	7.0
November 1986	6.9
December 1986	6.6
January 1987	6.6
February 1987	6.6
March 1987	6.6
April 1987	6.3
May 1987	6.3
June 1987	6.2
July 1987	6.1
August 1987	6.0
September 1987	5.9
October 1987	6.0
November 1987	5.8
December 1987	5.7
January 1988	5.7
February 1988	5.7
March 1988	5.7
April 1988	5.4
May 1988	5.6
June 1988	5.4
July 1988	5.4
August 1988	5.6
September 1988	5.4
October 1988	5.4
November 1988	5.3
December 1988	5.3
January 1989	5.4
February 1989	5.2
March 1989	5.0
April 1989	5.2
May 1989	5.2
June 1989	5.3
July 1989	5.2
August 1989	5.2
September 1989	5.3
October 1989	5.3
November 1989	5.4
December 1989	5.4
January 1990	5.4
February 1990	5.3
March 1990	5.2
April 1990	5.4
May 1990	5.4
June 1990	5.2
July 1990	5.5
August 1990	5.7
September 1990	5.9
October 1990	5.9
November 1990	6.2
December 1990	6.3
January 1991	6.4
February 1991	6.6
March 1991	6.8
April 1991	6.7
May 1991	6.9
June 1991	6.9
July 1991	6.8
August 1991	6.9
September 1991	6.9
October 1991	7.0
November 1991	7.0
December 1991	7.3
January 1992	7.3
February 1992	7.4
March 1992	7.4
April 1992	7.4
May 1992	7.6
June 1992	7.8
July 1992	7.7
August 1992	7.6
September 1992	7.6
October 1992	7.3
November 1992	7.4
December 1992	7.4
January 1993	7.3
February 1993	7.1
March 1993	7.0
April 1993	7.1
May 1993	7.1
June 1993	7.0
July 1993	6.9
August 1993	6.8
September 1993	6.7
October 1993	6.8
November 1993	6.6
December 1993	6.5
January 1994	6.6
February 1994	6.6
March 1994	6.5
April 1994	6.4
May 1994	6.1
June 1994	6.1
July 1994	6.1
August 1994	6.0
September 1994	5.9
October 1994	5.8
November 1994	5.6
December 1994	5.5
January 1995	5.6
February 1995	5.4
March 1995	5.4
April 1995	5.8
May 1995	5.6
June 1995	5.6
July 1995	5.7
August 1995	5.7
September 1995	5.6
October 1995	5.5
November 1995	5.6
December 1995	5.6
January 1996	5.6
February 1996	5.5
March 1996	5.5
April 1996	5.6
May 1996	5.6
June 1996	5.3
July 1996	5.5
August 1996	5.1
September 1996	5.2
October 1996	5.2
November 1996	5.4
December 1996	5.4
January 1997	5.3
February 1997	5.2
March 1997	5.2
April 1997	5.1
May 1997	4.9
June 1997	5.0
July 1997	4.9
August 1997	4.8
September 1997	4.9
October 1997	4.7
November 1997	4.6
December 1997	4.7
January 1998	4.6
February 1998	4.6
March 1998	4.7
April 1998	4.3
May 1998	4.4
June 1998	4.5
July 1998	4.5
August 1998	4.5
September 1998	4.6
October 1998	4.5
November 1998	4.4
December 1998	4.4
January 1999	4.3
February 1999	4.4
March 1999	4.2
April 1999	4.3
May 1999	4.2
June 1999	4.3
July 1999	4.3
August 1999	4.2
September 1999	4.2
October 1999	4.1
November 1999	4.1
December 1999	4.0
January 2000	4.0
February 2000	4.1
March 2000	4.0
April 2000	3.8
May 2000	4.0
June 2000	4.0
July 2000	4.0
August 2000	4.1
September 2000	3.9
October 2000	3.9
November 2000	3.9
December 2000	3.9
January 2001	4.2
February 2001	4.2
March 2001	4.3
April 2001	4.4
May 2001	4.3
June 2001	4.5
July 2001	4.6
August 2001	4.9
September 2001	5.0
October 2001	5.3
November 2001	5.5
December 2001	5.7
January 2002	5.7
February 2002	5.7
March 2002	5.7
April 2002	5.9
May 2002	5.8
June 2002	5.8
July 2002	5.8
August 2002	5.7
September 2002	5.7
October 2002	5.7
November 2002	5.9
December 2002	6.0
January 2003	5.8
February 2003	5.9
March 2003	5.9
April 2003	6.0
May 2003	6.1
June 2003	6.3
July 2003	6.2
August 2003	6.1
September 2003	6.1
October 2003	6.0
November 2003	5.8
December 2003	5.7
January 2004	5.7
February 2004	5.6
March 2004	5.8
April 2004	5.6
May 2004	5.6
June 2004	5.6
July 2004	5.5
August 2004	5.4
September 2004	5.4
October 2004	5.5
November 2004	5.4
December 2004	5.4
January 2005	5.3
February 2005	5.4
March 2005	5.2
April 2005	5.2
May 2005	5.1
June 2005	5.0
July 2005	5.0
August 2005	4.9
September 2005	5.0
October 2005	5.0
November 2005	5.0
December 2005	4.9
January 2006	4.7
February 2006	4.8
March 2006	4.7
April 2006	4.7
May 2006	4.6
June 2006	4.6
July 2006	4.7
August 2006	4.7
September 2006	4.5
October 2006	4.4
November 2006	4.5
December 2006	4.4
January 2007	4.6
February 2007	4.5
March 2007	4.4
April 2007	4.5
May 2007	4.4
June 2007	4.6
July 2007	4.7
August 2007	4.6
September 2007	4.7
October 2007	4.7
November 2007	4.7
December 2007	5.0
January 2008	5.0
February 2008	4.9
March 2008	5.1
April 2008	5.0
May 2008	5.4
June 2008	5.6
July 2008	5.8
August 2008	6.1
September 2008	6.1
October 2008	6.5
November 2008	6.8
December 2008	7.3
January 2009	7.8
February 2009	8.3
March 2009	8.7
April 2009	9.0
May 2009	9.4
June 2009	9.5
July 2009	9.5
August 2009	9.6
September 2009	9.8
October 2009	10.0
November 2009	9.9
December 2009	9.9
January 2010	9.8
February 2010	9.8
March 2010	9.9
April 2010	9.9
May 2010	9.6
June 2010	9.4
July 2010	9.4
August 2010	9.5
September 2010	9.5
October 2010	9.4
November 2010	9.8
December 2010	9.3
January 2011	9.1
February 2011	9.0
March 2011	9.0
April 2011	9.1
May 2011	9.0
June 2011	9.1
July 2011	9.0
August 2011	9.0
September 2011	9.0
October 2011	8.8
November 2011	8.6
December 2011	8.5
January 2012	8.3
February 2012	8.3
March 2012	8.2
April 2012	8.2
May 2012	8.2
June 2012	8.2
July 2012	8.2
August 2012	8.1
September 2012	7.8
October 2012	7.8
November 2012	7.7
December 2012	7.9
January 2013	8.0
February 2013	7.7
March 2013	7.5
April 2013	7.6
May 2013	7.5
June 2013	7.5
July 2013	7.3
August 2013	7.3
September 2013	7.3
October 2013	7.2
November 2013	6.9
December 2013	6.7
January 2014	6.6
February 2014	6.7
March 2014	6.7
April 2014	6.2
May 2014	6.2
June 2014	6.1
July 2014	6.2
August 2014	6.2
September 2014	6.0
October 2014	5.7
November 2014	5.8
December 2014	5.6
January 2015	5.7
February 2015	5.5
March 2015	5.5
April 2015	5.4
May 2015	5.5
June 2015	5.3
July 2015	5.3
August 2015	5.1
September 2015	5.1
October 2015	5.0
November 2015	5.0
December 2015	5.0
January 2016	4.9
February 2016	4.9
March 2016	5.0
April 2016	5.0
May 2016	4.7
June 2016	4.9
July 2016	4.9
August 2016	4.9
September 2016	5.0
October 2016	4.9

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Figure 4. Labor force participation rate has stabilized

Percent

Period	Female	Male	Total
January 1960	37.0	83.6	59.1
February 1960	37.1	83.4	59.1
March 1960	36.6	82.8	58.5
April 1960	37.8	83.6	59.5
May 1960	37.9	83.4	59.5
June 1960	38.4	83.3	59.7
July 1960	38.1	83.2	59.5
August 1960	37.9	83.3	59.5
September 1960	38.2	83.5	59.7
October 1960	37.7	83.4	59.4
November 1960	38.2	83.7	59.8
December 1960	38.2	83.4	59.7
January 1961	38.2	83.4	59.6
February 1961	38.5	82.9	59.6
March 1961	38.7	83.1	59.7
April 1961	38.1	82.8	59.3
May 1961	38.1	83.0	59.4
June 1961	38.6	83.1	59.7
July 1961	38.1	82.8	59.3
August 1961	38.0	82.9	59.3
September 1961	37.7	82.6	59.0
October 1961	38.0	82.6	59.1
November 1961	37.8	82.7	59.1
December 1961	37.5	82.5	58.8
January 1962	37.9	82.2	58.8
February 1962	38.0	82.5	59.0
March 1962	37.8	82.5	58.9
April 1962	37.8	82.0	58.7
May 1962	37.8	82.4	58.9
June 1962	37.8	82.1	58.8
July 1962	37.7	81.7	58.5
August 1962	38.3	82.1	59.0
September 1962	38.3	82.0	59.0
October 1962	37.9	81.7	58.7
November 1962	37.8	81.6	58.5
December 1962	37.8	81.4	58.4
January 1963	38.0	81.4	58.6
February 1963	38.2	81.3	58.6
March 1963	38.2	81.4	58.6
April 1963	38.4	81.5	58.8
May 1963	38.5	81.4	58.8
June 1963	38.1	81.2	58.5
July 1963	38.3	81.5	58.7
August 1963	38.0	81.3	58.5
September 1963	38.4	81.4	58.7
October 1963	38.6	81.3	58.8
November 1963	38.5	81.4	58.8
December 1963	38.3	81.0	58.5
January 1964	38.4	81.0	58.6
February 1964	38.8	81.0	58.8
March 1964	38.7	81.0	58.7
April 1964	39.2	81.3	59.1
May 1964	39.1	81.4	59.1
June 1964	38.8	80.9	58.7
July 1964	38.5	81.1	58.6
August 1964	38.6	80.9	58.6
September 1964	38.5	81.1	58.7
October 1964	38.6	80.9	58.6
November 1964	38.5	80.8	58.5
December 1964	38.8	80.6	58.6
January 1965	38.7	80.7	58.6
February 1965	38.8	80.9	58.7
March 1965	39.0	80.7	58.7
April 1965	39.0	81.0	58.8
May 1965	39.0	81.2	59.0
June 1965	39.4	80.5	58.8
July 1965	39.5	80.9	59.1
August 1965	39.3	80.6	58.9
September 1965	39.3	80.3	58.7
October 1965	39.5	80.6	58.9
November 1965	39.6	80.3	58.8
December 1965	39.8	80.5	59.0
January 1966	39.8	80.5	59.0
February 1966	39.6	80.3	58.8
March 1966	39.6	80.4	58.8
April 1966	39.8	80.5	59.0
May 1966	40.0	80.3	59.0
June 1966	40.1	80.5	59.1
July 1966	40.2	80.5	59.1
August 1966	40.5	80.5	59.3
September 1966	40.7	80.2	59.3
October 1966	40.7	80.2	59.3
November 1966	41.1	80.4	59.6
December 1966	41.0	80.5	59.5
January 1967	40.8	80.5	59.5
February 1967	40.7	80.4	59.3
March 1967	40.4	80.2	59.1
April 1967	40.9	80.3	59.4
May 1967	40.7	80.3	59.3
June 1967	41.0	80.6	59.6
July 1967	41.1	80.6	59.6
August 1967	41.2	80.6	59.7
September 1967	41.4	80.3	59.7
October 1967	41.7	80.5	59.9
November 1967	41.6	80.4	59.8
December 1967	41.9	80.4	59.9
January 1968	41.0	79.8	59.2
February 1968	41.4	80.2	59.6
March 1968	41.5	80.0	59.6
April 1968	41.4	80.1	59.5
May 1968	42.0	80.1	59.9
June 1968	42.0	80.5	60.0
July 1968	41.8	80.3	59.8
August 1968	41.4	80.3	59.6
September 1968	41.6	79.9	59.5
October 1968	41.6	79.9	59.5
November 1968	41.8	79.8	59.6
December 1968	41.8	80.0	59.7
January 1969	41.9	79.8	59.6
February 1969	42.3	80.0	60.0
March 1969	42.3	79.9	59.9
April 1969	42.5	79.8	60.0
May 1969	42.4	79.5	59.8
June 1969	42.9	79.7	60.1
July 1969	42.9	79.8	60.1
August 1969	43.0	79.9	60.3
September 1969	42.9	80.1	60.3
October 1969	43.2	79.9	60.4
November 1969	43.0	79.8	60.2
December 1969	43.1	79.7	60.2
January 1970	43.3	79.9	60.4
February 1970	43.2	80.0	60.4
March 1970	43.4	80.0	60.6
April 1970	43.6	80.0	60.6
May 1970	43.1	79.9	60.3
June 1970	43.1	79.6	60.2
July 1970	43.5	79.6	60.4
August 1970	43.4	79.4	60.3
September 1970	43.2	79.5	60.2
October 1970	43.5	79.4	60.4
November 1970	43.5	79.5	60.4
December 1970	43.4	79.6	60.4
January 1971	43.6	79.4	60.4
February 1971	43.3	79.1	60.1
March 1971	43.3	78.9	60.0
April 1971	43.2	79.3	60.1
May 1971	43.2	79.3	60.2
June 1971	42.8	78.8	59.8
July 1971	43.1	79.3	60.1
August 1971	43.3	79.3	60.2
September 1971	43.4	79.0	60.1
October 1971	43.5	78.9	60.1
November 1971	43.8	79.1	60.4
December 1971	43.8	79.1	60.4
January 1972	43.8	78.8	60.2
February 1972	43.6	78.8	60.2
March 1972	43.9	79.1	60.5
April 1972	43.9	78.9	60.4
May 1972	43.9	78.9	60.4
June 1972	43.9	79.0	60.4
July 1972	43.9	78.9	60.4
August 1972	44.0	79.1	60.6
September 1972	43.9	78.9	60.4
October 1972	43.9	78.8	60.3
November 1972	43.9	78.8	60.3
December 1972	44.0	79.0	60.5
January 1973	43.7	78.4	60.0
February 1973	44.3	78.8	60.5
March 1973	44.4	79.1	60.8
April 1973	44.6	78.9	60.8
May 1973	44.6	78.6	60.6
June 1973	45.0	78.8	60.9
July 1973	44.8	78.9	60.9
August 1973	44.8	78.6	60.7
September 1973	45.0	78.6	60.8
October 1973	45.0	78.8	60.9
November 1973	45.3	79.0	61.2
December 1973	45.3	79.1	61.2
January 1974	45.1	79.5	61.3
February 1974	45.4	79.3	61.4
March 1974	45.5	79.0	61.3
April 1974	45.4	78.6	61.1
May 1974	45.5	78.7	61.2
June 1974	45.7	78.7	61.2
July 1974	46.1	78.4	61.4
August 1974	45.7	78.4	61.2
September 1974	46.0	78.6	61.4
October 1974	45.8	78.6	61.3
November 1974	45.9	78.6	61.3
December 1974	45.9	78.4	61.2
January 1975	46.3	78.3	61.4
February 1975	45.9	78.0	61.0
March 1975	46.2	78.0	61.2
April 1975	46.3	78.1	61.3
May 1975	46.4	78.3	61.5
June 1975	46.3	77.8	61.2
July 1975	46.4	78.1	61.3
August 1975	46.5	77.9	61.3
September 1975	46.4	77.8	61.2
October 1975	46.5	77.6	61.2
November 1975	46.4	77.5	61.1
December 1975	46.6	77.2	61.1
January 1976	46.9	77.4	61.3
February 1976	46.9	77.3	61.3
March 1976	47.0	77.3	61.3
April 1976	47.1	77.7	61.6
May 1976	47.2	77.6	61.5
June 1976	47.3	77.3	61.5
July 1976	47.6	77.6	61.8
August 1976	47.6	77.6	61.8
September 1976	47.3	77.5	61.6
October 1976	47.3	77.5	61.6
November 1976	47.7	77.7	61.9
December 1976	47.7	77.6	61.8
January 1977	47.6	77.3	61.6
February 1977	47.9	77.6	61.9
March 1977	48.2	77.5	62.0
April 1977	48.3	77.5	62.1
May 1977	48.4	77.6	62.2
June 1977	48.5	77.8	62.4
July 1977	48.3	77.6	62.1
August 1977	48.6	77.7	62.3
September 1977	48.8	77.3	62.3
October 1977	48.6	77.8	62.4
November 1977	49.1	78.0	62.8
December 1977	48.9	78.0	62.7
January 1978	49.2	77.9	62.8
February 1978	49.2	77.8	62.7
March 1978	49.4	77.7	62.8
April 1978	49.7	77.8	63.0
May 1978	49.9	77.8	63.1
June 1978	50.1	78.0	63.3
July 1978	50.1	77.8	63.2
August 1978	50.0	77.8	63.2
September 1978	50.4	77.6	63.3
October 1978	50.4	77.8	63.3
November 1978	50.5	78.0	63.5
December 1978	50.6	78.0	63.6
January 1979	50.5	78.2	63.6
February 1979	50.8	78.3	63.8
March 1979	51.0	78.0	63.8
April 1979	50.6	77.8	63.5
May 1979	50.6	77.6	63.3
June 1979	50.7	77.8	63.5
July 1979	50.9	77.9	63.6
August 1979	51.0	77.7	63.6
September 1979	51.1	77.9	63.8
October 1979	51.3	77.6	63.7
November 1979	51.3	77.5	63.7
December 1979	51.5	77.6	63.9
January 1980	51.6	77.8	64.0
February 1980	51.5	77.9	64.0
March 1980	51.3	77.6	63.7
April 1980	51.4	77.5	63.8
May 1980	51.5	77.7	63.9
June 1980	51.3	77.4	63.7
July 1980	51.5	77.5	63.8
August 1980	51.5	77.3	63.7
September 1980	51.4	77.2	63.6
October 1980	51.6	77.3	63.7
November 1980	51.6	77.3	63.8
December 1980	51.5	77.0	63.6
January 1981	51.9	77.3	63.9
February 1981	52.0	77.2	63.9
March 1981	52.1	77.3	64.1
April 1981	52.3	77.5	64.2
May 1981	52.4	77.5	64.3
June 1981	52.1	76.7	63.7
July 1981	52.1	76.8	63.8
August 1981	52.1	76.9	63.8
September 1981	51.7	76.6	63.5
October 1981	52.3	76.7	63.8
November 1981	52.4	76.7	63.9
December 1981	52.0	76.6	63.6
January 1982	52.1	76.6	63.7
February 1982	52.3	76.7	63.8
March 1982	52.4	76.6	63.8
April 1982	52.4	76.7	63.9
May 1982	52.7	77.0	64.2
June 1982	52.7	76.5	63.9
July 1982	52.8	76.5	64.0
August 1982	52.8	76.6	64.1
September 1982	52.8	76.7	64.1
October 1982	52.7	76.7	64.1
November 1982	52.9	76.7	64.2
December 1982	53.0	76.5	64.1
January 1983	52.9	76.1	63.9
February 1983	52.7	76.0	63.8
March 1983	52.6	76.0	63.7
April 1983	52.6	76.1	63.8
May 1983	52.5	76.1	63.7
June 1983	53.0	76.8	64.3
July 1983	52.8	76.7	64.1
August 1983	53.2	76.7	64.3
September 1983	53.3	76.5	64.3
October 1983	53.0	76.3	64.0
November 1983	53.1	76.5	64.1
December 1983	53.2	76.3	64.1
January 1984	52.9	76.1	63.9
February 1984	53.2	76.2	64.1
March 1984	53.2	76.2	64.1
April 1984	53.5	76.2	64.3
May 1984	53.9	76.3	64.5
June 1984	53.7	76.6	64.6
July 1984	53.9	76.4	64.6
August 1984	53.7	76.3	64.4
September 1984	53.5	76.5	64.4
October 1984	53.7	76.3	64.4
November 1984	53.7	76.4	64.5
December 1984	53.9	76.5	64.6
January 1985	54.2	76.3	64.7
February 1985	54.4	76.2	64.7
March 1985	54.6	76.3	64.9
April 1985	54.5	76.4	64.9
May 1985	54.4	76.3	64.8
June 1985	54.1	76.1	64.6
July 1985	54.3	76.2	64.7
August 1985	54.2	76.2	64.6
September 1985	54.6	76.3	64.9
October 1985	54.6	76.4	65.0
November 1985	54.7	76.2	64.9
December 1985	54.9	76.1	65.0
January 1986	54.7	76.2	64.9
February 1986	54.8	76.2	65.0
March 1986	55.1	76.2	65.1
April 1986	55.1	76.2	65.1
May 1986	55.2	76.2	65.2
June 1986	55.5	76.3	65.4
July 1986	55.5	76.3	65.4
August 1986	55.6	76.1	65.3
September 1986	55.5	76.3	65.4
October 1986	55.7	76.2	65.4
November 1986	55.5	76.4	65.4
December 1986	55.4	76.3	65.3
January 1987	55.4	76.3	65.4
February 1987	55.6	76.3	65.5
March 1987	55.8	76.2	65.5
April 1987	55.8	76.1	65.4
May 1987	56.1	76.4	65.7
June 1987	55.9	76.1	65.5
July 1987	56.1	76.0	65.6
August 1987	56.2	76.3	65.7
September 1987	56.0	76.0	65.5
October 1987	56.3	76.2	65.7
November 1987	56.3	76.1	65.7
December 1987	56.4	76.1	65.7
January 1988	56.4	76.2	65.8
February 1988	56.5	76.2	65.9
March 1988	56.4	75.9	65.7
April 1988	56.4	76.2	65.8
May 1988	56.1	76.2	65.7
June 1988	56.4	76.2	65.8
July 1988	56.5	76.2	65.9
August 1988	56.6	76.5	66.1
September 1988	56.6	76.2	65.9
October 1988	56.8	76.1	66.0
November 1988	57.2	76.1	66.2
December 1988	57.2	76.0	66.1
January 1989	57.5	76.4	66.5
February 1989	57.1	76.3	66.3
March 1989	57.2	76.3	66.3
April 1989	57.3	76.5	66.4
May 1989	57.3	76.3	66.3
June 1989	57.3	76.7	66.5
July 1989	57.4	76.5	66.5
August 1989	57.5	76.5	66.5
September 1989	57.5	76.1	66.4
October 1989	57.4	76.5	66.5
November 1989	57.8	76.4	66.6
December 1989	57.5	76.4	66.5
January 1990	57.7	76.7	66.8
February 1990	57.6	76.6	66.7
March 1990	57.6	76.6	66.7
April 1990	57.5	76.4	66.6
May 1990	57.7	76.4	66.6
June 1990	57.4	76.3	66.4
July 1990	57.5	76.3	66.5
August 1990	57.6	76.3	66.5
September 1990	57.6	76.1	66.4
October 1990	57.4	76.2	66.4
November 1990	57.4	76.3	66.4
December 1990	57.3	76.3	66.4
January 1991	57.3	76.0	66.2
February 1991	57.4	75.9	66.2
March 1991	57.3	76.1	66.3
April 1991	57.6	76.0	66.4
May 1991	57.4	75.8	66.2
June 1991	57.4	75.8	66.2
July 1991	57.2	75.8	66.1
August 1991	57.2	75.6	66.0
September 1991	57.4	75.8	66.2
October 1991	57.5	75.6	66.1
November 1991	57.5	75.5	66.1
December 1991	57.5	75.4	66.0
January 1992	57.7	75.7	66.3
February 1992	57.7	75.6	66.2
March 1992	57.8	75.8	66.4
April 1992	57.9	75.8	66.5
May 1992	57.8	76.1	66.6
June 1992	57.9	76.2	66.7
July 1992	58.1	76.0	66.7
August 1992	58.0	76.0	66.6
September 1992	57.8	75.9	66.5
October 1992	57.6	75.6	66.2
November 1992	57.8	75.6	66.3
December 1992	57.9	75.5	66.3
January 1993	57.7	75.4	66.2
February 1993	57.7	75.4	66.2
March 1993	57.6	75.6	66.2
April 1993	57.7	75.4	66.1
May 1993	58.0	75.6	66.4
June 1993	58.0	75.7	66.5
July 1993	57.9	75.7	66.4
August 1993	58.0	75.7	66.4
September 1993	57.9	75.2	66.2
October 1993	58.1	75.3	66.3
November 1993	58.2	75.1	66.3
December 1993	58.4	75.0	66.4
January 1994	58.7	75.3	66.6
February 1994	58.8	75.1	66.6
March 1994	58.7	74.9	66.5
April 1994	58.8	74.9	66.5
May 1994	58.9	74.8	66.6
June 1994	58.7	74.7	66.4
July 1994	58.6	74.8	66.4
August 1994	58.9	75.0	66.6
September 1994	58.9	75.0	66.6
October 1994	58.9	75.2	66.7
November 1994	58.9	75.2	66.7
December 1994	58.7	75.4	66.7
January 1995	58.8	75.4	66.8
February 1995	58.8	75.4	66.8
March 1995	58.8	75.3	66.7
April 1995	59.2	75.3	66.9
May 1995	58.8	74.9	66.5
June 1995	58.7	75.0	66.5
July 1995	59.1	74.9	66.6
August 1995	59.0	74.8	66.6
September 1995	59.0	75.0	66.6
October 1995	59.2	74.7	66.6
November 1995	59.1	74.6	66.5
December 1995	58.9	74.6	66.4
January 1996	58.9	74.6	66.4
February 1996	58.9	74.9	66.6
March 1996	59.0	74.9	66.6
April 1996	59.1	74.9	66.7
May 1996	59.1	75.0	66.7
June 1996	59.0	75.0	66.7
July 1996	59.3	75.2	66.9
August 1996	59.3	74.8	66.7
September 1996	59.5	75.0	66.9
October 1996	59.6	75.1	67.0
November 1996	59.8	74.9	67.0
December 1996	59.8	74.8	67.0
January 1997	59.6	74.9	67.0
February 1997	59.5	74.9	66.9
March 1997	59.8	75.0	67.1
April 1997	59.7	75.1	67.1
May 1997	59.8	75.0	67.1
June 1997	59.7	75.0	67.1
July 1997	60.0	75.0	67.2
August 1997	59.9	75.0	67.2
September 1997	60.0	74.9	67.1
October 1997	59.8	74.9	67.1
November 1997	59.8	75.1	67.2
December 1997	60.1	74.9	67.2
January 1998	59.9	74.9	67.1
February 1998	59.9	74.8	67.1
March 1998	59.9	74.8	67.1
April 1998	59.7	74.8	67.0
May 1998	59.7	74.9	67.0
June 1998	59.7	74.9	67.0
July 1998	59.7	75.0	67.0
August 1998	59.8	74.6	67.0
September 1998	60.0	75.0	67.2
October 1998	60.0	74.9	67.2
November 1998	59.9	75.0	67.1
December 1998	60.0	74.9	67.2
January 1999	60.1	75.0	67.2
February 1999	60.0	74.9	67.2
March 1999	59.9	74.7	67.0
April 1999	60.1	74.6	67.1
May 1999	59.9	74.8	67.1
June 1999	60.1	74.7	67.1
July 1999	60.0	74.7	67.1
August 1999	60.0	74.6	67.0
September 1999	60.0	74.6	67.0
October 1999	60.1	74.6	67.0
November 1999	60.2	74.6	67.1
December 1999	60.1	74.8	67.1
January 2000	60.1	75.1	67.3
February 2000	60.0	75.3	67.3
March 2000	60.1	75.0	67.3
April 2000	60.3	74.9	67.3
May 2000	60.0	74.8	67.1
June 2000	60.0	74.8	67.1
July 2000	59.9	74.5	66.9
August 2000	59.6	74.8	66.9
September 2000	59.8	74.6	66.9
October 2000	59.7	74.5	66.8
November 2000	59.9	74.6	66.9
December 2000	59.9	74.7	67.0
January 2001	60.1	75.0	67.2
February 2001	60.0	74.8	67.1
March 2001	60.2	74.7	67.2
April 2001	59.8	74.6	66.9
May 2001	59.7	74.4	66.7
June 2001	59.7	74.3	66.7
July 2001	59.7	74.4	66.8
August 2001	59.5	74.1	66.5
September 2001	59.6	74.5	66.8
October 2001	59.7	74.4	66.7
November 2001	59.8	74.3	66.7
December 2001	59.7	74.3	66.7
January 2002	59.5	74.0	66.5
February 2002	59.9	74.2	66.8
March 2002	59.7	74.1	66.6
April 2002	59.7	74.2	66.7
May 2002	59.6	74.5	66.7
June 2002	59.6	74.2	66.6
July 2002	59.5	74.1	66.5
August 2002	59.6	74.1	66.6
September 2002	59.7	74.4	66.7
October 2002	59.6	74.0	66.6
November 2002	59.5	73.7	66.4
December 2002	59.5	73.6	66.3
January 2003	59.7	73.5	66.4
February 2003	59.6	73.7	66.4
March 2003	59.7	73.3	66.3
April 2003	59.7	73.6	66.4
May 2003	59.7	73.6	66.4
June 2003	59.9	73.6	66.5
July 2003	59.5	73.4	66.2
August 2003	59.5	73.3	66.1
September 2003	59.1	73.6	66.1
October 2003	59.3	73.4	66.1
November 2003	59.2	73.6	66.1
December 2003	59.0	73.5	65.9
January 2004	59.1	73.7	66.1
February 2004	59.2	73.2	66.0
March 2004	59.3	73.2	66.0
April 2004	59.2	73.1	65.9
May 2004	59.3	73.1	66.0
June 2004	59.3	73.3	66.1
July 2004	59.3	73.5	66.1
August 2004	59.0	73.4	66.0
September 2004	59.0	73.2	65.8
October 2004	59.0	73.3	65.9
November 2004	59.0	73.5	66.0
December 2004	59.1	73.2	65.9
January 2005	59.1	73.0	65.8
February 2005	59.1	73.2	65.9
March 2005	59.0	73.2	65.9
April 2005	59.2	73.4	66.1
May 2005	59.3	73.5	66.1
June 2005	59.2	73.4	66.1
July 2005	59.2	73.4	66.1
August 2005	59.3	73.5	66.2
September 2005	59.4	73.3	66.1
October 2005	59.5	73.2	66.1
November 2005	59.3	73.2	66.0
December 2005	59.2	73.2	66.0
January 2006	59.1	73.4	66.0
February 2006	59.3	73.5	66.1
March 2006	59.2	73.6	66.2
April 2006	59.2	73.5	66.1
May 2006	59.2	73.5	66.1
June 2006	59.5	73.4	66.2
July 2006	59.6	73.1	66.1
August 2006	59.5	73.4	66.2
September 2006	59.3	73.4	66.1
October 2006	59.4	73.4	66.2
November 2006	59.5	73.5	66.3
December 2006	59.5	73.7	66.4
January 2007	59.5	73.8	66.4
February 2007	59.4	73.6	66.3
March 2007	59.4	73.5	66.2
April 2007	58.9	73.4	65.9
May 2007	59.1	73.2	66.0
June 2007	59.3	73.3	66.0
July 2007	59.3	73.1	66.0
August 2007	59.2	72.8	65.8
September 2007	59.5	73.0	66.0
October 2007	59.2	72.9	65.8
November 2007	59.4	73.1	66.0
December 2007	59.4	73.1	66.0
January 2008	59.5	73.4	66.2
February 2008	59.3	73.1	66.0
March 2008	59.5	73.1	66.1
April 2008	59.4	72.9	65.9
May 2008	59.6	73.1	66.1
June 2008	59.5	73.0	66.1
July 2008	59.4	73.1	66.1
August 2008	59.6	72.9	66.1
September 2008	59.4	72.9	66.0
October 2008	59.6	72.9	66.0
November 2008	59.5	72.7	65.9
December 2008	59.5	72.5	65.8
January 2009	59.4	72.4	65.7
February 2009	59.5	72.4	65.8
March 2009	59.5	72.1	65.6
April 2009	59.4	72.3	65.7
May 2009	59.4	72.4	65.7
June 2009	59.5	72.2	65.7
July 2009	59.4	72.0	65.5
August 2009	59.2	72.0	65.4
September 2009	58.9	71.7	65.1
October 2009	58.8	71.6	65.0
November 2009	58.9	71.5	65.0
December 2009	58.6	71.0	64.6
January 2010	58.8	71.2	64.8
February 2010	58.9	71.2	64.9
March 2010	58.8	71.4	64.9
April 2010	58.9	71.8	65.2
May 2010	58.8	71.4	64.9
June 2010	58.5	71.1	64.6
July 2010	58.4	71.2	64.6
August 2010	58.6	71.3	64.7
September 2010	58.5	71.1	64.6
October 2010	58.4	70.8	64.4
November 2010	58.6	70.9	64.6
December 2010	58.3	70.7	64.3
January 2011	58.3	70.5	64.2
February 2011	58.1	70.5	64.1
March 2011	58.3	70.4	64.2
April 2011	58.3	70.5	64.2
May 2011	58.1	70.5	64.1
June 2011	58.0	70.4	64.0
July 2011	58.0	70.3	64.0
August 2011	58.1	70.5	64.1
September 2011	58.3	70.5	64.2
October 2011	58.1	70.4	64.1
November 2011	58.0	70.5	64.1
December 2011	57.8	70.5	64.0
January 2012	57.7	70.2	63.7
February 2012	57.8	70.2	63.8
March 2012	57.8	70.2	63.8
April 2012	57.6	70.1	63.7
May 2012	57.7	70.2	63.7
June 2012	57.7	70.3	63.8
July 2012	57.6	70.2	63.7
August 2012	57.6	69.9	63.5
September 2012	57.6	70.1	63.7
October 2012	57.7	70.3	63.8
November 2012	57.6	70.1	63.6
December 2012	57.7	70.1	63.7
January 2013	57.4	70.3	63.6
February 2013	57.3	70.0	63.4
March 2013	57.2	69.8	63.3
April 2013	57.3	69.9	63.4
May 2013	57.3	69.9	63.4
June 2013	57.4	69.9	63.4
July 2013	57.3	69.8	63.3
August 2013	57.3	69.6	63.2
September 2013	57.2	69.8	63.3
October 2013	56.8	69.2	62.8
November 2013	57.0	69.5	63.0
December 2013	56.9	69.2	62.9
January 2014	56.9	69.3	62.9
February 2014	57.2	69.1	63.0
March 2014	57.3	69.5	63.2
April 2014	56.9	69.1	62.8
May 2014	57.0	69.0	62.8
June 2014	56.8	69.2	62.8
July 2014	57.0	69.3	62.9
August 2014	56.9	69.3	62.9
September 2014	56.9	69.2	62.8
October 2014	57.1	69.1	62.9
November 2014	57.0	69.1	62.9
December 2014	56.6	69.2	62.7
January 2015	56.8	69.4	62.9
February 2015	56.6	69.4	62.8
March 2015	56.6	69.3	62.7
April 2015	56.6	69.3	62.7
May 2015	56.8	69.3	62.8
June 2015	56.7	69.0	62.6
July 2015	56.7	69.0	62.6
August 2015	56.7	68.9	62.6
September 2015	56.5	68.7	62.4
October 2015	56.6	68.7	62.5
November 2015	56.7	68.7	62.5
December 2015	56.8	68.9	62.6
January 2016	56.8	69.1	62.7
February 2016	56.8	69.4	62.9
March 2016	57.0	69.4	63.0
April 2016	56.8	69.3	62.8
May 2016	56.7	68.9	62.6
June 2016	56.6	69.2	62.7
July 2016	56.8	69.2	62.8
August 2016	56.8	69.2	62.8
September 2016	57.0	69.3	62.9
October 2016	56.8	69.2	62.8

Source: U.S. Department of Labor, Bureau of Labor Statistics.

Figure 5. Household and business surveys indicate a healthy job market

Jobs Plentiful

Period	Index
January 1980	-7.5
February 1980	-9.1
March 1980	-10.9
April 1980	-17.3
May 1980	-28.5
June 1980	-33.4
July 1980	-31.4
August 1980	-32.2
September 1980	-28.0
October 1980	-26.9
November 1980	-24.9
December 1980	-27.2
January 1981	-26.5
February 1981	-29.9
March 1981	-26.1
April 1981	-24.0
May 1981	-23.8
June 1981	-25.1
July 1981	-25.3
August 1981	-25.6
September 1981	-26.1
October 1981	-27.7
November 1981	-32.5
December 1981	-37.5
January 1982	-40.2
February 1982	-41.8
March 1982	-44.0
April 1982	-50.4
May 1982	-47.5
June 1982	-52.3
July 1982	-52.6
August 1982	-54.1
September 1982	-56.9
October 1982	-55.8
November 1982	-58.3
December 1982	-58.7
January 1983	-57.6
February 1983	-55.5
March 1983	-50.9
April 1983	-48.6
May 1983	-47.3
June 1983	-43.2
July 1983	-40.9
August 1983	-36.8
September 1983	-36.0
October 1983	-35.3
November 1983	-30.4
December 1983	-27.3
January 1984	-26.2
February 1984	-23.1
March 1984	-22.3
April 1984	-21.2
May 1984	-18.6
June 1984	-13.0
July 1984	-15.8
August 1984	-14.6
September 1984	-15.5
October 1984	-16.2
November 1984	-13.0
December 1984	-15.7
January 1985	-11.2
February 1985	-11.4
March 1985	-15.5
April 1985	-11.0
May 1985	-13.1
June 1985	-11.2
July 1985	-9.6
August 1985	-11.1
September 1985	-13.8
October 1985	-11.9
November 1985	-11.9
December 1985	-12.6
January 1986	-10.9
February 1986	-10.7
March 1986	-13.9
April 1986	-10.6
May 1986	-10.8
June 1986	-10.8
July 1986	-10.4
August 1986	-13.7
September 1986	-14.0
October 1986	-17.4
November 1986	-16.5
December 1986	-11.4
January 1987	-14.6
February 1987	-13.3
March 1987	-10.6
April 1987	-12.3
May 1987	-8.3
June 1987	-5.5
July 1987	-4.7
August 1987	-0.7
September 1987	1.7
October 1987	4.4
November 1987	0.6
December 1987	3.4
January 1988	3.8
February 1988	8.7
March 1988	4.8
April 1988	3.7
May 1988	7.0
June 1988	8.3
July 1988	8.8
August 1988	10.6
September 1988	7.5
October 1988	6.8
November 1988	6.9
December 1988	12.9
January 1989	11.8
February 1989	14.4
March 1989	12.3
April 1989	14.7
May 1989	13.0
June 1989	12.8
July 1989	13.8
August 1989	11.3
September 1989	9.7
October 1989	10.2
November 1989	8.9
December 1989	6.4
January 1990	5.6
February 1990	7.6
March 1990	7.4
April 1990	4.3
May 1990	4.0
June 1990	-0.3
July 1990	3.5
August 1990	-4.4
September 1990	-4.5
October 1990	-14.5
November 1990	-15.7
December 1990	-19.3
January 1991	-21.7
February 1991	-23.2
March 1991	-25.3
April 1991	-26.1
May 1991	-28.0
June 1991	-28.8
July 1991	-29.8
August 1991	-30.0
September 1991	-32.8
October 1991	-38.0
November 1991	-42.0
December 1991	-43.5
January 1992	-42.1
February 1992	-44.5
March 1992	-42.1
April 1992	-40.2
May 1992	-34.4
June 1992	-34.3
July 1992	-37.2
August 1992	-41.2
September 1992	-39.7
October 1992	-40.3
November 1992	-38.7
December 1992	-35.8
January 1993	-30.6
February 1993	-33.2
March 1993	-33.4
April 1993	-33.8
May 1993	-32.4
June 1993	-33.5
July 1993	-31.8
August 1993	-32.0
September 1993	-30.0
October 1993	-29.7
November 1993	-26.6
December 1993	-26.8
January 1994	-23.1
February 1994	-19.5
March 1994	-19.4
April 1994	-14.4
May 1994	-17.8
June 1994	-13.6
July 1994	-13.4
August 1994	-12.6
September 1994	-12.7
October 1994	-13.6
November 1994	-7.7
December 1994	-3.1
January 1995	-2.9
February 1995	-2.7
March 1995	-1.3
April 1995	-0.7
May 1995	-1.3
June 1995	-3.6
July 1995	0.9
August 1995	-1.0
September 1995	-2.4
October 1995	-6.4
November 1995	-2.9
December 1995	-3.2
January 1996	-5.0
February 1996	-1.6
March 1996	-3.7
April 1996	1.6
May 1996	2.0
June 1996	1.0
July 1996	4.1
August 1996	5.1
September 1996	6.0
October 1996	3.0
November 1996	5.1
December 1996	8.1
January 1997	12.3
February 1997	14.0
March 1997	14.6
April 1997	11.6
May 1997	17.5
June 1997	19.5
July 1997	19.3
August 1997	20.2
September 1997	20.3
October 1997	14.7
November 1997	19.0
December 1997	24.1
January 1998	23.7
February 1998	29.6
March 1998	31.2
April 1998	30.0
May 1998	30.2
June 1998	31.2
July 1998	32.1
August 1998	31.0
September 1998	30.9
October 1998	26.6
November 1998	26.3
December 1998	27.9
January 1999	33.6
February 1999	35.9
March 1999	35.1
April 1999	35.1
May 1999	35.1
June 1999	35.0
July 1999	37.9
August 1999	36.7
September 1999	34.8
October 1999	34.3
November 1999	36.3
December 1999	40.0
January 2000	44.0
February 2000	39.8
March 2000	42.7
April 2000	40.3
May 2000	42.0
June 2000	42.5
July 2000	46.2
August 2000	42.0
September 2000	41.9
October 2000	38.0
November 2000	39.5
December 2000	38.4
January 2001	36.2
February 2001	30.9
March 2001	31.2
April 2001	25.9
May 2001	25.0
June 2001	24.4
July 2001	21.5
August 2001	17.6
September 2001	8.3
October 2001	0.3
November 2001	-5.2
December 2001	-4.0
January 2002	-4.1
February 2002	-4.4
March 2002	-0.5
April 2002	-1.8
May 2002	-0.6
June 2002	-3.1
July 2002	-5.1
August 2002	-6.4
September 2002	-9.5
October 2002	-12.6
November 2002	-13.1
December 2002	-17.4
January 2003	-14.4
February 2003	-18.6
March 2003	-20.9
April 2003	-16.4
May 2003	-20.6
June 2003	-20.7
July 2003	-22.0
August 2003	-22.8
September 2003	-25.2
October 2003	-21.9
November 2003	-16.1
December 2003	-18.4
January 2004	-14.8
February 2004	-14.4
March 2004	-15.2
April 2004	-12.4
May 2004	-13.7
June 2004	-7.9
July 2004	-6.0
August 2004	-7.6
September 2004	-11.4
October 2004	-10.5
November 2004	-10.9
December 2004	-7.0
January 2005	-3.3
February 2005	-1.3
March 2005	-2.0
April 2005	-2.5
May 2005	-1.2
June 2005	0.0
July 2005	-0.9
August 2005	0.5
September 2005	-4.3
October 2005	-4.6
November 2005	-2.5
December 2005	0.8
January 2006	6.7
February 2006	7.2
March 2006	7.9
April 2006	9.7
May 2006	8.9
June 2006	8.0
July 2006	9.0
August 2006	3.4
September 2006	5.3
October 2006	3.8
November 2006	3.6
December 2006	6.3
January 2007	9.9
February 2007	9.9
March 2007	11.4
April 2007	8.7
May 2007	9.4
June 2007	7.1
July 2007	11.3
August 2007	7.8
September 2007	3.2
October 2007	1.3
November 2007	1.9
December 2007	0.9
January 2008	3.2
February 2008	-1.9
March 2008	-5.3
April 2008	-10.8
May 2008	-12.2
June 2008	-15.6
July 2008	-16.6
August 2008	-18.2
September 2008	-19.6
October 2008	-27.6
November 2008	-28.4
December 2008	-35.0
January 2009	-34.0
February 2009	-42.3
March 2009	-44.1
April 2009	-41.7
May 2009	-38.1
June 2009	-40.3
July 2009	-44.8
August 2009	-40.0
September 2009	-43.4
October 2009	-45.9
November 2009	-46.1
December 2009	-45.0
January 2010	-42.1
February 2010	-43.3
March 2010	-42.3
April 2010	-40.1
May 2010	-39.3
June 2010	-39.2
July 2010	-40.7
August 2010	-41.5
September 2010	-42.0
October 2010	-42.8
November 2010	-44.8
December 2010	-42.8
January 2011	-42.4
February 2011	-39.5
March 2011	-39.8
April 2011	-37.3
May 2011	-37.8
June 2011	-38.1
July 2011	-39.7
August 2011	-43.7
September 2011	-43.8
October 2011	-43.3
November 2011	-37.4
December 2011	-35.0
January 2012	-37.1
February 2012	-31.6
March 2012	-31.7
April 2012	-29.7
May 2012	-33.4
June 2012	-32.9
July 2012	-33.2
August 2012	-33.4
September 2012	-32.6
October 2012	-28.4
November 2012	-26.4
December 2012	-25.3
January 2013	-28.1
February 2013	-26.8
March 2013	-25.9
April 2013	-27.2
May 2013	-26.5
June 2013	-25.8
July 2013	-22.9
August 2013	-22.0
September 2013	-22.2
October 2013	-23.3
November 2013	-22.1
December 2013	-21.0
January 2014	-20.2
February 2014	-19.0
March 2014	-17.6
April 2014	-19.8
May 2014	-18.0
June 2014	-16.1
July 2014	-15.3
August 2014	-12.4
September 2014	-13.1
October 2014	-12.5
November 2014	-12.5
December 2014	-10.1
January 2015	-3.9
February 2015	-4.8
March 2015	-4.5
April 2015	-6.9
May 2015	-6.6
June 2015	-4.8
July 2015	-7.5
August 2015	0.4
September 2015	-0.1
October 2015	-1.9
November 2015	-4.8
December 2015	-0.3
January 2016	-0.6
February 2016	-0.8
March 2016	0.2
April 2016	1.4
May 2016	0.0
June 2016	-0.5
July 2016	0.9
August 2016	4.0
September 2016	5.3
October 2016	2.2

Source: Surveys database, Conference Board/Haver Analytics.

NFIB-Jobs Hard to Fill

Period	Index
April 1993	30
May 1993	28
June 1993	29
July 1993	33
August 1993	37
September 1993	39
October 1993	37
November 1993	35
December 1993	37
January 1994	35
February 1994	36
March 1994	37
April 1994	37
May 1994	39
June 1994	39
July 1994	41
August 1994	42
September 1994	43
October 1994	43
November 1994	42
December 1994	40
January 1995	42
February 1995	40
March 1995	41
April 1995	42
May 1995	40
June 1995	41
July 1995	44
August 1995	43
September 1995	45
October 1995	44
November 1995	42
December 1995	45
January 1996	42
February 1996	39
March 1996	41
April 1996	44
May 1996	42
June 1996	45
July 1996	46
August 1996	43
September 1996	42
October 1996	51
November 1996	47
December 1996	43
January 1997	42
February 1997	43
March 1997	40
April 1997	42
May 1997	43
June 1997	45
July 1997	47
August 1997	48
September 1997	48
October 1997	47
November 1997	46
December 1997	46
January 1998	46
February 1998	46
March 1998	39
April 1998	45
May 1998	44
June 1998	46
July 1998	48
August 1998	47
September 1998	51
October 1998	52
November 1998	51
December 1998	51
January 1999	45
February 1999	44
March 1999	50
April 1999	46
May 1999	46
June 1999	49
July 1999	49
August 1999	45
September 1999	53
October 1999	52
November 1999	50
December 1999	51
January 2000	45
February 2000	45
March 2000	45
April 2000	45
May 2000	48
June 2000	47
July 2000	49
August 2000	49
September 2000	48
October 2000	51
November 2000	49
December 2000	46
January 2001	43
February 2001	44
March 2001	45
April 2001	45
May 2001	42
June 2001	46
July 2001	47
August 2001	46
September 2001	44
October 2001	42
November 2001	37
December 2001	41
January 2002	35
February 2002	36
March 2002	38
April 2002	38
May 2002	36
June 2002	40
July 2002	40
August 2002	39
September 2002	38
October 2002	36
November 2002	38
December 2002	34
January 2003	34
February 2003	37
March 2003	33
April 2003	32
May 2003	34
June 2003	35
July 2003	36
August 2003	39
September 2003	39
October 2003	36
November 2003	34
December 2003	39
January 2004	33
February 2004	37
March 2004	39
April 2004	35
May 2004	40
June 2004	37
July 2004	39
August 2004	42
September 2004	36
October 2004	42
November 2004	39
December 2004	41
January 2005	36
February 2005	38
March 2005	41
April 2005	39
May 2005	41
June 2005	39
July 2005	41
August 2005	41
September 2005	39
October 2005	41
November 2005	46
December 2005	42
January 2006	40
February 2006	40
March 2006	39
April 2006	41
May 2006	46
June 2006	45
July 2006	42
August 2006	46
September 2006	44
October 2006	46
November 2006	44
December 2006	40
January 2007	41
February 2007	41
March 2007	43
April 2007	43
May 2007	42
June 2007	45
July 2007	43
August 2007	44
September 2007	48
October 2007	46
November 2007	40
December 2007	37
January 2008	37
February 2008	36
March 2008	36
April 2008	37
May 2008	33
June 2008	39
July 2008	36
August 2008	35
September 2008	38
October 2008	35
November 2008	31
December 2008	30
January 2009	28
February 2009	26
March 2009	24
April 2009	24
May 2009	25
June 2009	27
July 2009	26
August 2009	23
September 2009	25
October 2009	25
November 2009	28
December 2009	21
January 2010	24
February 2010	26
March 2010	23
April 2010	26
May 2010	26
June 2010	25
July 2010	28
August 2010	32
September 2010	30
October 2010	28
November 2010	27
December 2010	28
January 2011	28
February 2011	30
March 2011	29
April 2011	32
May 2011	30
June 2011	33
July 2011	31
August 2011	33
September 2011	34
October 2011	31
November 2011	35
December 2011	34
January 2012	31
February 2012	31
March 2012	32
April 2012	34
May 2012	37
June 2012	33
July 2012	38
August 2012	37
September 2012	41
October 2012	38
November 2012	36
December 2012	33
January 2013	34
February 2013	34
March 2013	36
April 2013	38
May 2013	38
June 2013	41
July 2013	40
August 2013	42
September 2013	41
October 2013	40
November 2013	44
December 2013	38
January 2014	38
February 2014	40
March 2014	41
April 2014	41
May 2014	46
June 2014	43
July 2014	42
August 2014	46
September 2014	42
October 2014	45
November 2014	45
December 2014	43
January 2015	42
February 2015	47
March 2015	42
April 2015	44
May 2015	47
June 2015	44
July 2015	48
August 2015	48
September 2015	45
October 2015	48
November 2015	47
December 2015	48
January 2016	45
February 2016	42
March 2016	41
April 2016	46
May 2016	48
June 2016	48
July 2016	46
August 2016	48
September 2016	48
October 2016	48

Source: Surveys database, National Federation of Independent Businesses (NFIB)/Haver Analytics.

Figure 6. The expansion in context of the past

Real GDP
Percent change from trough

Quarters from trough	1949	1954	1958	1960	1970	1975	1982	1991	2002	2009
1	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00	100.00
2	103.99	101.13	102.31	101.86	98.97	100.77	101.31	100.78	100.92	100.33
3	107.13	103.11	104.71	103.56	101.62	102.44	103.62	101.26	101.48	101.30
4	111.26	106.05	106.65	105.65	102.20	103.82	105.65	101.70	101.97	101.74
5	113.40	107.78	109.25	107.56	103.00	106.16	107.83	102.90	102.04	102.72
6	114.95	109.22	109.04	108.72	103.30	106.96	109.97	104.04	102.57	103.41
7	116.95	109.88	109.47	109.75	105.15	107.51	111.90	105.05	103.52	104.06
8	119.36	109.46	111.91	110.18	107.59	108.32	113.00	106.10	105.25	103.66
9	119.62	110.36	111.48	111.40	108.58	109.58	113.91	106.30	106.48	104.42
10	120.89	110.27		112.85	110.38	111.73	115.04	106.93	107.09	104.64
11	121.14	112.07		115.06	113.10	113.70	116.09	107.45	107.88	105.81
12	122.02	112.79		115.88	114.38	113.71	117.90	108.89	108.86	106.52
13	126.02	112.55		118.39	113.76	114.11	118.78	109.96	109.80	107.01
14	128.37	113.64		119.79	114.82	118.55	119.88	111.46	110.97	107.14
15	129.37			121.42		119.71	120.43	112.12	111.55	107.17
16	128.64			121.85		121.31	121.65	113.39	112.49	107.92
17				124.86		121.55	122.28	113.78	113.13	108.12
18				126.56		121.70	123.13	114.17	114.49	108.96
19				129.14		122.57	124.51	115.15	114.83	110.02
20				132.18		122.89	125.64	115.97	114.93	109.69
21				135.44		123.29	127.72	116.73	115.83	110.76
22				136.00			128.43	118.77	115.90	112.11
23				136.97			130.13	119.87	116.79	112.76
24				138.14			130.88	121.13	117.58	113.33
25				139.41			132.62	122.05	118.00	114.06
26				139.53			133.95	123.90		114.62
27				140.74			135.01	125.47		114.87
28				141.87			136.01	126.45		115.11
29				144.75			136.30	127.70		115.52
30				147.19			137.79	128.94		116.35
31				148.25			138.33	130.62
32				148.92			138.36	132.77
33				151.23				133.83
34				151.72				134.93
35				152.66				136.63
36				152.00				139.00
37								139.41
38								142.04
39								142.21
40								143.02

Source: Department of Commerce, Bureau of Economic Analysis.

Unemployment Rate
Percentage point change from trough

Quarters from trough	1949	1954	1958	1960	1970	1975	1982	1991	2002	2009
1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2	-0.6	0.2	-0.1	0.2	0.6	0.6	-0.3	0.2	0.2	0.3
3	-1.4	-0.5	-1.0	0.0	0.7	0.2	-0.6	0.3	0.3	0.6
4	-2.4	-1.1	-1.6	-0.6	0.7	0.0	-1.3	0.5	0.2	0.5
5	-2.8	-1.4	-2.3	-1.2	0.8	-0.6	-2.2	0.8	0.4	0.3
6	-3.5	-1.7	-2.1	-1.3	0.7	-0.7	-2.8	1.0	0.4	0.2
7	-3.9	-1.6	-1.8	-1.2	0.6	-0.6	-3.3	1.0	0.6	0.2
8	-3.8	-1.8	-2.3	-1.3	0.5	-0.5	-3.3	0.8	0.6	-0.3
9	-3.6	-1.6	-2.2	-1.0	0.4	-0.8	-3.4	0.5	0.3	-0.2
10	-3.9	-1.7		-1.1	0.2	-1.2	-3.5	0.5	0.2	-0.3
11	-4.0	-1.7		-1.3	-0.3	-1.4	-3.4	0.2	0.1	-0.7
12	-3.8	-1.9		-1.2	-0.3	-1.6	-3.5	0.0	-0.1	-1.0
13	-4.2	-1.7		-1.3	-0.4	-2.0	-3.7	0.0	-0.1	-1.1
14	-4.3	-1.6		-1.6	-0.4	-2.3	-3.7	-0.4	-0.2	-1.3
15	-4.4			-1.8		-2.3	-3.5	-0.6	-0.4	-1.5
16	-4.3			-1.8		-2.4	-3.7	-1.0	-0.5	-1.6
17				-1.9		-2.4	-3.9	-1.1	-0.5	-1.8
18				-2.1		-2.6	-4.1	-0.9	-0.8	-2.0
19				-2.4		-2.4	-4.4	-0.9	-0.9	-2.4
20				-2.7		-2.3	-4.7	-1.0	-0.9	-2.6
21				-2.9		-2.0	-4.9	-1.1	-1.1	-3.1
22				-3.0			-5.0	-1.1	-1.0	-3.2
23				-3.0			-5.2	-1.3	-1.0	-3.6
24				-3.1			-5.2	-1.3	-0.8	-3.7
25				-3.0			-5.4	-1.4	-0.7	-3.9
26				-3.0			-5.5	-1.6		-4.1
27				-3.0			-5.5	-1.7		-4.3
28				-2.9			-5.5	-1.9		-4.4
29				-3.1			-5.3	-2.0		-4.4
30				-3.2			-5.4	-2.2		-4.4
31				-3.3			-5.4	-2.1
32				-3.4			-5.0	-2.2
33				-3.4				-2.3
34				-3.4				-2.3
35				-3.2				-2.4
36				-3.2				-2.5
37								-2.6
38								-2.7
39								-2.6
40								-2.7
41								-2.4

Source: Department of Labor, Bureau of Labor Statistics.

Figure 7. The expansion in international context

Real GDP
Percent change from trough

Period	Euro area	Japan	United Kingdom	United States
2009	100.0	100.0	100.0	100.0
2010	102.0	104.7	101.5	102.5
2011	103.7	104.2	103.5	104.2
2012	102.8	106.1	104.8	106.5
2013	102.5	107.5	107.0	108.1
2014	103.5	107.5	110.1	110.7
2015	105.1	108.1	112.6	113.4
2016	106.9	108.8	114.6	115.4

Source: Organization of Economic Co-operation and Development, Economic Outlook No. 99, June 2016.

Unemployment Rate
Percentage point change from trough

Period	Euro area	Japan	United Kingdom	United States
2009	0.00	0.00	0.00	0.00
2010	0.52	-0.01	0.26	0.35
2011	0.61	-0.46	0.50	-0.33
2012	1.82	-0.70	0.35	-1.20
2013	2.48	-1.01	0.00	-1.90
2014	2.10	-1.46	-1.43	-3.11
2015	1.36	-1.69	-2.18	-4.00
2016	0.71	-1.86	-2.50	-4.32

Source: Organization of Economic Co-operation and Development, Economic Outlook No. 99, June 2016.

Figure 8. GDP growth has slowed over time

Percent change

Period	Decade average	5-year average
1970	3.24	3.50
1971	3.24	2.84
1972	3.24	3.34
1973	3.24	3.48
1974	3.24	2.76
1975	3.24	2.68
1976	3.24	3.10
1977	3.24	2.98
1978	3.24	2.98
1979	3.24	3.72
1980	3.15	3.72
1981	3.15	3.16
1982	3.15	1.86
1983	3.15	1.66
1984	3.15	2.48
1985	3.15	3.36
1986	3.15	3.54
1987	3.15	4.62
1988	3.15	4.54
1989	3.15	3.82
1990	3.23	3.36
1991	3.23	2.64
1992	3.23	2.66
1993	3.23	2.36
1994	3.23	2.42
1995	3.23	2.58
1996	3.23	3.36
1997	3.23	3.54
1998	3.23	3.90
1999	3.23	4.04
2000	1.82	4.32
2001	1.82	3.76
2002	1.82	3.22
2003	1.82	2.88
2004	1.82	2.70
2005	1.82	2.54
2006	1.82	2.88
2007	1.82	2.88
2008	1.82	2.26
2009	1.82	0.94
2010	2.17	0.78
2011	2.17	0.56
2012	2.17	0.64
2013	2.17	1.04
2014	2.17	2.08
2015	2.17	2.10

Source: Department of Commerce, Bureau of Economic Analysis.

Figure 9. Labor force has slowed

Percent change

Period	Decade average	5-year average
1970	2.66	2.16
1971	2.66	2.18
1972	2.66	2.38
1973	2.66	2.58
1974	2.66	2.65
1975	2.66	2.52
1976	2.66	2.65
1977	2.66	2.61
1978	2.66	2.72
1979	2.66	2.68
1980	1.67	2.67
1981	1.67	2.48
1982	1.67	2.18
1983	1.67	1.75
1984	1.67	1.58
1985	1.67	1.54
1986	1.67	1.63
1987	1.67	1.69
1988	1.67	1.76
1989	1.67	1.76
1990	1.19	1.74
1991	1.19	1.40
1992	1.19	1.34
1993	1.19	1.21
1994	1.19	1.14
1995	1.19	1.01
1996	1.19	1.18
1997	1.19	1.25
1998	1.19	1.28
1999	1.19	1.24
2000	1.02	1.51
2001	1.02	1.43
2002	1.02	1.23
2003	1.02	1.25
2004	1.02	1.12
2005	1.02	0.92
2006	1.02	1.04
2007	1.02	1.12
2008	1.02	1.05
2009	1.02	0.91
2010	0.32	0.61
2011	0.32	0.29
2012	0.32	0.24
2013	0.32	0.14
2014	0.32	0.22
2015	0.32	0.42

Source: Department of Labor, Bureau of Labor Statistics.

Figure 10. The population is aging

Ratio of those aged 65 and over to working-age population

Period	Ratio
1960	0.1555
1961	0.1577
1962	0.1581
1963	0.1584
1964	0.1589
1965	0.1593
1966	0.1595
1967	0.1598
1968	0.1596
1969	0.1594
1970	0.1597
1971	0.1600
1972	0.1602
1973	0.1610
1974	0.1621
1975	0.1640
1976	0.1652
1977	0.1668
1978	0.1682
1979	0.1698
1980	0.1711
1981	0.1725
1982	0.1745
1983	0.1766
1984	0.1782
1985	0.1799
1986	0.1818
1987	0.1842
1988	0.1860
1989	0.1883
1990	0.1903
1991	0.1917
1992	0.1926
1993	0.1936
1994	0.1938
1995	0.1938
1996	0.1934
1997	0.1920
1998	0.1905
1999	0.1888
2000	0.1877
2001	0.1865
2002	0.1855
2003	0.1852
2004	0.1848
2005	0.1848
2006	0.1852
2007	0.1866
2008	0.1897
2009	0.1923
2010	0.1949
2011	0.1979
2012	0.2058
2013	0.2125
2014	0.2188
2015	0.2251
2016	0.2314
2017	0.2381
2018	0.2452
2019	0.2527
2020	0.2607
2021	0.2685
2022	0.2767
2023	0.2847
2024	0.2927
2025	0.3011
2026	0.3088
2027	0.3159
2028	0.3227
2029	0.3290
2030	0.3344
2031	0.3381
2032	0.3410
2033	0.3435
2034	0.3461
2035	0.3496
2036	0.3524
2037	0.3537
2038	0.3538
2039	0.3534
2040	0.3535
2041	0.3528
2042	0.3526
2043	0.3525
2044	0.3527
2045	0.3543
2046	0.3554
2047	0.3567
2048	0.3580
2049	0.3590
2050	0.3608
2051	0.3626
2052	0.3644
2053	0.3667
2054	0.3696
2055	0.3737
2056	0.3781
2057	0.3821
2058	0.3858
2059	0.3893
2060	0.3925

Source. Department of Commerce, Census Bureau.

Figure 11. Labor productivity growth is low

Period	Percent, 5-year average
1970:Q1	2.49
1970:Q2	2.71
1970:Q3	2.58
1970:Q4	2.15
1971:Q1	2.36
1971:Q2	2.48
1971:Q3	2.69
1971:Q4	2.35
1972:Q1	2.36
1972:Q2	2.68
1972:Q3	2.71
1972:Q4	2.86
1973:Q1	2.80
1973:Q2	2.65
1973:Q3	2.34
1973:Q4	2.44
1974:Q1	2.09
1974:Q2	2.19
1974:Q3	1.95
1974:Q4	2.16
1975:Q1	2.35
1975:Q2	2.45
1975:Q3	2.31
1975:Q4	2.48
1976:Q1	2.20
1976:Q2	2.32
1976:Q3	2.10
1976:Q4	2.39
1977:Q1	2.31
1977:Q2	1.85
1977:Q3	2.06
1977:Q4	1.61
1978:Q1	1.17
1978:Q2	1.50
1978:Q3	1.84
1978:Q4	1.83
1979:Q1	2.00
1979:Q2	1.89
1979:Q3	2.07
1979:Q4	1.87
1980:Q1	1.72
1980:Q2	1.15
1980:Q3	0.96
1980:Q4	1.13
1981:Q1	1.25
1981:Q2	0.94
1981:Q3	1.18
1981:Q4	0.77
1982:Q1	0.53
1982:Q2	0.55
1982:Q3	0.31
1982:Q4	0.72
1983:Q1	1.00
1983:Q2	0.97
1983:Q3	1.00
1983:Q4	1.11
1984:Q1	1.32
1984:Q2	1.54
1984:Q3	1.64
1984:Q4	1.72
1985:Q1	1.66
1985:Q2	1.98
1985:Q3	2.30
1985:Q4	2.15
1986:Q1	1.93
1986:Q2	2.24
1986:Q3	2.09
1986:Q4	2.31
1987:Q1	2.35
1987:Q2	2.42
1987:Q3	2.44
1987:Q4	2.41
1988:Q1	2.28
1988:Q2	1.94
1988:Q3	1.92
1988:Q4	1.79
1989:Q1	1.72
1989:Q2	1.65
1989:Q3	1.63
1989:Q4	1.61
1990:Q1	1.75
1990:Q2	1.85
1990:Q3	1.64
1990:Q4	1.38
1991:Q1	1.24
1991:Q2	1.44
1991:Q3	1.45
1991:Q4	1.64
1992:Q1	2.15
1992:Q2	2.17
1992:Q3	2.32
1992:Q4	2.27
1993:Q1	2.04
1993:Q2	1.92
1993:Q3	1.86
1993:Q4	1.99
1994:Q1	2.03
1994:Q2	1.90
1994:Q3	1.70
1994:Q4	1.85
1995:Q1	1.55
1995:Q2	1.41
1995:Q3	1.31
1995:Q4	1.68
1996:Q1	1.82
1996:Q2	1.76
1996:Q3	1.72
1996:Q4	1.61
1997:Q1	1.14
1997:Q2	1.24
1997:Q3	1.25
1997:Q4	1.24
1998:Q1	1.53
1998:Q2	1.73
1998:Q3	2.02
1998:Q4	2.00
1999:Q1	2.13
1999:Q2	2.20
1999:Q3	2.48
1999:Q4	2.63
2000:Q1	2.67
2000:Q2	3.06
2000:Q3	3.05
2000:Q4	3.09
2001:Q1	2.83
2001:Q2	2.88
2001:Q3	2.90
2001:Q4	3.15
2002:Q1	3.60
2002:Q2	3.41
2002:Q3	3.40
2002:Q4	3.26
2003:Q1	3.34
2003:Q2	3.57
2003:Q3	3.65
2003:Q4	3.67
2004:Q1	3.51
2004:Q2	3.62
2004:Q3	3.53
2004:Q4	3.35
2005:Q1	3.60
2005:Q2	3.10
2005:Q3	3.26
2005:Q4	3.06
2006:Q1	3.27
2006:Q2	2.94
2006:Q3	2.72
2006:Q4	2.57
2007:Q1	2.19
2007:Q2	2.29
2007:Q3	2.34
2007:Q4	2.44
2008:Q1	2.05
2008:Q2	1.91
2008:Q3	1.58
2008:Q4	1.30
2009:Q1	1.39
2009:Q2	1.63
2009:Q3	1.87
2009:Q4	1.97
2010:Q1	1.86
2010:Q2	2.00
2010:Q3	1.94
2010:Q4	1.97
2011:Q1	1.66
2011:Q2	1.72
2011:Q3	1.78
2011:Q4	1.82
2012:Q1	1.82
2012:Q2	1.76
2012:Q3	1.47
2012:Q4	1.33
2013:Q1	1.64
2013:Q2	1.44
2013:Q3	1.47
2013:Q4	1.78
2014:Q1	1.44
2014:Q2	1.15
2014:Q3	0.99
2014:Q4	0.66
2015:Q1	0.62
2015:Q2	0.61
2015:Q3	0.62
2015:Q4	0.43
2016:Q1	0.57
2016:Q2	0.50
2016:Q3	0.71

Source: Department of Labor, Bureau of Labor Statistics.

Figure 12. Productivity slowdown is global

GDP per hour worked in OECD countries (growth rates, percent)

Country	1995-2004	2005-2014	Difference
Greece	3.00	-0.26	-3.26
Norway	2.48	-0.29	-2.77
Ireland	4.66	2.03	-2.63
Poland	5.18	2.65	-2.53
Finland	2.70	0.54	-2.16
Sweden	2.72	0.75	-1.97
United Kingdom	2.23	0.45	-1.78
Korea	5.36	3.63	-1.73
Turkey	3.34	1.63	-1.71
Czech Republic	3.47	1.81	-1.66
Iceland	2.75	1.44	-1.31
Hungary	3.38	2.07	-1.31
France	1.97	0.72	-1.25
United States	2.28	1.10	-1.18
Japan	2.00	0.87	-1.13
Luxembourg	1.17	0.23	-0.94
Netherlands	1.52	0.62	-0.90
Denmark	1.35	0.47	-0.88
Chile	3.47	2.61	-0.86
Germany	1.73	0.87	-0.86
Australia	2.14	1.31	-0.83
Belgium	1.31	0.49	-0.82
Italy	0.82	0.05	-0.77
Canada	1.44	1.00	-0.44
Mexico	0.76	0.39	-0.37
Switzerland	1.41	1.06	-0.35
Portugal	1.41	1.07	-0.34
New Zealand	1.22	0.92	-0.30
Israel	1.33	1.19	-0.14
Spain	0.21	1.31	1.10

Source: Organization for Economic Co-operation and Development, GDP per hour worked (indicator), https://data.oecd.org/lprdty/gdp-per-hour-worked.htm#indicator-chart.

Figure 13. U.S. interest rates are very low

Percent

Period	Federal Funds	10-year Treasury
1970:Q1	8.47	7.37
1970:Q2	7.83	7.71
1970:Q3	6.68	7.46
1970:Q4	5.54	6.85
1971:Q1	3.88	6.01
1971:Q2	4.58	6.24
1971:Q3	5.47	6.48
1971:Q4	4.72	5.89
1972:Q1	3.57	6.03
1972:Q2	4.30	6.14
1972:Q3	4.74	6.29
1972:Q4	5.15	6.37
1973:Q1	6.51	6.60
1973:Q2	7.81	6.81
1973:Q3	10.57	7.22
1973:Q4	9.97	6.76
1974:Q1	9.33	7.05
1974:Q2	11.18	7.54
1974:Q3	12.09	7.96
1974:Q4	9.31	7.67
1975:Q1	6.26	7.54
1975:Q2	5.42	8.05
1975:Q3	6.14	8.29
1975:Q4	5.40	8.06
1976:Q1	4.82	7.76
1976:Q2	5.20	7.77
1976:Q3	5.29	7.73
1976:Q4	4.87	7.18
1977:Q1	4.68	7.36
1977:Q2	5.16	7.37
1977:Q3	5.82	7.36
1977:Q4	6.52	7.60
1978:Q1	6.78	8.01
1978:Q2	7.30	8.33
1978:Q3	8.10	8.49
1978:Q4	9.57	8.82
1979:Q1	10.08	9.11
1979:Q2	10.18	9.11
1979:Q3	10.91	9.09
1979:Q4	13.52	10.44
1980:Q1	14.98	11.94
1980:Q2	12.62	10.50
1980:Q3	9.77	10.94
1980:Q4	15.83	12.40
1981:Q1	16.55	12.96
1981:Q2	17.75	13.74
1981:Q3	17.70	14.83
1981:Q4	13.61	14.10
1982:Q1	14.27	14.28
1982:Q2	14.52	13.94
1982:Q3	11.01	13.12
1982:Q4	9.29	10.65
1983:Q1	8.66	10.56
1983:Q2	8.83	10.55
1983:Q3	9.46	11.63
1983:Q4	9.43	11.69
1984:Q1	9.70	11.95
1984:Q2	10.62	13.22
1984:Q3	11.42	12.89
1984:Q4	9.27	11.76
1985:Q1	8.47	11.58
1985:Q2	7.95	10.83
1985:Q3	7.93	10.33
1985:Q4	8.15	9.76
1986:Q1	7.88	8.57
1986:Q2	6.96	7.60
1986:Q3	6.23	7.30
1986:Q4	6.39	7.26
1987:Q1	6.28	7.19
1987:Q2	6.66	8.34
1987:Q3	6.86	8.87
1987:Q4	6.91	9.13
1988:Q1	6.67	8.42
1988:Q2	7.17	8.91
1988:Q3	7.99	9.10
1988:Q4	8.48	8.96
1989:Q1	9.47	9.21
1989:Q2	9.73	8.76
1989:Q3	9.08	8.11
1989:Q4	8.64	7.91
1990:Q1	8.26	8.41
1990:Q2	8.24	8.67
1990:Q3	8.18	8.70
1990:Q4	7.76	8.41
1991:Q1	6.49	8.02
1991:Q2	5.88	8.12
1991:Q3	5.68	7.95
1991:Q4	4.83	7.34
1992:Q1	4.05	7.30
1992:Q2	3.82	7.38
1992:Q3	3.31	6.62
1992:Q4	3.08	6.74
1993:Q1	3.09	6.27
1993:Q2	3.02	5.99
1993:Q3	3.09	5.61
1993:Q4	2.99	5.62
1994:Q1	3.24	6.08
1994:Q2	3.96	7.09
1994:Q3	4.51	7.33
1994:Q4	5.18	7.84
1995:Q1	5.82	7.48
1995:Q2	6.02	6.60
1995:Q3	5.81	6.33
1995:Q4	5.75	5.90
1996:Q1	5.39	5.90
1996:Q2	5.28	6.71
1996:Q3	5.34	6.78
1996:Q4	5.31	6.35
1997:Q1	5.30	6.57
1997:Q2	5.55	6.70
1997:Q3	5.57	6.24
1997:Q4	5.54	5.91
1998:Q1	5.52	5.59
1998:Q2	5.51	5.59
1998:Q3	5.55	5.21
1998:Q4	4.87	4.67
1999:Q1	4.75	4.99
1999:Q2	4.75	5.54
1999:Q3	5.12	5.88
1999:Q4	5.31	6.14
2000:Q1	5.73	6.47
2000:Q2	6.29	6.18
2000:Q3	6.52	5.89
2000:Q4	6.50	5.57
2001:Q1	5.61	5.05
2001:Q2	4.32	5.28
2001:Q3	3.49	4.99
2001:Q4	2.14	4.76
2002:Q1	1.74	5.08
2002:Q2	1.76	5.11
2002:Q3	1.75	4.28
2002:Q4	1.45	4.00
2003:Q1	1.25	3.92
2003:Q2	1.25	3.62
2003:Q3	1.01	4.22
2003:Q4	1.00	4.29
2004:Q1	1.00	4.02
2004:Q2	1.01	4.60
2004:Q3	1.44	4.30
2004:Q4	1.95	4.18
2005:Q1	2.48	4.31
2005:Q2	2.94	4.16
2005:Q3	3.46	4.21
2005:Q4	3.98	4.49
2006:Q1	4.46	4.57
2006:Q2	4.91	5.07
2006:Q3	5.25	4.90
2006:Q4	5.25	4.63
2007:Q1	5.26	4.68
2007:Q2	5.25	4.85
2007:Q3	5.09	4.74
2007:Q4	4.49	4.27
2008:Q1	3.18	3.67
2008:Q2	2.09	3.88
2008:Q3	1.96	3.86
2008:Q4	0.53	3.23
2009:Q1	0.19	2.73
2009:Q2	0.18	3.32
2009:Q3	0.15	3.52
2009:Q4	0.12	3.47
2010:Q1	0.13	3.72
2010:Q2	0.19	3.49
2010:Q3	0.19	2.79
2010:Q4	0.19	2.88
2011:Q1	0.16	3.46
2011:Q2	0.09	3.20
2011:Q3	0.08	2.42
2011:Q4	0.08	2.05
2012:Q1	0.10	2.04
2012:Q2	0.15	1.82
2012:Q3	0.15	1.64
2012:Q4	0.16	1.71
2013:Q1	0.14	1.95
2013:Q2	0.12	1.99
2013:Q3	0.09	2.71
2013:Q4	0.09	2.75
2014:Q1	0.07	2.77
2014:Q2	0.09	2.62
2014:Q3	0.09	2.50
2014:Q4	0.10	2.28
2015:Q1	0.11	1.97
2015:Q2	0.13	2.16
2015:Q3	0.14	2.22
2015:Q4	0.16	2.19
2016:Q1	0.36	1.92
2016:Q2	0.37	1.75
2016:Q3	0.40	1.56
November 2016	0.40	2.30

Source: Board of Governors of the Federal Reserve System, H.15.

Figure 14. Sovereign rates are low around the world

10-year Sovereign Yields
Percent

Period	U.S.	Germany	U.K.	Japan
1995:Q1	7.48	7.40	8.61	4.40
1995:Q2	6.60	6.86	8.19	3.13
1995:Q3	6.33	6.68	8.08	2.90
1995:Q4	5.90	6.31	7.77	2.73
1996:Q1	5.90	6.17	7.71	3.07
1996:Q2	6.71	6.46	8.04	3.26
1996:Q3	6.78	6.34	7.85	3.13
1996:Q4	6.35	5.90	7.54	2.58
1997:Q1	6.57	5.73	7.39	2.40
1997:Q2	6.70	5.82	7.29	2.37
1997:Q3	6.24	5.61	6.96	2.11
1997:Q4	5.91	5.50	6.47	1.69
1998:Q1	5.59	5.02	6.04	1.64
1998:Q2	5.59	4.90	5.81	1.37
1998:Q3	5.21	4.42	5.56	1.16
1998:Q4	4.67	4.01	4.79	0.99
1999:Q1	4.99	3.85	4.44	1.85
1999:Q2	5.54	4.07	4.83	1.54
1999:Q3	5.88	4.84	5.30	1.79
1999:Q4	6.14	5.16	5.40	1.77
2000:Q1	6.47	5.46	5.52	1.79
2000:Q2	6.18	5.25	5.24	1.72
2000:Q3	5.89	5.24	5.25	1.79
2000:Q4	5.57	5.10	5.03	1.74
2001:Q1	5.05	4.76	4.78	1.39
2001:Q2	5.28	4.98	5.04	1.28
2001:Q3	4.99	4.90	4.97	1.36
2001:Q4	4.76	4.62	4.71	1.35
2002:Q1	5.08	4.99	5.00	1.46
2002:Q2	5.11	5.12	5.18	1.38
2002:Q3	4.28	4.62	4.70	1.24
2002:Q4	4.00	4.44	4.56	1.02
2003:Q1	3.92	4.06	4.29	0.81
2003:Q2	3.62	3.89	4.21	0.59
2003:Q3	4.22	4.11	4.49	1.18
2003:Q4	4.29	4.31	4.89	1.38
2004:Q1	4.02	4.09	4.74	1.31
2004:Q2	4.60	4.23	5.05	1.58
2004:Q3	4.30	4.12	5.00	1.66
2004:Q4	4.18	3.78	4.66	1.44
2005:Q1	4.31	3.63	4.66	1.41
2005:Q2	4.16	3.38	4.47	1.29
2005:Q3	4.21	3.19	4.26	1.35
2005:Q4	4.49	3.37	4.29	1.54
2006:Q1	4.57	3.50	4.19	1.59
2006:Q2	5.07	3.96	4.61	1.91
2006:Q3	4.90	3.88	4.61	1.82
2006:Q4	4.63	3.78	4.61	1.71
2007:Q1	4.68	4.01	4.87	1.69
2007:Q2	4.85	4.34	5.20	1.75
2007:Q3	4.74	4.36	5.19	1.74
2007:Q4	4.27	4.21	4.82	1.58
2008:Q1	3.67	3.94	4.51	1.41
2008:Q2	3.88	4.26	4.82	1.61
2008:Q3	3.86	4.29	4.71	1.53
2008:Q4	3.23	3.55	4.01	1.45
2009:Q1	2.73	3.09	3.36	1.28
2009:Q2	3.32	3.37	3.59	1.45
2009:Q3	3.52	3.34	3.72	1.36
2009:Q4	3.47	3.24	3.67	1.32
2010:Q1	3.72	3.21	4.01	1.34
2010:Q2	3.49	2.87	3.76	1.30
2010:Q3	2.79	2.47	3.18	1.07
2010:Q4	2.88	2.62	3.21	1.04
2011:Q1	3.46	3.17	3.67	1.25
2011:Q2	3.20	3.17	3.43	1.19
2011:Q3	2.42	2.33	2.72	1.06
2011:Q4	2.05	1.99	2.28	1.01
2012:Q1	2.04	1.88	2.14	0.99
2012:Q2	1.82	1.54	1.89	0.89
2012:Q3	1.64	1.42	1.63	0.80
2012:Q4	1.71	1.43	1.81	0.76
2013:Q1	1.95	1.52	2.02	0.72
2013:Q2	1.99	1.41	1.92	0.73
2013:Q3	2.71	1.78	2.62	0.77
2013:Q4	2.75	1.79	2.78	0.64
2014:Q1	2.77	1.70	2.79	0.64
2014:Q2	2.62	1.43	2.67	0.61
2014:Q3	2.50	1.08	2.53	0.54
2014:Q4	2.28	0.79	2.10	0.45
2015:Q1	1.97	0.37	1.65	0.34
2015:Q2	2.16	0.51	1.85	0.40
2015:Q3	2.22	0.71	1.92	0.40
2015:Q4	2.19	0.56	1.87	0.31
2016:Q1	1.92	0.34	1.58	0.07
2016:Q2	1.75	0.13	1.40	-0.12
2016:Q3	1.56	-0.07	0.73	-0.13
November 2016	2.30	0.25	1.42	0.00

Source: Board of Governors of the Federal Reserve System, Reuters/Haver Analytics.

 

Note: Data values are rounded and may not sum to totals.