Continuing this year's string of strong labor market reports, August brought 250,000 net new jobs and a drop in umemployment to a seven-year low of 5.1%. This unemployment rate reflects adjustments to the household survey methods, started in January 1994, that were expected to raise the measured unemployment rate as much as 0.5%. If these adjustments are taken into account, we have to look back to early 1973 to find an equally low (4.6%) jobless rate.
Suggested citation: “Labor Markets,” Federal Reserve Bank of Cleveland, Economic Trends, no. 96-09, pp. 11-12, 09.01.1996.