Labor Market Strength
The strong current recovery has been exceptional in many ways, perhaps most remarkably in producing the lowest unemployment rate since early 1970. The historical comparison is probably even better: Survey procedure changes in 1994 raised measured unemployment by approximately 0.5%, suggesting that today’s rate is comparable to a pre- 1994 rate of 3.8%.
Suggested citation: “Labor Market Strength,” Federal Reserve Bank of Cleveland, Economic Trends, no. 98-07, pp. 14-15, 07.01.1998.