Unemployment in the Fourth District
Unemployment rates for the Fourth District states of Kentucky, Ohio, and Pennsylvania were already on the rise before September 11. A lagging indicator of economic performance, the unemployment rate began rising for all three states in March 2001, which suggests that an economic slowdown was under way in the Fourth District before the onset of a national recession during that month. Year-over-year comparison of October unemployment rates also displays widespread evidence of a regional recession.
Suggested citation: "Unemployment in the Fourth District," Federal Reserve Bank of Cleveland, Economic Trends, no. 01-12, pp. 14-15, 12.01.2001.