Fourth District Unemployment Rates
Unemployment patterns in the Fourth District generally follow national trends very closely. In the last two recessions, the rise in national unemployment was mirrored by the Fourth District rate. In the most recent recession, however, the rise in the District’s unemployment rate lagged the nation by two months. In the recovery from the 1990–91 recession (the “jobless recovery”) unemployment rates in both the U.S. and the District continued to climb for a year, then fell steadily through the expansion. After the most recent recession, however, changes in the District’s unemployment rate did not follow the same pattern: Unemployment in the District and the nation did not climb drastically after the recession ended in November 2001, nor did it begin falling a year after the recession ended. According to March 2004 data (the most recent available), unemployment in the District and across the nation continued to hover around 5.7%, well above the rates of about 4.2% that both areas enjoyed throughout 2000.
Suggested citation: "Fourth District Unemployment Rates," Federal Reserve Bank of Cleveland, Economic Trends, no. 04-06, pp. 14-15, 06.01.2004.