by Mark Thoma, University of Oregon (Department of Economics)

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The Jobless Rate

Posted on May 14, 2008

This article from the Cleveland Fed compares the jobless rate for men and women to the unemployment rate. The jobless rate entire working-age population in the estimate labor market weakness, not just the labor force as in the unemployment rate calculation (the difference includes factors such as discouraged workers). There are interesting movements in the jobless rate over long periods of time as well as in response to economic conditions. The one part that I have a bit of trouble with is the estimates of the trend jobless rate using the Hodrick-Prescott (HP) filter. What is the HP filter? As...

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economy , fed , gdp , output