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Jason Furman (PIIE) and Wilson Powell III (Harvard Kennedy School)
The official unemployment rate fell to 8.4 percent in August from 10.2 in July, the first time the rate has been below 10 percent since March. But this level understates the level of joblessness. An alternative “realistic unemployment rate,” which is more comparable to historical data, was 9.9 percent in August. The data suggests that the United States will still have a recessionary level of unemployment for some time to come.
The Peterson Institute for International Economics building is closed to staff and visitors until further notice. All PIIE personnel are working remotely, with access to telephone messages.
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REUTERS/Marco Bello
Central bankers need to overhaul outdated thinking on labor markets