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SF Fed Blog

Boardroom Meeting

The Good News on Wage Growth

The July jobs report from the U.S. Bureau of Labor Statistics brought welcome news on wage growth: Median weekly earnings rose 4.2% on an annual basis, the fastest pace seen since 2007. The underlying story may be even better than the headline number suggests.

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Economic Letter

The Natural Rate of Unemployment over the Past 100 Years

Posted August 14, 2017

The natural rate of unemployment, or u-star, is used to help assess the overall state of the labor market. However, it is not directly observable and must be estimated. A new statistical approach estimates the rate has been remarkably stable over the past 100 years, hovering between 4.5 and 5.5% for long periods, even during the Great Depression. Recent unemployment is running slightly below the natural rate estimate.

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In the News

From the President

Monetary Policy’s Role in Fostering Sustainable Growth

August 2, 2017

Remarks to the Economic Club of Las Vegas
Las Vegas, Nevada


Economic Outlook

August 14, 2017

Thomas M. Mertens, research advisor at the Federal Reserve Bank of San Francisco, stated his views on the current economy and the outlook as of August 10, 2017.

From the Board

Beige Book

July 12, 2017

Summary of Commentary on Current Economic Conditions by Federal Reserve District

As a bachelor, bank examiner Jason Lew found a sense of family with coworkers on the road. Little did he know that just a few years later, he'd be part of a loving family of eight spread across two households in Salt Lake City.

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