Economic Letter

Comparing Pandemic Unemployment to Past U.S. Recoveries

Unemployment fell at a slow, steady rate in the 10 cyclical recoveries from 1949 through 2019. This historical regularity also applies to the pandemic recovery after accounting for the unprecedented surge and recovery in temporary-layoff unemployment. Unemployment for other reasons did not start declining until November 2020, but since then has declined at a faster pace than its historical average.

Why Climate Risk Matters to Us

The San Francisco Fed is dedicated to building an economy that works for everyone and helping ensure all Americans have the opportunity to fully realize their potential. We champion equity because research has demonstrated it supports our full employment mandate and our mission to promote a healthy and sustainable economy.

Career Opportunities

The San Francisco Fed is dedicated to building an economy that works for everyone. We thrive on reflecting the people we serve by hiring talented individuals from diverse backgrounds and creating a culture of inclusion where people are respected for what they do and for who they are.