Economic Letter

The Divergent Signals about Labor Market Slack

Some labor market indicators have deviated widely from their normal historical relationships since the onset of COVID-19. Because of the pandemic’s uneven economic impact, the labor force participation rate, payroll employment, and the share of job losers among the unemployed have provided more reliable signals. They suggest that labor slack is higher than implied by the current unemployment rate.

Confronting Inequity: A Framework for Change

The San Francisco Fed is taking concrete and measurable actions to increase racial equity in our organization and communities. Read about our new Framework for Change to see how we are holding ourselves accountable.

Work for the Fed

We like to say we work for the Fed, not at the Fed. That's because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.