San Francisco Fed
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San Francisco Fed

What Is Full Employment?

by Mary C. Daly, President and CEO

Figure 1: U.S. employment to population ratio for people ages 25–54

After the Great Recession, recovery brought people ages 25–54 back to work from 2012 until the pandemic in 2020. Another recovery is under way this year, 2021. Source: Bureau of Labor statistics, seasonally adjusted.

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San Francisco Fed

We serve the Federal Reserve’s 12th District. A community-engaged bank, dedicated to building an economy that works for all. #TeamUnreserved