- "I conclude that the decline of the unemployment rate significantly overstates the degree of improvement in the labor market," says FRBNY chief Bill Dudley. Brushing aside talk the decline in the labor force participation rate is not to be worried about, Dudley: "Our own analysis suggests that the cyclical weakness of demand for labor is an important contributing factor."
- "If our assessment is correct, at some point an improving labor market should cause the labor force participation rate to stabilize or rise a bit as currently discouraged workers begin looking for work."