Chicago Fed Letter
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July, No. 312a
On April 4, 2013, the Federal Reserve Bank of Chicago and the Civic Federation held a conference to examine the impact of state and local tax adjustments, as well as fiscal policy uncertainties, on economic development. Also, conference participants explored state and local governments’ recent experiences in dealing with fiscal difficulties, as well as their strategies to attract businesses to stimulate economic growth while still balancing their budgets.
July, No. 312
For the unemployment rate to decline, the U.S. economy needs to generate above-trend job growth. We currently estimate trend employment growth to be around 80,000 jobs per month, and we expect it to decline over the remainder of the decade, due largely to changing labor force demographics and slower population growth.