click for interactive calculator
Source: Federal Reserve Bank of Atlanta
From the wonks at the Federal Reserve Bank in Atlanta, comes this very cool calculator.
You enter your target unemployment rate (i.e, 6.25%) and how many months until you expect your target unemployment rate to be achieved, and the calculator tells you the average monthly change in payroll employment needed to achieve that target rate.
You can also fiddle with Labor force participation rate and average monthly population growth rate.
I’d like to be able to switch up two things — enter the monthly NFP gains to see how long it will take at that rate.
Also, the impact of other variables on the entire employment system — GDP, Retail Sales, Corporate profits, etc. — would be another set of variables that would be interesting to visualize.