For example, in the Summary of Economic Projections submitted in conjunction with the June meeting of the Federal Open Market Committee (FOMC), the range of estimates for the longer-run normal unemployment rate is 3.6 to 4.5 percent.
8 The decline in the unemployment rate in recent years has been accompanied by a pronounced increase in labor force participation for individuals in their prime working years. 9 These increases in prime-age participation have provided employers with a source of additional labor input and have been one factor restraining inflationary pressures.