The unemployment rate adjusted for pandemic-related  Olivier Armantier, Fatima Boumahdi, Leo Goldman, Gizem Koşar, Jessica Lu, Giorgio Topa, and Wilbert van der Klaauw (2021), “Have Consumers’ Long-Run Inflation Expectations Become UnAnchored?” Federal Reserve Bank of New York, Liberty Street Economics, September 24, https://libertystreeteconomics.newyorkfed.org/2021/09/have-consumers-long-run-inflation-expectationsbecome-un-anchored. 17  - 10 nonparticipation is 7.5 percent.
Employment is still a bit short of the mark on what I consider to be substantial further progress. But if progress continues as I hope, it may soon meet the mark. While inflation has been well above target for the past six months, affecting consumers and businesses alike, it previously spent roughly a quarter century below 2 percent.