Globalization has been covered heavily in the news recently, with special focus on the rise of China in the global economy and the sense of more job insecurity in the United States.

Home to Walmart and several other large companies, this region has experienced unusually strong growth in population and income over the past half-century. Although the area was not immune to the Great Recession, Northwest Arkansas could be on the verge of another spurt, given that its economy...

We construct monthly economic-activity indices for 51 U.S. metropolitan statistical areas for 1990 to 2014. Each index is computed via a dynamic factor model that includes 14 variables measuring various aspects of economic activity in a metro area. We estimate the dynamic factor model using the...

Expansions are usually associated with plentiful vacancies and a low number of unemployed workers. During recessions the unemployment pool swells while employers seek to fill fewer job openings.

During a recession, the participation rate typically declines as discouraged workers exit the labor force.