Policymakers, researchers, and journalists often focus on the nationwide economy — for example, by talking about the overall unemployment rate. Aggregate economic conditions are important, but they do not capture the local economic conditions that directly impact families and communities. This article discusses labor market outcomes from the standpoint of local areas. How much do labor market outcomes vary across local areas? What are the causes and consequences of this inequality? And does this inequality increase or decrease after a recession?
This article appeared in the Third & Fourth Quarters 2022 issue of Economic Insights. Download and read the full issue.
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