6 PART 1: RECENT ECONOMIC AND FINANCIAL DEVELOPMENTS 3. Measures of labor underutilization Percen U-4 4 L 」 2011 NoTE: Unemployment rate measures total unemployed as a percentage of the labor force. U-4 measures total unemployed plus discouraged workers, as a b iP the past ii months u s ginally attached workers plus total employed part time for economic rea labor force plus a rginally attached workers. The shaded bar indicates a period of business recession as defined by the National Bureau of SOURCE: Bureau of Labor Statistics via Haver Analytics improved considerably more than the overall LFPR, including a percentage point rise since june 2018 At the same time, the unemployment rate has remained little changed and has generally been running a little under 4 percent. Nevertheless, the unemployment rate remains at a historically low level and is percentage point below the median of the Federal Open Market Committee(FOMC) participants estimates of its longer-run normal level ( figure 3). Combining the movements in both unemployment and labor force participation, 2. Since 2015, the increase in the prime-age LFPR for women was nearly 2 percentage points, while the increase for men was only about I percentage point. In January, the lFPr for prime-age women was slightly above where it stood in 2007, whereas for men it was still about 2 percentage points below. 3. The unemployment rate in January was 4.0 percent, boosted somewhat by the partial government shutdown furloughed federal workers and temporarily lai off federal contractors are treated as unemployed in the household employment survey. 4. See the Summary of Economic Projections in Part 3 of this report.6 PART 1: RECENT ECONOMIC AND FINANCIAL DEvELOPMENTS improved considerably more than the overall LFPR, including a ½ percentage point rise since June 2018.2 At the same time, the unemployment rate has remained little changed and has generally been running a little under 4 percent.3 Nevertheless, the unemployment rate remains at a historically low level and is ½ percentage point below the median of the Federal Open Market Committee (FOMC) participants’ estimates of its longer-run normal level (figure 3).4 Combining the movements in both unemployment and labor force participation, 2. Since 2015, the increase in the prime-age LFPR for women was nearly 2 percentage points, while the increase for men was only about 1 percentage point. In January, the LFPR for prime-age women was slightly above where it stood in 2007, whereas for men it was still about 2 percentage points below. 3. The unemployment rate in January was 4.0 percent, boosted somewhat by the partial government shutdown, as some furloughed federal workers and temporarily laid￾off federal contractors are treated as unemployed in the household employment survey. 4. See the Summary of Economic Projections in Part 3 of this report