MONETARY POLICY REPORT: FEBRUARY 2019 11 other fairly closely in this expansion, though they have C. Labor force participation rates difference between rural and urban LFPRs has widened significantly over the past decade. On average, people in rural areas tend to have fewer years of schooling than people in urban areas and because the epop ratio tends to be lower for individuals with less education, this demographic difference has contributed to the persistent rural-urban Larger MSAs divide. However, these educational differences do not rural and urban EPOP ratios have widened. Figure D shows that, in recent years, rural and urban EPOP ratios diverged substantially even within educational Non-MSA categories, similar to the divergence in EPOPs more generally The left panel of figure D shows that the EPOP ratio of non-college-educated adults ages 25 to L⊥L 54 has been much lower in rural areas than in urban 19982001200420072010201320162019 ones beginning in 2012. The right panel of figureD No hows that the EPOP ratio of college-educated adults but that is no longer so. Thus, the recent widening of ouRce eferences lised an ox note 2. the rural-urban disparity in EPOP ratios has not been primarily driven by differences in years of education. Nevertheless, because the recovery in the EPOP ratio for non-college-educated adults in rural areas (continued on next page) D. Employment-to-population ratio Noncollege adults College adults MSAs LLLLL⊥LL⊥⊥LLLL⊥L⊥⊥⊥L」 LLLL⊥LL⊥⊥LL⊥L⊥LL⊥⊥L」 2001200420072010201320162019 998200120042007201020132016 NOTE: Data are for persons aged 25 to 54. MSA is metropolitan statistical area. The shaded bars indicate periods of business recession as defined by the SoURCE: References listed in box note 2MONETARy POLICy REPORT: FEBRUARy 2019 11 other fairly closely in this expansion, though they have diverged a little in the past few years. In contrast, the difference between rural and urban LFPRs has widened significantly over the past decade. On average, people in rural areas tend to have fewer years of schooling than people in urban areas, and because the EPOP ratio tends to be lower for individuals with less education, this demographic difference has contributed to the persistent rural–urban divide. However, these educational differences do not appear responsible for the fact that the gap between rural and urban EPOP ratios have widened. Figure D shows that, in recent years, rural and urban EPOP ratios diverged substantially even within educational categories, similar to the divergence in EPOPs more generally. The left panel of figure D shows that the EPOP ratio of non-college-educated adults ages 25 to 54 has been much lower in rural areas than in urban ones beginning in 2012. The right panel of figure D shows that the EPOP ratio of college-educated adults used to be higher in rural areas than in urban ones, but that is no longer so. Thus, the recent widening of the rural–urban disparity in EPOP ratios has not been primarily driven by differences in years of education. Nevertheless, because the recovery in the EPOP ratio for non-college-educated adults in rural areas (continued on next page)