It now projects unemployment to average 3.8 percent in 2018 and 3.3 percent in 2019, compared to 4.2 percent and 4.4 percent projected in its June 2017 outlook, before drifting up to the estimated natural rate of unemployment of 4.6 percent by 2022. (crfb.org)
You could tell stories of real frictions, our stock of real and human capital was not set up to produce non-tradeables or something like that and so we may have an increase in the natural rate of unemployment for a time. (worthwhile.typepad.com)
Just as the natural rate of unemployment is not known, neither is the steady state level of inflation. (jaredbernsteinblog.com)