Economic mobility

Youth stagnation drives lowest rate of U.S. movers in history

The New York City skyline.
Seagulls fly past the skyline of midtown Manhattan as the sun rises behind Hudson Yards and the Empire State Building. Photo: Gary Hershorn/Getty Images

Just 9.8% of Americans moved between 2018 and 2019, per housing data out Wednesday — the lowest percentage since the Census Bureau started keeping track of statistics in 1948, the New York Times first reported.

Why it matters: The data indicates the United States population is "aging, and older people are much less likely to move than younger people. But even younger people are moving less than before," the Times notes.

Why America isn't at full employment

Data: FacetSet; Chart: Axios Visuals

The Fed has two jobs: Keeping inflation at 2%, and ensuring full employment. But what does full employment mean? According to Minneapolis Fed president Neel Kashkari, we're clearly not there yet — despite the fact that the unemployment rate is at a 50-year low of 3.5%.

Why it matters: If we're not at full employment, and inflation remains below the 2% target rate (as it does), then the Fed has little choice but to step on the gas.