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Each line rebased to 100 where the shared window begins — growth from a common base, not levels.

Foreign-Born Labor Force Federal Funds Rate
Foreign-Born Labor ForceFederal Funds Rate Rebased to 100 at Jan 2007
Global Financial CrisisCOVID-19 Recession20406080100120140100 = Jan 20072010201520202025Indexed to 100 · r = 0.60 over the overlap — correlation is not causation · econscout.com

Each series rebased to 100 at Jan 2007. foreign_born_lf, fed_funds_rate · read from cache, latest-revised.

  • Foreign-Born Labor Force

    Number of foreign-born people in the US labor force.

    Number of foreign-born people (naturalized citizens and noncitizens) in the US labor force.

  • Federal Funds Rate

    The interest rate the Fed sets to steer the economy.

    Effective federal funds rate, monthly average.

Each measured on its own terms — compare the lenses, not just the lines. Full lessons → Learn

r = 0.60 moderate correlation · 233 overlapping months

…and that proves nothing. Two lines moving together is not one moving the other. Almost any pair of trending economic series correlates highly — they share the same long climb of growth, prices, and population, or it is chance. r measures co-movement over this exact window, never cause. Change the range or swap a series and watch r move. Why correlation isn’t causation →