In this note, we decompose growth into that related to mergers and acquisitions (M&A) and to all other sources; discuss factors that have affected growth and consolidation; describe our data sources and methodology; and present results

The U.S. unemployment rate averaged 8.4% during the first five years of recovery from the Great Recession of 2007-2009, the weakest recovery on record. But as the expansion continued, unemployment continued to decline and by 2018 reached the lowest levels in almost half a century. In this Note,...