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U.S. Labor Market Slack Created by COVID-19 Pandemic Has Been Absorbed
The weaker-than-expected August labor market report should not obscure the labor market’s ongoing and significant progress while recovering from the COVID-19 pandemic.
Journal Article
Spotlight: Oil Patch Productivity Rises; Jobs Vanish
After major oil price busts in 2014 and 2020, the same engineering prowess that helped the oil and gas industry thrive has been driven to find efficiencies to lower operating costs. The result: Fewer workers are needed to produce the same oil and gas output.
How Much Slack Is Left in the Labor Market?
Our analysis shows that viewing the level of employment through the lens of the employment-to-population ratio does not indicate considerable slack in the labor market.
Electric Vehicles Gain Ground but Still Face Price, Range, Charging Constraints
Further improvement seems necessary before a wholesale switch to EVs occurs in the U.S.
Central Bankers Need to Take Note of Transition to Clean Energy
The path from traditional energy sources to alternative sources with lower greenhouse gas emissions—including renewable energy, and carbon capture and storage—is long and paved with abundant uncertainty.
Solving a Puzzle: More Nonrenewable Resources Without Higher Prices
Economic intuition suggests nonrenewable resources such as metals or fossil fuels become scarcer and more expensive over time. However, a new dataset covering the years 1700 to 2018 indicates otherwise.
Pandemic Pushed the U.S. into Recession … and Hourly Wages Rose?
The onset of COVID-19 in spring 2020 prompted an unprecedented rapid rise in the unemployment rate. However, a popular and widely cited wage measure—average hourly earnings (AHE)—rose sharply as the health crisis grew.
Real Wages Grew During Two Years of COVID-19 After Controlling for Workforce Composition
Despite recent negative real wage growth, workers have experienced real wage gains over the two years of the pandemic.