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Discussion Paper
How to Get the (High-Skilled) Workers?
Over the past year, the labor market has been extremely tight, with record high job openings and historically low unemployment. So, it's no surprise that firms have struggled to find workers. To overcome hiring challenges, firms have been using various strategies, the most common of which is wage increases. Those strategies may be paying off to some extent: Our Fifth District business surveys suggest that the worst of the challenge finding workers has passed. Nonetheless, firms are still reporting difficulties, and our most recent survey revealed a notable shift in the type of workers firms ...
Discussion Paper
New Insights on Dual Enrollment Students From the Survey of Community College Outcomes
Dual enrollment programs exist for high school students to take college-level coursework, earn college credit, and sometimes even a credential or degree, prior to graduating high school. These programs are different from other alternatives such as Advanced Placement (AP) or International Baccalaureate (IB). First, dual enrollment is offered through a higher education institution, such as a community college. Second, these students receive college credit for a course if they receive a certain grade. AP and IB courses can lead to college credit, but only if the student gets a passing grade on ...
Discussion Paper
Regional Job Openings and Quits Rates Jolt to New Highs
Discussion Paper
Results From the Survey of Community College Outcomes Extended Pilot
After three years of developing partnerships with community colleges across the Fifth District, we are proud to release our first-year results from our extended pilot of the Survey of Community College Outcomes.When the Richmond Fed launched this initiative, the most common question we heard from community colleges was, "Why does the Richmond Fed care about community colleges?" The answer is that the Richmond Fed cares about workforce development, and community colleges play a vital role across the Fifth District providing individuals with the skills needed to participate in the workforce.
Discussion Paper
The Updated Employment Picture
Each year, typically with little fanfare, the Bureau of Labor Statistics (BLS) releases revisions to historical employment data. While you may wonder if this means that history gets rewritten, it's really about making written history more accurate. Revisions are standard practice for not only employment data, but also other economic data. Revisions incorporate more complete underlying data that become available over time, as well as updates to data estimation procedures (most economic data are not based on complete counts; instead, they're based on samples that are used to generate complete ...
Discussion Paper
Pell Grants and Community College Success: Improving Metrics via our Community College Survey
Community colleges play a key role in economic development and workforce training. Yet measuring the success of community colleges has long been a challenging task due to data quality issues and the complicated array of programs offered. Recently, the Richmond Fed embarked on creating a survey tool to improve the data that are available on Fifth District community colleges.
Discussion Paper
Non-Credit Workforce Programs at Community Colleges
Community colleges differ from four-year institutions in key ways, including how programs are distributed across credit and non-credit academic divisions. While nearly all enrolled students at four-year institutions are in for-credit programs, community college students are much more likely to be in non-credit programs, which are shorter in term and typically focus on skills and credentials that are tied to specific occupations.A growing number of community college students are enrolled in non-credit programs across the Fifth District, but traditional data sources do not capture information ...