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Discussion Paper
A Penny for Your Thoughts? How Survey Comments Help Us Understand Our Region’s Labor Market
We regularly report the quantitative results from the Richmond Fed business surveys, but participants' comments also provide useful context for changes in local business conditions. Most recently, a survey of human resources professionals complemented our surveys of area businesses. The comments from both surveys have provided insight into the region's labor market, as well as indicated that the persistent challenge of finding workers has led executives and recruiters to intensify their efforts and expand the tools they use to attract workers.
Journal Article
Opportunity knocks: improved matching of jobs and workers
Tzemen and Willis illustrate that over the past year, workers found jobs more closely matched to their educational attainment.
Journal Article
A Slowdown in Job Vacancies Is Likely to Coincide with Higher Unemployment and Slower Wage Growth
Recently, some market observers have proposed that job vacancies could decline, and ease wage growth, without a commensurate increase in the unemployment rate. However, we find that the typical relationship of declining job vacancies and higher unemployment holds even at exceptionally low levels of the unemployment rate. A notable decline in job postings will likely coincide with an easing of tightness in the labor market, a higher unemployment rate, and slowing wage growth.
Journal Article
Following the leaders: wage growth of job switchers
Jos Mustre-del-Ro analyzes labor market conditions to find increasing competitive pressures have led to strong wage growth for job switchers.
Journal Article
The Reallocation of Energy-sector Workers After Oil Price Booms and Busts
Jason P. Brown and Andres Kodaka compare recent job losses in the mining sector with those that occurred during the Great Recession and find displaced workers had an easier time finding new jobs in 2015 than they did during the recession.
Report
Missed Connections in Cleveland: The Disconnect Between Job Access and Employment
The job access rate refers to the share of jobs in a region that can be reached within a typical commute distance or time. Job access rates in Northeast Ohio have declined continuously since 2000, as employment opportunities and the population have spread farther out (Kneebone and Holmes, 2015; Pacetti, Murray, and Hartman, 2016; Fee, 2020). Declining access to jobs has made it increasingly difficult for workers to reach their workplaces via public transportation, disproportionately impacting Black and economically distressed residents (Barkley and Pereira, 2015; Brown and McShepard, 2016).
Speech
Apprenticeships: Nobility and Necessity
Apprenticeships date back to ancient times, but they remain relevant in today?s economy, Philadelphia Fed President Patrick Harker told the audience at the Bank?s Apprenticeship Conference on July 11. Apprenticeships help workers acquire the skills now in demand, he said
Speech
The Economic Recovery: Are We There Yet?
Remarks at Women in Housing and Finance 2021 Annual Symposium (delivered via videoconference).
Speech
The Singularity of the Dual Mandate
Presentation at Boise State University, Boise, Idaho, September 29, 2022, by Mary C. Daly, President and Chief Executive Officer, Federal Reserve Bank of San Francisco.