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Demographic Trends Are Major Factors in Today’s Weak Labor Force Growth
The size of the US labor force declined by 2.3 million people between December 2019 and December 2021, sparking widespread debate about the underlying factors constraining labor supply. Broadly speaking, changes in the overall size of the labor force come from changes in labor force participation rates (LFPRs), changes in the demographic makeup of the population, and changes in the size of the population. Research has documented the role of changes in LFPRs, especially the jump in the number of retired people (Briggs, 2021; Faria e Castro, 2021; and Kaplan et al., 2021) and the drop in the ...
Strong Demand, Limited Supply, and Rising Prices: The Economics of Pandemic-Era Housing
The Federal Reserve Bank of Cleveland regularly surveys a broad cross-section of businesses in the region it serves and convenes business advisory councils in eight of the region’s major metropolitan areas. The information collected through these surveys and conversations points to trends that are not yet apparent in the data and fills gaps in researchers’ understanding of our region’s economy. The information is helpful to Federal Reserve policymakers during their discussions about the nation’s monetary policy. Anecdotes herein have been edited for length and clarity.
Journal Article
New Mexico draws on energy, trade to spur economy
While New Mexico continues to navigate economic and demographic challenges, increased revenues from oil and gas production provide opportunities to invest in education, infrastructure and other improvements to boost long-term growth.
A Guide to State-Level Estimates of Labor Force Participation Rates
Changes in the US labor force participation rates (LFPRs) have brought attention to state-level estimates. This brief discusses state-level estimates of the LFPR and what they can—and cannot—tell us about recent LFPR trends in our region.
Texas economic sentiment upbeat amid price pressures, uncertainty
Texas companies reported rising service sector revenue and a resumption of production growth in the manufacturing sector after weakness in 2023 and much of 2024, according to the Dallas Fed’s Texas Business Outlook Surveys (TBOS).