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Land Value Taxes—What They Are and Where They Come From
Changes to property tax structures, including the introduction of split-rate taxation, have been seeing increased interest from policymakers. Split-rate property taxation is rooted in the concept of land value taxation, which is an alternative to the form of property taxation used in most U.S. communities. In this Chicago Fed Letter, we explain what these alternatives to traditional property taxation are and provide some history on their implementation in the U.S.
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What Does Everything Besides the Unemployment Rate Tell Us About Labor Market Tightness?
Between March 2022 and June 2023, the unemployment rate, the most commonly used gauge of labor market tightness, remained in a narrow range between 3.4% and 3.7%. Yet, over this period, nominal wage growth increased to unusually high levels and then moderated, though it remains at a historically high rate. The disparity between a relatively constant unemployment rate and large movements in nominal wage growth has led to a divide in public discourse, with some seeing low unemployment and strong wage growth as a sufficient sign of the strength of the labor market and others concerned that the ...
Seventh District Midyear Review: Economic Growth Continued to Be Solid in the First Half of 2024
Overall, economic growth was steady during the first half of 2024 in both the nation and the Seventh Federal Reserve District.1 Real gross domestic product (GDP) growth slowed some in both, but employment growth was up, especially in the District. Over the last few years, the District has almost always lagged the nation in both real GDP and employment growth, continuing a decade-long trend. Slower growth and slower inflation often go hand in hand, and recent data indicate inflation has indeed been somewhat lower in the Midwest.
The Labor Market for Childcare Workers
Each day, millions of parents rely on childcare workers to care for their young children. The labor market for childcare workers determines the wages paid to these workers and affects the operating costs of childcare businesses as well as the price and availability of childcare. As part of our Spotlight on Childcare and the Labor Market—a targeted effort to understand how access to childcare can affect employment and the economy—we use several data sources to study the paid childcare labor market.1 We first describe who childcare workers are, how many there are, where they work, and how ...