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Discussion Paper
The Different Paths of Greece and Spain to High Unemployment
Sahin, Aysegul; Klitgaard, Thomas (2012-11-28)
Euro area GDP remains below its 2007 level due to the global financial meltdown and the subsequent sovereign debt crisis in the periphery countries. Unemployment rates make it clear that some countries have fared much worse than others—the rates in Spain and Greece today are over 25 percent and are much higher than rates in the next highest, Portugal (15.7 percent), and in the euro area (11.6 percent). Quite a change from 2007, when Spain and Greece had lower unemployment rates than the euro area as a whole. In this post, we show that while the unemployment rates in the two countries are ...
Liberty Street Economics , Paper 20121128

Briefing
Is Urban Cool Cooling New Jersey’s Job Market?
Haswell, Ethan; Scavette, Adam (2016-10)
Since 2000, employment in New Jersey has slowed considerably compared with its relatively steady growth in the late 1980s through the 1990s. As of the second quarter of 2015, New Jersey?s total payroll employment was less than 1 percent greater than it was in the first quarter of 2000.
Research Brief , Issue Q4

Discussion Paper
Assessing the Outlook for Employment across Industries
Klitgaard, Thomas; Nourbash, Ethan (2023-05-10)
Job gains exceeded output growth in 2022, bringing GDP per worker back down to its trend level after being well above for an extended period. Employment is consequently set to grow slower than output going forward, as it typically does. Breaking down the GDP per worker by industry, though, shows a significant divergence between the services and goods-producing sectors. Productivity in the services sector was modestly above its pre-pandemic path at the end of last year, suggesting room for relatively strong employment growth, with the gap particularly large in the health care, professional and ...
Liberty Street Economics , Paper 20230510

Speech
Rules of Three
Williams, John C. (2024-01-10)
Remarks at Bronx EDC and BICNY’s 2024 Regional Economic Outlook, White Plains, New York.
Speech

Speech
A Brief History of the Fed Universe
Harker, Patrick T. (2019-04-17)
In remarks to the Greater Vineland Chamber of Commerce in New Jersey, Philadelphia Fed President Patrick T. Harker kept his outlook in line with that of recent weeks. ?I continue to be in wait-and-see mode, and my outlook for rates remains, at most, one hike for 2019 and one for 2020,? he said.
Speech , Paper 164

Journal Article
The Post-9/11 GI Bill
Wells, Matthew (2022-04)
Fewer veterans are using their education benefits. Is this trend a problem — or a sign of a more welcoming job market?
Econ Focus , Issue 2Q , Pages 4-8

Journal Article
Searching for Maximum Employment
Albert, Sarah; Valletta, Robert G. (2022-02-07)
How well the economy is progressing toward the Federal Reserve’s goal of maximum employment is reflected in a range of indicators that evolve over time. Beyond the unemployment rate, two key metrics of labor market health are the labor force participation rate and the employment-to-population ratio. The aging of the population is reducing the levels of both measures, implying that they are unlikely to return to pre-pandemic highs. However, these two indicators remain well below their demographic trends, and analysis suggests that they will not recover to trend until 2024.
FRBSF Economic Letter , Volume 2022 , Issue 02 , Pages 06

Speech
Views on Current Economic Conditions and Monetary Policy
Collins, Susan M. (2025-09-30)
Federal Reserve Bank of Boston President & CEO Susan M. Collins shared brief remarks at the Council on Foreign Relations' C. Peter McColough Series on International Economics. Following the brief remarks, President Collins discussed economic conditions and monetary policy with CNBC Technology and Global Markets Correspondent Seema Mody.
Speech

Discussion Paper
What Might Cuts in Federal Government Spending Mean for the Fifth District?
Norris, Stephanie; Pinto, Santiago; Waddell, Sonya Ravindranath (2025-03-21)
In a previous post, we examined the concentration of the federal government workforce in the Fifth Federal Reserve District — a region that includes the government-concentrated District of Columbia and surrounding areas in Maryland, Virginia, and West Virginia. However, workforce concentration is just one aspect of federal government spending in our district. Virginia and Maryland, for example, have consistently been among the top recipients of federal contract dollars. To understand the extent to which the Fifth District relies on the federal government requires examining not only the ...
Regional Matters

Employment Trends before and after Business Expansion Peaks
Kliesen, Kevin L. (2024-08-20)
Nonfarm payroll and civilian employment are two measures of the U.S. labor market. How do they behave in the months leading up to a business expansion peak?
On the Economy

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