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Employers in Fed’s Eighth District Eye Softer Hiring Plans for 2024
The share of Eighth District firms planning to increase their workforce in the new year is smaller than the share in previous years.
Does Worker Scarcity Spur Investment, Automation and Productivity? Evidence from Earnings Calls
An analysis suggests labor issues like higher wages and hiring difficulties have prompted some firms to invest in automation, leading to productivity growth.
Discussion Paper
Employment Change: Are Workers Coming or Going?
One of the most cited measures in the U.S. economy is the net number of jobs gained in a month. But that net gain (e.g., 272,000 jobs gained in May) reflects an enormous amount of churn in the labor market as millions of workers gain new jobs (new hires) and millions lose or leave their jobs (involuntary/voluntary separations) in any given month. At a micro level, if firms report a net job gain, they have either increased hiring or kept hiring steady and experienced a decrease in separations. If firms report that their net employment gains are attributed more to declines in separations than ...
Speech
Speech Testimony on Holding Financial Regulators Accountable for Diversity and Inclusion: Perspectives from the Offices of Minority and Women Inclusion
Testimony before the Subcommittee on Diversity and Inclusion, Committee on Financial Services, U.S. House of Representatives (delivered via videoconference).
Journal Article
Age Discrimination and Age Stereotypes in Job Ads
Studies suggest that employers discriminate against older workers in hiring, responding less favorably to equally qualified job applicants who are older. Employers may also limit hiring of older workers by including age stereotypes in job ads that signal a preference for younger workers. Evidence from an experimental study shows that older workers are less likely to apply to job advertisements that contain language with ageist stereotypes. The results indicate that this impact is comparable to the direct effects of employer age discrimination in hiring decisions.
The Hiring Outlook in the Fed’s Eighth District for 2023
While still facing pressure to attract and retain workers, firms in the Eighth Federal Reserve District reported some easing in their pay and hiring plans for 2023.
Discussion Paper
What Do Softened Business Expectations Mean for Hiring?
n October, we saw a downturn in our Fifth District indexes for expected demand and business conditions over the next six months, especially in the service sector. Employment expectations over the same period, however, remained largely unchanged. This month, firms' six-month expectations for demand and business conditions remained soft, and near-term employment expectations remained steady.Every November, we ask firms for their employment outlook over a longer time horizon: the next 12 months. Longer-run employment expectations also appeared to remain positive. Compared to last year, a similar ...
Discussion Paper
Signs of a Slowdown? Evidence From Our October Business Surveys
After a few months of upward movement in the headline indexes of our business surveys, results took a downward turn in October. This was especially true in the service sector, where both current and expected activity deteriorated noticeably. However, despite what may be evidence of a shift to a slower pace of demand, firms on balance appear to be holding steady on hiring plans, at least for the near term.
Journal Article
From Hiring Difficulties to Labor Hoarding?
Businesses faced challenges finding enough workers to fill job openings early in the pandemic recovery. One view suggests that, as economic growth moderated relative to the strong bounceback in economic activity in the early pandemic recovery period, some businesses started hoarding labor to avoid the potential difficulty of recruiting workers in the future. Evidence from Okun’s law—which theorizes that economic output tends to fall as unemployment rises—is consistent with this view. The results suggest that businesses partly adjusted production by changing the number of hours for ...