Search Results
Speech
Bridging the Skills Gap
Remarks at the “Skilling the Gap: Building Local Talent for In-Demand Careers,” Columbia-Greene Community College, Hudson, New York.
Discussion Paper
The Omicron Wave Stalled Growth and Led to High Absenteeism in the Region
Even before the start of the new year, businesses in the tri-state region were hampered by supply disruptions, rising input costs, and difficulty finding adequate staff. On top of these challenges, the Omicron wave dealt another setback to the regional economy. With infections running high, many businesses were forced to deal with a combination of reduced demand from customers and renewed absenteeism among workers. Indeed, our regional business surveys indicate that economic growth stalled in early 2022 as firms continued to struggle to find workers. Moreover, employee absenteeism was ...
Discussion Paper
Are Labor Shortages in Small Cities and Rural Areas Worse Than Urban Ones?
In the past, the Richmond Fed has reported about the difficulty of businesses finding workers with the right skills. In conversations with business leaders across the Fifth District, we have heard about labor availability challenges across all geographies: in large urban centers, small cities, and rural areas. This post examines how labor availability differs between small cities and rural areas versus large urban centers. We find that the COVID-19 pandemic made it harder for firms in small cities and rural areas to find workers compared to firms in urban areas. Perhaps because of the ...