Search Results
Report
Providing Labor Market Context for Debt-Related Driver’s License Suspensions in Ohio
More than 60 percent of Ohio’s driver’s license suspensions do not stem from bad driving; instead, they arise because the driver owes an unpaid debt. Debt-related suspensions (DRS) could prevent people from getting to work where they could make the money needed to repay the debt. In this report, we investigate whether DRS has implications for Ohio’s labor force.
Briefing
Human Capital Investment: Would Higher-Order Skills Help Disconnected Youth?
Human capital investments remain cost-effective well into young adulthood.A multidimensional approach to human capital development emphasizes developing self-reflection abilities and strategic thinking skills alongside traditional academic knowledge.Higher-order skills — like teamwork, critical thinking and self-control — offer high returns for disconnected youth and are well-compensated in the labor market.
Report
Using Worker Flows to Assess the Stability of the Early Childcare and Education Workforce, 2010-2022
Turnover is a particular problem among childcare workers and less so among preschool and kindergarten teachers. In 2022, turnover in childcare work was about 65 percent higher than in a typical job, while attrition among preschool and kindergarten teachers was on par with the typical occupation.
Speech
Successful Workforce Development Programs: Four Lessons from Four Decades of Federal Reserve Research and Outreach
Workforce development is a crucial ingredient for achieving a healthy and dynamic economy that can work for all. When it comes to the economic well-being of entire regions, many studies have documented the importance of investments in education and training programs. For example, Cleveland Fed researchers found that over a 75-year period, education levels were consistently one of the most reliable indicators for each state’s per capita income growth1 and that counties with higher levels of high school graduates tend to have lower poverty rates and higher levels of labor force ...
Briefing
Career Progressions and Wage Growth: Decreasing the Gap Between Richer and Poorer Workers
In our previous article, we explored the contribution of different career dynamics to the earnings gap between poorer and richer workers. We emphasized how poorer workers do not lack opportunities to change jobs, as they have high job mobility rates. Thus, they potentially could work at increasingly better-paying firms but seldom do so in practice. Looking at previous economic literature — including a leading framework for the labor market: the job ladder model — we argued that postulating a common job ladder for both poorer and richer workers is not supported by the data. In this ...
Speech
Creating An Economy That Works for All: Remarks at the Bunker Hill Community College 2023 Convocation
To build a vibrant, inclusive economy, we need the best ideas, energy, and participation from everyone. Community colleges play a critical role in this important work by providing affordable, accessible higher education and essential skill development – ultimately strengthening our economy and society.
Speech
Building the Post-COVID Pipeline: Invigorating Community Colleges
In February, more than 61 percent of the U.S. population was working—the largest share since the Great Recession. In April, the share dropped almost 10 percentage points, to 51.3 percent, with even larger declines for younger workers, women, minorities, and people with less education. While there has been steady recovery, in October the employment-to-population ratio was still 3.7 percentage points lower than before the pandemic. There are 9 million fewer people employed today than in February.With so many people looking for work, how is it possible that so many employers tell us they are ...
Speech
The Foundation for Long-Term Recovery
We know the numbers are bleak: 21 million Americans are unemployed, and the number of people who are not working and not actively looking for work (which means they’re not officially counted as “unemployed”) has risen by an additional 8.3 million in two months. Retail sales of consumer goods have fallen by almost 23 percent, manufacturing production has dropped over 18 percent, and GDP was down at a 5 percent annual rate in the first quarter. Forecasters expect this quarter to be much worse.
Speech
Closing the Gap
Diversity is a priority for the Richmond Fed and the Federal Reserve System.In many ways, the disparities we see at the management level have their roots very early, in the opportunities available to people even as young children.College enrollment and completion rates vary widely by socioeconomic status, in part because children from higher-status families have more opportunities to gain the skills they need to succeed in college.A four-year college isn’t the right fit for every student, and a number of well-paying jobs don’t require a four-year degree. Part of preparation at the K-12 ...
Speech
Getting People off the Sidelines: The Ultimate Workforce Development Plan
Helping recruit people who have left the workforce into jobs is important for future economic growth.At the same time millions of prime-age people are not working, millions of jobs are going unfilled.The disconnect likely stems from several sources: the attractiveness of available jobs; a mismatch between where people live and where jobs are located; barriers such as poor health or addiction; and incentives to work.Community groups that focus on population health are part of the solution. It’s also important to think carefully about tax and benefits structures. In addition, the tightness of ...