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Journal Article
Apprenticeships and Their Potential in the U.S.
Government, foundation, and workforce leaders are displaying keen interest in apprenticeships as a way to give job seekers skills, credentials, and access to careers. This increased interest is also part of the greater attention to workforce development strategies that engage employers. Apprenticeships have a long history with roots in ancient times. The Code of Hammurabi of Babylon, which dates back to the 18th century bce, required artisans to teach their crafts to the next generation. By the 13th century, a type of apprenticeship emerged in Western Europe in the form of craft guilds.1 In ...
Speech
The regional economic outlook
Remarks by William C. Dudley, President and Chief Executive Officer, New York, New York.
Did expanded Child Tax Credit enable parents in financially vulnerable households to work during pandemic?
Social scientists have found in some instances that safety-net programs sometimes reduce recipients’ incentive to work and thereby provide a headwind to U.S. economic growth.
Speech
Investing in America’s Workforce Book Launch
Business must "start viewing workforce development as an investment, rather than a social service," said Philadelphia Fed President Patrick Harker in his remarks today. He was speaking at the launch of Investing in America's Workforce: Improving Outcomes for Workers and Employers, a book based on Federal Reserve System research.
Discussion Paper
Opportunity Occupations: Well-Paying Jobs for Middle-Skill Workers
Did you know that only 29.7 percent of Americans over the age of 25 have attained a four-year college degree? Given many policymakers' focus on increasing the share of individuals who attain a degree, that may sound like a surprisingly low number. It leaves a large group of American workers who do not have a four-year degree and lack the means or desire to obtain one in the current labor market. In fact, "middle-skill" Americans, defined as those who have obtained their high school diploma but not a four-year college degree, comprise some 57 percent of the country's total population of those ...
Discussion Paper
Benefits Cliffs and the Financial Incentives for Career Advancement: A Case Study of the Health Care Services Career Pathway
Benefits cliffs, which occur when earnings gains are offset by the loss of public benefits, have long been recognized to create financial disincentives for low-income individuals to earn more income. In this paper, the authors develop a new methodology to study benefits cliffs in the context of career advancement. The authors illustrate the change in net financial resources for an individual pursuing the health care services career pathway from certified nursing assistant (CNA) to licensed practical nurse (LPN) to registered nurse (RN). Accounting for increases in taxes and the loss of public ...
Discussion Paper
Job Training Mismatch and the COVID-19 Recovery: A Cautionary Note from the Great Recession
Displaced workers have been shown to endure persistent losses years beyond their initial job separation events. These losses are especially amplified during recessions. (1) One explanation for greater persistence in downturns relative to booms, is that firms and industries on the margin of structural change permanently shift the types of tasks and occupations demanded after a large negative shock (Aghion et al. (2005)), but these new occupations do not match the stock of human capital held by those currently displaced. In response to COVID-19, firms with products and services that complement ...
How valuable is a short-term credential for a job seeker? It’s complicated
Employer demand for short-term credentials is rising. But the likelihood of such credentials leading to higher wage offers depends on the industry and can change over time.
Short-term credentials meet growing interest among students, employers
Proponents of short-term credentials hope these programs that are shorter (and often cheaper) than traditional college can boost economic mobility for students who would otherwise forgo a degree.
Journal Article
Practitioner Perspectives: Workforce Development Challenges and Opportunities in the Eighth District
Roundtables with labor force development stakeholders across the Eighth District identified housing, transportation and child care as key barriers to work.