Showing results 1 to 10 of approximately 22.(refine search)
Container Trade and the U.S. Recovery
Since the 1970s, exports and imports of manufactured goods have been the engine of international trade and much of that trade relies on container shipping. This paper introduces a new monthly index of the volume of container trade to and from North America. Incorporating this index into a structural macroeconomic VAR model facilitates the identification of shocks to domestic U.S. demand as well as foreign demand for U.S. manufactured goods. We show that, unlike in the Great Recession, the primary determinant of the U.S. economic contraction in early 2020 was a sharp drop in domestic demand. ...
The (Modest) Rebound in Manufacturing Jobs
The United States lost 5.7 million manufacturing jobs between 2000 and 2010, reducing the nation?s manufacturing employment base by nearly a third. These job losses and their causes have been well documented in the popular press and in academic circles. Less well recognized is the modest yet significant rebound in manufacturing jobs that has been underway for several years. Indeed, employment in the manufacturing industry began to stabilize in 2010, and the nation has added nearly 1 million jobs since then. Although modest in magnitude, this uptick in manufacturing jobs represents the longest ...
Tariffs and Trade Disputes
Cover Story of article on "Tariffs and Trade Disputes: How are recent moves affecting businesses in the Fifth District?"
The Economic Health of the Region
Remarks at the Waterfront Alliance Regional Symposium: Recovery and Resiliency in a New Era (delivered via videoconference).
When a South Carolina City Tried to Become Motor City
Economic History: When a South Carolina City Tried to Become Motor City: The Fifth District's automotive entrepreneurs eventually lost out to the forces of agglomeration
Manufacturing Employment Losses and the Economic Performance of the Industrial Heartland
The industrial Midwest, sometimes referred to disparagingly as the ?Rust Belt,? has long been recognized as a distinct economic region and an important contributor to the US economy. Prior research has emphasized the role that losses in the manufacturing sector have played in the plight of several Midwestern states and cities, particularly in the late 1970s and early 1980s. We identify a hypothetical industrial heartland region consisting of MSAs that have high concentrations of 1969 earnings in manufacturing relative to the US average and that are located within the geography often ...
Measuring Labor Market Power in the U.S. Manufacturing Sector
Policymakers have recently considered several policies to mitigate a perceived increase in employers' market power. However, the lack of direct evidence on labor market power has complicated the policy debate. In this article, we show that the degree of employers' market power is substantial and widespread in the U.S. manufacturing sector. A worker in the average manufacturing plant receives only 65 cents on each dollar generated in the margin. Furthermore, we propose a novel aggregate measure for labor market power. We find that employers' market power decreased between the late 1970s and ...
Where Are Manufacturing Jobs Coming Back?
As we outlined in our previous post, the United States lost close to sixmillion manufacturing jobs between 2000 and 2010 but since then has gained back almost one million. In this post, we take a closer look at the geographic dimension of this modest rebound in manufacturing jobs. While job losses during the 2000s were fairly widespread across the country, manufacturing employment gains since then have been concentrated in particular parts of the country. Indeed, these gains were especially large in ?auto alley??a narrow motor vehicle production corridor stretching from Michigan south to ...
Minimum wages and firm employment: evidence from China
This paper studies how minimum wage policies affect firm employment in China using a unique county level minimum wage data set matched to disaggregated firm survey data. We investigate both the effect of imposing a minimum wage, and the effect of the policies that tightened enforcement in 2004. We find that the average effect of minimum wage changes is modest and positive, and that there is a detectable effect after enforcement reform. Firms have heterogeneous responses to minimum wage changes which can be accounted for by differences in their wage levels and profit margins: firms with high ...
Immigrant Workers and U.S. Trade Activity
States with higher shares of immigrant workers in the manufacturing sector are more likely to trade more in manufactured goods.