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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 ...
Speech
Welcoming remarks at the Investing in America's Workforce Book Launch Event, Federal Reserve Bank of New York, New York City
Remarks at the Investing in America's Workforce Book Launch Event, Federal Reserve Bank of New York, New York City.
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 ...
Speech
Remarks at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City
Remarks at the Economic Press Briefing on the Regional Economy, Federal Reserve Bank of New York, New York City.
Discussion Paper
Financing Workforce Development in a Devolutionary Era
Workforce development financing has changed significantly over the last 25 years. In 2008, federal funding for the traditional workforce development system was 83 percent lower in real terms than it had been in 1980. As the federal system plays a smaller role in workforce development financing, the job training landscape better represents a “marketplace” where students and job seekers use federal training vouchers and grant and student loan money from various sources, primarily the Higher Education Act’s Pell Grant and Federal Student Loan programs. Additionally, increasing volatility ...
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.
Journal Article
What Makes Cities Resilient?
How older industrial cities can become resilient cities was the focus of the Federal Reserve Bank of Philadelphia?s fifth biennial Reinventing Older Communities conference, which was attended by over 430 community development leaders from nonprofits, banks, foundations, government agencies, and businesses from 24 states, the District of Columbia, Puerto Rico, and Canada.
Speech
The regional economic outlook
Remarks by William C. Dudley, President and Chief Executive Officer, New York, New York.
Journal Article
The Many Lives of Federal Job Training
Federal job training programs have long enjoyed bipartisan support. Yet their emphasis has varied greatly across the years. At times, they have been advocated primarily as a means of helping workers displaced by automation or international trade. At other times, the focus has been on creating opportunities for those from disadvantaged backgrounds. More recently, they have gained attention as a possible remedy for a perceived "skills mismatch" that many observers see reflected in record high job vacancy rates.
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.