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78 posts on "Labor Economics"

November 14, 2018

Just Released: New York State’s Community Colleges are Successfully Partnering with Employers



LSE_2018_New York State’s Community Colleges are Successfully Partnering with Employers

Community colleges frequently work with local employers to help shape the training of students and incumbent workers. This type of engagement has become an increasingly important strategy for community colleges to help students acquire the right skills for available jobs, and also helps local employers find and retain workers with the training they need. The Federal Reserve Bank of New York conducted a survey of community colleges in New York State with the goal of documenting the amount and types of these kinds of activities taking place. Our report, Employer Engagement by Community Colleges in New York State, summarizes the findings of our survey.

Continue reading "Just Released: New York State’s Community Colleges are Successfully Partnering with Employers" »

September 28, 2018

Just Released: Are Employer-to-Employer Transitions Yielding Wage Growth? It Depends on the Worker’s Level of Education



LSE_2018_Just Released: Are Employer-to-Employer Transitions Yielding Wage Growth? It Depends on the Worker’s Level of Education

The rate of employer-to-employer transitions and the average wage of full-time offers rose compared with a year ago, according to the Federal Reserve Bank of New York’s July 2018 SCE Labor Market Survey. Workers’ satisfaction with their promotion opportunities improved since July 2017, while their satisfaction with wage compensation retreated slightly. Regarding expectations, the average expected wage offer (conditional on receiving one) and the reservation wage—the lowest wage at which respondents would be willing to accept a new job—both increased. The expected likelihood of moving into unemployment over the next four months showed a small uptick, which was most pronounced for female respondents.

Continue reading "Just Released: Are Employer-to-Employer Transitions Yielding Wage Growth? It Depends on the Worker’s Level of Education" »

Puerto Rico Post-Maria: Twelve Months of Hardship



LSE_2018_Puerto Rico Post-Maria: Twelve Months of Hardship

Puerto Rico recently observed the one-year anniversary of Hurricane Maria—the most destructive storm to hit the Commonwealth since the San Felipe Segundo hurricane in 1928. Maria, combined with Hurricane Irma, which had glanced the island about two weeks prior, is estimated to have caused nearly 3,000 deaths and tens of billions of dollars of physical damage. Millions went without power for weeks, in most cases months. Basic services—water, sewage, telecommunications, medical care, schools—suffered massive disruptions. While it is difficult to assign a cost to all the suffering endured by Puerto Rico’s population, we can now at least get a better read on the economic effect of the storms. In this blog post, we look at a few key economic indicators to gauge the negative effects of the storms and the extent of the subsequent rebound—not only for the Commonwealth as a whole, but for its various geographic areas and industry sectors. We also examine data from the New York Fed Consumer Credit Panel to assess how well households held up financially and what effects the home mortgage foreclosure and payment moratoria had.

Continue reading "Puerto Rico Post-Maria: Twelve Months of Hardship" »

Posted by Blog Author at 7:02 AM in Labor Economics, Puerto Rico, Regional Analysis | Permalink | Comments (0)

September 05, 2018

Education’s Role in Earnings, Employment, and Economic Mobility



LSE_Education’s Role in Earnings, Employment, and Economic Mobility

Amid dialogue about the soaring student loan burden, questions arise about how educational characteristics (school type, selectivity, and major) affect disparities in post-college labor market outcomes. In this post, we specifically explore the impact of such school and major choices on employment, earnings, and upward economic mobility. Insight into determinants of economic disparity is key for understanding long-term consumption and inequality patterns. In addition, this gives us a window into factors that could be used to ameliorate income inequality and promote economic mobility.

Continue reading "Education’s Role in Earnings, Employment, and Economic Mobility" »

May 23, 2018

Mixed Impacts of the Federal Tax Reform on Consumer Expectations



LSE_Mixed Impacts of the Federal Tax Reform on Consumer Expectations


The Tax Cuts and Jobs Act of 2017 changed the tax brackets, tax rates, credits and deductions for individuals and similarly altered corporate tax rates, deductions and exclusions. In this post, we examine whether the reform has shifted individuals’ expectations about their financial situation and the macroeconomic outlook. We also ask whether households have already started to adjust their behavior in line with their expectations. In order to answer these questions, we use novel data from a special module of the New York Fed’s Survey of Consumer Expectations (SCE) fielded in February 2018 to a nationally representative sample of heads of households.

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Posted by Blog Author at 7:00 AM in Household Finance, Labor Economics | Permalink | Comments (0)

April 04, 2018

Do the Employed Get Better Job Offers?



LSE_Do the Employed Get Better Job Offers?


In a previous post, we examined the job search behavior of workers, both on the job and while unemployed. We found that job seeking is pervasive among employed workers, and that searching while employed is more effective than searching while unemployed in producing employer contacts and job offers. But how do the offers received through “on the job” searches compare to those received while unemployed? What do their wages look like, how do they compare in terms of nonwage benefits, and how much bargaining between employers and job applicants is involved? In this post, we shed some light on how job offers may vary depending on the employment status of the job seeker.

Continue reading "Do the Employed Get Better Job Offers?" »

Posted by Blog Author at 7:00 AM in Labor Economics, Wages | Permalink | Comments (0)

November 22, 2017

Are Student Loan Defaults Cyclical? It Depends



LSE_Are Student Loan Defaults Cyclical? It Depends

This post is the second in a two-part series on student loan default behavior. In the first post, we studied how educational characteristics (school type and selectivity, graduation, and major) and family background relate to the incidence of student loan default. In this post, we investigate whether default behavior has varied across cohorts of borrowers as the labor market evolved over time. Specifically, does the ability of student loan holders to repay their loans vary with the state of the labor market? Does the type of education these students received make any difference to this relationship?

Continue reading "Are Student Loan Defaults Cyclical? It Depends" »

Posted by Blog Author at 7:00 AM in Education, Household Finance, Labor Economics | Permalink | Comments (0)

November 20, 2017

Who Is More Likely to Default on Student Loans?



Who Is More Likely to Default on Student Loans?

This post seeks to understand how educational characteristics (school type and selectivity, graduation status, major) and family background relate to the incidence of student loan default. Student indebtedness has grown substantially, increasing by 170 percent between 2006 and 2016. In addition, the fraction of students who default on those loans has grown considerably. Of students who left college in 2010 and 2011, 28 percent defaulted on their student loans within five years, compared with 19 percent of those who left school in 2005 and 2006. Since defaulting on student loans can have serious consequences for credit scores and, by extension, the ability to purchase a home and take out other loans, it’s critical to understand how college and family characteristics correspond to default rates.

Continue reading "Who Is More Likely to Default on Student Loans?" »

Posted by Blog Author at 7:00 AM in Education, Household Finance, Labor Economics | Permalink | Comments (8)

October 05, 2017

How Is Online Shopping Affecting Retail Employment?



LSE_How Is Online Shopping Affecting Retail Employment?

It’s been said that if you want to know how the economy is doing, look at how many people are carrying shopping bags. That adage may not hold so well today. The rise of the internet and e-commerce over the past two decades has chipped away at the market share of “brick and mortar” retailers. But it’s only been in the past few years that this shift in market share has had a noteworthy effect on retail employment. In this post, we focus on national and local employment trends in two categories of retail—department stores and nonstore retailers—and try to assess how the surge in online shopping has affected local labor markets across the United States.

Continue reading "How Is Online Shopping Affecting Retail Employment?" »

Posted by Blog Author at 7:00 AM in Labor Economics, Regional Analysis | Permalink | Comments (2)

May 19, 2017

Hey, Economist! Is Now a Good Time to Be Graduating from College?



LSE_2017_Hey, Economist! Is Now a Good Time to Be Graduating from College?

With the 2017 college graduation season in full swing, we thought it would be helpful to take stock of the job prospects for recent college graduates. Is now a good time to be graduating from college? Publications editor Trevor Delaney caught up with Jaison Abel and Richard Deitz, two economists in our Research and Statistics Group, to discuss some of their work on the labor market for recent college graduates.

Continue reading "Hey, Economist! Is Now a Good Time to Be Graduating from College?" »

Posted by Blog Author at 7:00 AM in Education, Hey, Economist!, Labor Economics, Unemployment | Permalink | Comments (2)
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Liberty Street Economics features insight and analysis from New York Fed economists working at the intersection of research and policy. Launched in 2011, the blog takes its name from the Bank’s headquarters at 33 Liberty Street in Manhattan’s Financial District.

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