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20 posts on "Labor Market"

December 04, 2018

Just Released: Labor Markets in the Region Are Exceptionally Tight



LSEJust Released: Labor Markets in the Region Are Exceptionally Tight

At today’s economic press briefing, we examined labor market conditions across our District, which includes New York State, Northern New Jersey, and Fairfield County, Connecticut, as well as Puerto Rico and the U.S. Virgin Islands. As has been true throughout the expansion, New York City remains an engine of job growth, while employment gains have been more moderate in Northern New Jersey and fairly sluggish across most of upstate New York. Nonetheless, it has become more difficult for firms to find workers throughout the New York-Northern New Jersey region. It may not be terribly surprising that labor markets have tightened in and around New York City, where job growth has been strong, but labor markets have also tightened in upstate New York, even in places where there has been little or no job growth. This is because labor markets are tightening as a result of changes in both labor demand and labor supply. In upstate New York, a decline in the labor force has reduced the pool of available workers. Meanwhile, Puerto Rico and the U.S. Virgin Islands are still recovering from the destructive hurricanes last year. As these island economies continue to rebuild, employment has edged up in Puerto Rico and stabilized in the U.S. Virgin Islands.

Continue reading "Just Released: Labor Markets in the Region Are Exceptionally Tight" »

Posted by Blog Author at 10:00 AM in Labor Market, New York, New York City, Regional Analysis | Permalink | Comments (0)

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" »

September 10, 2018

Whither Labor Force Participation?



LSE_Whither Labor Force Participation?

Halting a nearly decade-long downward trend, the U.S. labor force participation rate (LFPR) has flattened since 2016, fluctuating within a narrow range a little below 63 percent. What role has the economy played in this change and what can we expect for the future? In this post, we investigate the extent to which the recent flattening of participation can be attributed to the simultaneous robust improvement in the labor market. We also assess the future path of participation in the medium run should labor market conditions improve further.

Continue reading "Whither Labor Force Participation?" »

Posted by Blog Author at 7:00 AM in Labor Market | Permalink | Comments (1)

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" »

March 28, 2018

Do Expansions in Health Insurance Affect Student Loan Outcomes?



LSE_Do Expansions in Health Insurance Affect Student Loan Outcomes?

The Patient Protection and Affordable Care Act (ACA) is arguably the biggest policy intervention in health insurance in the United States since the passage of Medicaid and Medicare in 1965. The Act was signed into law in March 2010, and by 2016 approximately 20 to 24 million additional Americans were covered with health insurance. Such an extension of insurance coverage could affect not only medical bills, but also educational, employment, and broader financial outcomes. In this post, we take an initial look at the relationship between the ACA and higher education financing choices and outcomes. We find evidence that expansions in healthcare coverage may influence both the prevalence of student loans and loan repayment behavior. Specifically, our results suggest that individuals covered by ACA-related expansions are taking out slightly more loans and taking a longer time to start repayment.

Continue reading "Do Expansions in Health Insurance Affect Student Loan Outcomes?" »

Posted by Blog Author at 7:00 AM in Credit, Human Capital, Labor Market, Student Loans | Permalink | Comments (0)

August 21, 2017

Just Released: Introducing the SCE Labor Market Survey



SCE_2017_news-labor-0821_460_art

The New York Fed for the first time released its Survey of Consumer Expectations (SCE) Labor Market Survey which focuses on individuals’ experiences and expectations in the labor market. These data have been collected every four months since March 2014 as part of the SCE. It is being introduced now because the module has enough historical data to reveal notable trends. In this post we introduce the SCE Labor Market Survey and highlight some of its features.

Continue reading "Just Released: Introducing the SCE Labor Market Survey" »

August 10, 2017

Just Released: Economic Press Briefing Focuses on Regional Wage Inequality



LSE_Just Released: Economic Press Briefing Focuses on Regional Wage Inequality

The New York-Northern New Jersey region is home to some of the most and least unequal places in the nation, based on research presented today at our economic press briefing examining wage inequality in the region. Wage inequality—meaning the disparity in earnings between workers—has increased significantly in the United States since the early 1980s, though some places have much more wage inequality than others. Fairfield, Conn., for example, ranks as the most unequal metropolitan area in the country, and the New York–Northern New Jersey metropolitan area ranks in the top ten. On the other hand, most of the metropolitan areas in upstate New York are among the least unequal places in the country.

Continue reading "Just Released: Economic Press Briefing Focuses on Regional Wage Inequality" »

Posted by Blog Author at 10:00 AM in Labor Market, Regional Analysis | Permalink | Comments (0)

June 02, 2017

Valuing Workplace Benefits



LSE_Valuing Workplace Benefits

Workplace benefits—such as parental leave, sick leave, and flexible work arrangements—are increasingly being recognized as important determinants of differences in labor supply behavior, education and occupation choice, inequality in wages, and gender disparities in labor market outcomes. Researchers have argued that the failure of the United States to keep pace in providing more generous workplace benefits accounts for 29 percent of the decline in the nation’s labor force participation rate for women relative to that of other high-income countries in the Organisation for Economic Co-operation and Development (OECD). In this post, using novel data from a special module of the Federal Reserve Bank of New York’s Survey of Consumer Expectations (SCE) fielded in May 2015 and May 2016, we document the labor market prevalence of workplace benefits, analyze workers’ preferences for them, and discuss their impact on labor supply.

Continue reading "Valuing Workplace Benefits" »

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

November 14, 2016

Inflation and Japan’s Ever-Tightening Labor Market



LSE_Inflation_japan_tightening_labor_market_iStock_16873820_460x288

Japan offers a preview of future U.S. demographic trends, having already seen a large increase in the population over 65. So, how has the Japanese economy dealt with this change? A look at the data shows that women of all ages have been pulled into the labor force and that more people are working longer. This transformation of the work force has not been enough to prevent a very tight labor market in a slowly growing economy, and it may help explain why inflation remains minimal. Namely, wages are not responding as much as they might to the tight labor market because women and older workers tend to have lower bargaining power than prime-age males.

Continue reading "Inflation and Japan’s Ever-Tightening Labor Market" »

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