64 posts on "Wages"
May 27, 2020
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 social-distancing (like Amazon distribution centers) may continue hiring during and beyond the recovery, while workers displaced from higher risk industries with more stagnant demand (for example, airport personnel, local retail clerks) are left to adjust to unfamiliar job opportunities. As some industries reopen gradually while others remain stunted, what role might workforce development programs have in bridging the skill gap such that displaced workers are best prepared for this new reality of work?
Posted at 7:00 am in Employment, Human Capital, Labor Economics, Labor Market, Pandemic, Recession, Unemployment, Wages | Permalink
March 4, 2020
Searching for Higher Job Satisfaction
Using data from the New York Fed’s Survey of Consumer Expectations, these Liberty Street Economics authors document the heterogeneity in job satisfaction among U.S. workers and in their preferences for various nonwage benefits, and discuss the impact of these preferences on job search behavior.
Is the Tide Lifting All Boats? A Closer Look at the Earnings Growth Experiences of U.S. Workers
Although there is evidence that U.S. workers at the bottom of the earnings distribution may be catching up with those at the top, there are indications that returns to higher education may be increasing, with earnings growth for college graduates outpacing those with less education.
March 3, 2020
Introduction to Heterogeneity Series II: Labor Market Outcomes
Rajashri Chakrabarti introduces a new Liberty Street Economics series exploring dimensions of heterogeneity in the labor market experience of U.S. workers.
Posted at 7:00 am in Human Capital, Inequality, Labor Economics, Regional Analysis, Unemployment, Wages | Permalink | Comments (2)
October 17, 2019
Just Released: Introducing the SCE Public Policy Survey
Kosar, Smith, and van der Klaauw introduce the SCE Public Policy Survey and highlight some of its features.
October 2, 2019
U.S. Virgin Islands Struggle While Puerto Rico Rebounds
Almost two years after hurricanes Irma and Maria wreaked havoc on Puerto Rico and the U.S. Virgin Islands, the two territories’ economies have moved in very different directions. When the hurricanes struck, both were already in long economic slumps and had significant fiscal problems. As of mid-2019, however, Puerto Rico’s economy was showing considerable signs of improvement since the hurricanes, while the Virgin Islands’ economy remained mired in a deep slump through the end of 2018, though signs of a nascent recovery began emerging in early 2019. In this post, we assess the contrasting trends of these two economies since the hurricanes and attempt to explain the forces driving these trends.
Posted at 7:00 am in Employment, Labor Economics, Labor Market, Puerto Rico, Regional Analysis, Wages | Permalink | Comments (2)
September 23, 2019
Just Released: Transitions to Unemployment Tick Up in Latest SCE Labor Market Survey
The Federal Reserve Bank of New York’s July 2019 SCE Labor Market Survey shows a year-over-year rise in employer-to-employer transitions as well as an increase in transitions into unemployment. Satisfaction with promotion opportunities and wage compensation were largely unchanged, while satisfaction with non-wage benefits retreated. Regarding expectations, the average expected wage offer (conditional on receiving one) and the average reservation wage—the lowest wage at which respondents would be willing to accept a new job—both increased. Expectations regarding job transitions were largely stable.
July 10, 2019
Did the Value of a College Degree Decline during the Great Recession?
In an earlier post, we studied how educational attainment affects labor market outcomes and earnings inequality. In this post, we investigate whether these labor market effects were preserved across the last business cycle: Did students with certain types of educational attainment weather the recession better?
Posted at 7:00 am in Education, Employment, Human Capital, Inequality, Labor Economics, Labor Market, Recession, Wages | Permalink | Comments (5)
May 15, 2019
Did Changes in Economic Expectations Foreshadow Swings in the 2018 Elections?
In our previous post, we looked at political polarization in economic expectations based on county-level results in the 2016 presidential election. In this post, we analyze how expectations leading up to and following the 2018 midterm elections evolved based on how districts voted in the House of Representatives elections. Do we see a similar post-election change in political polarization of beliefs when comparing congressional districts in which a Republican won in 2018 with those won by a Democrat? Were observed changes in expectations leading up to the 2018 elections systematically different in areas where the election resulted in a change in the party holding the House seat? We show that economic expectations deteriorated notably between the 2016 and 2018 elections in districts that switched from Republican to Democratic control, compared to districts that remained Republican.
Posted at 7:00 am in Employment, Expectations, Household Finance, Stocks, Unemployment, Wages | Permalink
February 19, 2019
Just Released: Introducing the SCE Household Spending Survey
Today we are releasing new data on individuals’ experiences and expectations regarding household spending. These data have been collected every four months since December 2014 as part of our Survey of Consumer Expectations (SCE). The goal of this blog post is to introduce the SCE Household Spending Survey and highlight some of its features.
Posted at 11:00 am in Expectations, Household Finance, Liquidity, Mortgages, Student Loans, Unemployment, Wages | Permalink
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