Manufacturing employment in the United States has been declining for decades, a trend that accelerated during the 2007-2009 recession. Will the jobs come back? Can American manufacturing hold its own by focusing on higher-value products requiring high-skilled labor? The cover story in the latest issue of Region Focus magazine looks at these and other developments in the sector.
Also in this issue:
• Executive Pay after the Dodd-Frank Act. The 2010 financial reform law gives shareholders, boards, and regulators new powers over pay. Will they help to stabilize the financial system, as their proponents say?
• Recession on the Eve of Retirement. Over the next two decades, some 78 million baby boomers will reach retirement age. How will the recent recession affect their retirement? Is the concept of retirement about to change?
• Virginia Tribes Seek Recognition. None of the 11 tribes that are formally recognized by the Commonwealth of Virginia has succeeded in obtaining federal recognition despite decades of trying. Why not, and what is at stake?
• Interview with monetary historian Michael Bordo of Rutgers University on the causes of the recent financial crisis, prospects for the eurozone, and central bank independence in the wake of the Great Recession.
Region Focus covers the economy and business activities of the Fed's Fifth District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia, and most of West Virginia.
For free copies of Region Focus, contact the Bank's Research Publications division at (800) 322-0565. The articles are available online at http://www.richmondfed.org/publications.
The Richmond Fed serves the Fifth Federal Reserve District, which includes the District of Columbia, Maryland, North Carolina, South Carolina, Virginia and most of West Virginia. As part of the nation's central bank, we're one of 12 regional Reserve Banks that work together with the Federal Reserve's Board of Governors to strengthen the economy and our communities. We manage the nation's money supply to keep inflation low and help the economy grow. We also supervise and regulate financial institutions to help safeguard our nation's financial system and protect the integrity and efficiency of our payments system.