The Landscape of Labor in Leisure and Hospitality
Will strong hiring continue in the leisure and hospitality industry?
Labor force participation in Maryland and Virginia is down considerably compared to 2019, but different age and gender groups have fallen out of the labor force in the two states.
Unlike in other recessions, women's labor force participation was impacted more than men's. What impact did child care have?
Will strong hiring continue in the leisure and hospitality industry?
Unemployment has dropped and is now basically at pre-pandemic levels. Yet labor force participation has been slow to return.
Moves toward stable inflation and maximum employment can be in conflict in the short term.
Some workers may continue to see larger than normal pay increases as wage differentials across sectors revert to their pre-pandemic norms. These increases, however, aren't distributed evenly across sectors.
Among the topics discussed were income growth volatility, AI's impact on productivity and how housing price changes affect young businesses.
Results from a recent national Fed survey show that community development financial institutions (CDFIs) and the communities they serve are facing less severe disruptions than last year. Still, staffing and other challenges are preventing CDFIs from fully meeting growing demand for their products and services.
Sierra Latham and Sarah Gunn discuss the current shortage of teachers nationally and in the Fifth Federal Reserve District, how supply-demand forces have contributed to this labor market gap, and what is happening in response. Latham is a senior research analyst and Gunn is director of economic education at the Federal Reserve Bank of Richmond.
Claudia Macaluso and Sonya Ravindranath Waddell discuss recent challenges in finding and retaining workers, and how businesses have changed their recruitment tactics, adjusted wages, and made other changes in response to these challenges. Macaluso is an economist and Waddell is a vice president and economist at the Federal Reserve Bank of Richmond.
Andreas Hornstein and Thomas Lubik discuss their research on changes in the labor market since the pandemic. Hornstein and Lubik are senior advisors at the Richmond Fed.
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