{"id":1141,"date":"2021-10-01T14:21:56","date_gmt":"2021-10-01T14:21:56","guid":{"rendered":"https:\/\/artsci.case.edu\/fridaylunch\/?p=1141"},"modified":"2024-06-10T14:23:04","modified_gmt":"2024-06-10T14:23:04","slug":"whats-happening-in-the-labor-market","status":"publish","type":"post","link":"https:\/\/artsci.case.edu\/fridaylunch\/2021\/10\/01\/whats-happening-in-the-labor-market\/","title":{"rendered":"What\u2019s Happening in the Labor Market?"},"content":{"rendered":"\n\n\n
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\"college
\nCenter for Policy Studies
\nPublic Affairs Discussion Group<\/span><\/strong><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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What\u2019s Happening in the Labor Market?<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Bruce Fallick, Ph.D. – Senior Vice President for Research, Federal Reserve Bank of Cleveland<\/strong><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
Friday October 1, 2021
\n12:30-1:30 p.m.
\nOnline Zoom Meeting<\/strong><\/span><\/p>\n

Dear Colleagues:<\/p>\n

Greetings, and I hope that you and yours are healthy and safe – and can stay that way.<\/p>\n

As part of being careful to stay safe,\u00a0the \u201cFriday Lunch,\u201d a CWRU tradition since 1989, continues on Zoom.<\/strong>\u00a0We work to present experts from campus and sometimes beyond to discuss important issues for the university, local community, nation or the international stage.<\/span><\/p>\n

This Week\u2019s Program<\/h3>\n

This week\u2019s discussion addresses\u00a0one of the most puzzling developments since the COVID-19 pandemic began:<\/strong>\u00a0the sudden difficulty employers are having with recruiting workers. \u201cAround this Labor Day,\u201d<\/span>\u00a0USA Today<\/em>\u00a0reported<\/span><\/a>, \u201cthe nation faces an overriding question.\u00a0Where is the labor? And when is it coming back?\u201d<\/strong><\/p>\n

Shortages appear to be especially acute in the<\/span>\u00a0fast food<\/span><\/a>\u00a0and broader<\/span>\u00a0restaurant industries<\/span><\/a>, and in parts of the retail industry. I suspect we all have experienced some consequences \u2013 long waits and unstocked shelves being simple examples. And we have seen stories about employers<\/span>\u00a0significantly raising wages<\/span><\/a>\u00a0to attract more workers.<\/p>\n

This is all very puzzling, since, at the end of August, at least<\/span>\u00a05.3 million fewer people were employed<\/span><\/a>\u00a0than had been before the COVID shock. Normally that would mean greater supply of labor and so a lower price \u2013 but seemingly not so at the moment.<\/p>\n

Something similar seems to be going on in many countries. A<\/span>\u00a0Deloitte report<\/span><\/a>, for example, tells us that, \u201cGlobal unemployment remains high in 2021. And so do job vacancies.\u201d The combination of COVID and Brexit is said to have sparked a<\/span>\u00a0\u201cblue-collar wage boom\u201d<\/span><\/a>\u00a0in the UK \u2013 but lots of people still are without work.<\/p>\n

Whatever is happening may be just one indicator that standard economic theory about how wages are set by supply and demand, so should go down with high unemployment and up with tight labor markets, is missing something. That had in fact been noticed before the COVID shock, because labor markets had by standard measures been tight for years, but wages were not going up \u2013<\/span>\u00a0puzzling some labor economists<\/span><\/a>\u00a0just as much.<\/p>\n

So\u00a0what is going on?<\/strong>\u00a0The links embedded above contain some possible explanations, but it makes sense to ask a real expert. Dr. Fallick is a labor economist who has researched issues of employment and wages for years, and in his position at the Cleveland Fed has perhaps the best possible view of local developments. I am excited to welcome him for this discussion<\/span><\/p>\n

Signing In<\/h3>\n

This semester’s discussions will begin at 12:30 p.m., the usual time. The meeting will be set up as from Noon to 2:00 p.m., so people are not all signing in at the same time and to allow for the discussion to run a bit long.\u00a0Each week we will send out this newsletter with information about the topic. It will also include a link to register (for free) for the discussion.<\/strong>\u00a0Every Monday the same information will be posted on our website:<\/span>\u00a0fridaylunch.case.edu<\/span><\/a>.<\/p>\n

If you register, you will automatically receive from the Zoom system the link to join the meeting. This week’s link for registration is:<\/span><\/p>\n

https:\/\/cwru.zoom.us\/meeting\/register\/tJIsf-mtrTstEtSXScSvCy_ez8VwXWQfvdCP<\/span><\/a><\/p>\n

After registering, you will receive a confirmation email containing information about joining the meeting.<\/p>\n

Please e-mail<\/span>\u00a0padg@case.edu<\/span><\/a>\u00a0if you have questions about how the Zoom version of the Friday Lunch will work or any other suggestions. Or call at 216 368-2426 and we’ll try to get back to you. We are very pleased to be partnering this semester with the<\/span>\u00a0Siegal Lifelong Learning Program<\/span><\/a><\/strong>\u00a0to share information about the discussions.<\/p>\n

Best wishes for safety and security for you and yours,<\/p>\n

Joe White
\nLuxenberg Family Professor of Public Policy and Director, Center for Policy Studies<\/span><\/p>\n

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About Our Guest<\/span><\/h3>\n

Bruce Fallick<\/strong>\u00a0is a senior vice president in the Research Department at the Federal Reserve Bank of Cleveland. He leads the microeconomics group, which conducts research in various fields of microeconomics, including labor, education, public, and urban economics; oversees the regional analysis and outreach group; and provides advice on monetary policy. Dr. Fallick’s own work has focused on research related to labor and macroeconomics. His current research concentrates on job loss, unemployment, worker mobility, and wage rigidity.<\/p>\n

Prior to joining the Cleveland Reserve Bank in 2014, Dr. Fallick served as a senior economist in the Division of Research and Statistics at the Board of Governors of the Federal Reserve System. He joined the Federal Reserve Board in 1993. Dr. Fallick also served as a visiting professor of economics at Oberlin College and as an assistant professor of economics at the University of California, Los Angeles (UCLA).<\/p>\n

Dr. Fallick holds a BA in philosophy and economics from the University of Pittsburgh and a Ph.D. in economics from the University of Pennsylvania.<\/span><\/p>\n

Schedule of Friday Lunch Upcoming Topics and Speakers:<\/strong><\/p>\n

October 8: A Conversation with Scott Cowen, Ph.D.<\/strong>\u00a0President Emeritus and Distinguished University Chair, Tulane University, and Interim President of Case Western Reserve University. (October 1, 2020 \u2013 June 30, 2021)<\/p>\n

October 15: Germany\u2019s New Government \u2013 and Europe\u2019s New Leadership?<\/strong>\u00a0With\u00a0Mark K. Cassell, Ph.D.<\/strong>, Professor of Political Science, Kent State University.<\/p>\n

October 22: The Biden Administration\u2019s Immigration Policies.<\/strong>\u00a0With\u00a0Aleksandar Cuic, J.D.<\/strong>, Director of the Immigration Clinic, Milton A. Kramer Law Clinic Center, CWRU School of Law.<\/p>\n

October 29: Continuity and Change in the Opioid Epidemic.<\/strong>\u00a0With\u00a0Lee Hoffer, Ph.D.<\/strong>, Associate Professor of Anthropology and Professor of Psychiatry.<\/p>\n

November 5: Redeveloping Buckeye\/Woodhill.<\/strong>\u00a0With\u00a0Taryn Gress, MSSA<\/strong>, Strategic Director, and\u00a0Debbie Wilber<\/strong>, Assistant Director, National Initiative on Mixed-Income Communities.<\/p>\n

November 12: Can India Survive as a Secular Democracy?<\/strong>\u00a0With\u00a0Ananya DasGupta, Ph.D.<\/strong>, Assistant Professor of History.<\/p>\n

November 19: Hospital Boom and Busts.<\/strong>\u00a0With\u00a0J.B. Silvers, Ph.D.<\/strong>, Associate Dean of Finance and Professor of Banking and Finance.<\/p>\n

December 3: President Biden\u2019s Trade Policy: Continuity and Change.<\/strong>\u00a0With\u00a0Juscelino Colares, J.D.<\/strong>, Schott-van den Eynden Professor of Business Law.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n\n\n
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Visit the\u00a0Public Affairs Discussion Group Web Site.<\/span><\/a><\/p>\n

Center for Policy Studies | Mather House 111 | 11201 Euclid Avenue |
\nCleveland, Ohio 44106-7109 |\u00a0Phone: 216.368.6730 |\u00a0padg@case.edu<\/u><\/span><\/a>\u00a0|
\nPart of the:\u00a0College of Arts and Sciences<\/u><\/span><\/a><\/p>\n

\u00a9 2021 Case Western Reserve University |
\nCleveland, Ohio 44106 | 216.368.2000 |\u00a0legal notice<\/u><\/span><\/a><\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

<\/p>\n","protected":false},"excerpt":{"rendered":"

Center for Policy Studies
\nPublic Affairs Discussion Group<\/strong><\/p>\n

What\u2019s Happening in the Labor Market?<\/strong><\/p>\n

Bruce Fallick, Ph.D. – Senior Vice President for Research, Federal Reserve Bank of Cleveland<\/strong><\/p>\n

Friday October 1, 2021
\n12:30-1:30 p.m.
\nOnline Zoom Meeting<\/strong><\/p>\n

Dear Colleagues:<\/p>\n

Greetings, and I hope that you and yours are healthy and safe – and can stay that way.<\/p>\n

As part of being careful to stay safe,\u00a0the \u201cFriday Lunch,\u201d a CWRU tradition since 1989, continues on Zoom.<\/strong><\/p>\n

Continue reading… What\u2019s Happening in the Labor Market?<\/span><\/a><\/p>\n","protected":false},"author":19,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":""},"categories":[1],"tags":[],"jetpack_featured_media_url":"","_links":{"self":[{"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/posts\/1141"}],"collection":[{"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/users\/19"}],"replies":[{"embeddable":true,"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/comments?post=1141"}],"version-history":[{"count":1,"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/posts\/1141\/revisions"}],"predecessor-version":[{"id":1143,"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/posts\/1141\/revisions\/1143"}],"wp:attachment":[{"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/media?parent=1141"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/categories?post=1141"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/artsci.case.edu\/fridaylunch\/wp-json\/wp\/v2\/tags?post=1141"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}