How the Pandemic Has Reshaped Economic Inclusion in the United States
A new Cleveland Fed Economic Commentary finds that the recovery from the pandemic has been swift for some demographic groups, while other groups are experiencing more persistent trends.
Researchers Mark Schweitzer and Emily Dohrman focus on movements in the employment-to-population ratio to assess the persistence of pandemic-induced shifts in the labor market of different demographic groups. They identify three broad shifts:
- Shift 1: Pandemic losses were larger for young workers, but the recovery has been strolngest for teenagers.
- Shift 2: The pandemic’s residual effects remain larger for Hispanic and Black workers.
- Shift 3: Women’s employment-to-population ratios fell broadly in the pandemic but have recovered well.
“The patterns we observe could change as the economy continues to open up and to adapt to changes made during the pandemic, but so far the pandemic’s effects on the labor market continue to be uneven,” Schweitzer and Dohrman say. “Importantly, in many cases the differences across groups are shrinking as the recovery has continued.”
Read the Economic Commentary.
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Doug Campbell, email@example.com, 513.455.4479