Issue #18 | August 28, 2018
Recently, from the Cleveland Fed
Cincinnati metro area’s employment growth is outpacing Ohio’s
The Cincinnati region is seeing its lowest unemployment rates in nearly 17 years despite a rise of 0.1 percentage points in the metro area’s unemployment rate in April. And in the 12 months leading up to December 2017, employment in the area grew 1.4 percent, compared with 0.8 percent growth across Ohio. For more news on economic conditions in Cincinnati, read our recent Cincy Metro Mix.
Cleveland showing signs of improving economic conditions
Along with a drop in the unemployment rate, the Cleveland metro area is seeing median home values rise. Also, consumer debt per capita and the credit card delinquency rate remain at relatively low levels compared to the metro area’s recent past despite recent slight increases in both. Explore the latest Cleveland Metro Mix.
Indicators provide estimates of GDP growth, inflation, inflation expectations
It’s not Beyoncé and Jay Z, but the yield curve has been getting its share of attention lately. Not sure why? Tune in to the Cleveland Fed’s yield curve indicator, which suggests that the probability of a recession, though small, has risen. (For a deeper dive, read “Can Yield Curve Inversions Be Predicted?”) Cleveland Fed researchers also provide data and analyses for the median CPI, inflation expectations, and more. Check out our entire lineup of indicators.
What does inclusion look and feel like at the Cleveland Fed?
Diversity and inclusion are how we do business. And it’s everyone’s business to create an environment where diversity and inclusion are valued, where our differences are our strengths, and where employees feel welcome to be themselves. Inclusion is critical to our being a high-performing organization that creates and ensures opportunity for all.
What this looks like from an employee’s standpoint is that, on every level of our organization, we seek opportunities in the work we do to include people from different backgrounds and perspectives, from all genders, ethnicities, religions, sexual orientations, abilities, and more. Employees are encouraged to be inclusive in how we approach and perform tasks and in how we work with others across the Bank. I think that by making small adjustments to the ways we work and the ways we lead, each of us—every employee at every level in the organization—creates a more diverse and inclusive environment, and that translates to more opportunities for all of us.
One way we do this is through our employee resource network groups (RNGs). The groups provide an opportunity for employees who share a common purpose or interest to collaborate and to engage in professional development opportunities, and the groups also support learning opportunities for the rest of the Bank. RNGs sponsor programming on a variety of subjects employees care about, including blended families, youth in the process of coming out or transitioning, gender equality in and out of the workplace, veterans support, and lots more.
Many companies acknowledge differences among their workers. The Cleveland Fed takes it seriously: We acknowledge differences, and then we use them as inspiration, for ourselves and for others. We have an environment at the Bank in which we strive to make people feel comfortable being themselves and bringing their perspectives to every interaction. This environment requires care to maintain and improve, and that’s what we do here every single day. There’s always something we can learn from a colleague.
That’s in part why the Cleveland Fed has earned numerous recognitions over the years. We’ve been acknowledged as best-in-class for supplier diversity and as the best large company to work for in Northeast Ohio. For several years running we’ve earned a score of 100 percent on the Human Rights Campaign Foundation’s Corporate Equality Index, and this year we were ranked first among large companies by NorthCoast 99.
These recognitions, coming from outside organizations, reinforce what we know as employees: The Cleveland Fed is a great place to work.
We each recognize that none of these awards or acknowledgements would be possible without continued individual and organizational attention to diversity and inclusion. Our work in this space continues.
Diana C. Starks
Diana C. Starks is vice president of human resources at the Cleveland Fed. She’s responsible for the Bank’s diversity and inclusion efforts and employee relations.
Graphic of the Month
Volatility Smile art installation on exhibit
In his installation at the Cleveland Fed, part of the FRONT Triennial in Northeast Ohio, artist Philip Vanderhyden conjures a tension-filled American financial system through a series of 24 computer screens showing roiling, vivid graphics and animation.
On the Calendar
July 14–September 30
FRONT Triennial Art Exhibition (Cleveland, Oberlin, and Akron, OH)
Contemporary art installation by Philip Vanderhyden on display at the Cleveland Fed Monday through Thursday, 9:30 am to 2:30 pm
Defining the Opioid Epidemic: Human and Economic Costs (Cleveland, OH)
A panel with Cleveland Fed senior policy analyst Kyle Fee
Banking and the Economy: A Forum for Minorities in Banking (Charlotte, NC)
Reinventing Our Communities: Investing in Opportunity (Baltimore, MD)
June 19–21, 2019
Policy Summit 2019 (Cincinnati, OH)
Online registration coming soon
From around the Federal Reserve System
Demand for college-educated workers exceeds the supply
The college wage gap—the difference in earnings between workers with and without a four-year college degree—has been growing during the past several decades, and the demand for college-educated workers continues to surpass the number of adults with a college degree.
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