FRBSF Economic Letter (August 31, 2020) Despite the spike in unemployment since March, overall wage growth sped up. This illusion of wage growth mainly reflects job losses among low-wage workers. In the wake of COVID-19, labor market assessments will need to rely on a range of measures to paint a complete picture of the losses and the recovery.

People receiving unemployment insurance benefits during the COVID-19 recession were entitled to $600 of additional payments per week through July. This large increase in benefit payments raised a concern that recipients would delay returning to work. However, analysis suggests that the available aid would not outweigh the value of a longer-term stable income in workers’ decisions to accept job offers. Evidence from recent labor market outcomes confirms that the supplemental payments had little or no adverse effect on job search.

Millions of people lost their jobs as a result of the COVID-19 pandemic, hitting lower-income communities and people of color particularly hard. Join Mary C. Daly, President and CEO of the Federal Reserve Bank of San Francisco, for a discussion on the current challenges affecting the labor force and the opportunities they present for meaningful change. Daly will be joined by Stuart Andreason, Director of the Center for Workforce and Economic Opportunity at the Federal Reserve Bank of Atlanta, and their discussion will include a focus on what we can currently do to create a more inclusive economy for the future.

The session will also highlight findings from the Federal Reserve System’s COVID-19 Community Impact Survey, which gathers nationwide input from nonprofits, financial institutions, government agencies and other organizations that serve low- to moderate-income communities.

Speakers:

September 11, 2020

By Laurel Gourd

Millions of Americans are out of work or working from home as a result of restrictions put in place to slow the spread of the coronavirus. The economic impact has been devastating. Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, shared that when the coronavirus hit the United States “a decade of economic progress was erased in a matter of months.” In an effort to regain some of that economic progress, many leaders are focused on reopening businesses and getting people back to work with measures in place to protect public health. But for working parents, a critical question looms: Who will care for the children?

“At the Federal Reserve, child care access, quality, and affordability have been on our radar as a community development issue for many years,” says Naomi Cytron, a Community Development Regional Manager at the San Francisco Fed. “But the COVID-19 pandemic has generated unique...

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Millions of people lost their jobs as a result of the COVID-19 pandemic, hitting lower-income communities and people of color particularly hard. Join Mary C. Daly, President and CEO of the Federal Reserve Bank of San Francisco, for a discussion on the current challenges affecting the labor force and the opportunities they present for meaningful change. Daly will be joined by Stuart Andreason, Director of the Center for Workforce and Economic Opportunity at the Federal Reserve Bank of Atlanta, and their discussion will include a focus on what we can currently do to create a more inclusive economy for the future.

The session will also highlight findings from the Federal Reserve System’s COVID-19 Community Impact Survey, which gathers nationwide input from nonprofits, financial institutions, government agencies and other organizations that serve low- to moderate-income communities.

Speakers:

The Virtual Seminar on Climate Economics is an online seminar series hosted by the Federal Reserve Bank of San Francisco. The seminar is open to everyone interested in research on the economics of climate change—including topics drawn from macroeconomics, microeconomics, finance, econometrics, and environmental economics.

We convene on Zoom for a 50-minute talk and up to 25 minutes of discussion and Q&A.

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First Glance 12L provides a quarterly look at banking and economic conditions within the Federal Reserve System’s Twelfth District. During 2Q20, Paycheck Protection Program (PPP) activity spurred a record level of quarterly loan, deposit, and asset growth. This fed a shift in District bank balance sheet composition, weighed on margins and tier 1 leverage capital ratios, and distorted trends in several metrics. The District’s average quarterly return on average assets ratio increased slightly from 1Q20 in spite of net interest margin compression and higher credit loss provisions, mainly because asset growth far outpaced increases in noninterest and tax expenses. Problem loan ratios were generally stable given loan accommodations and PPP-fueled denominator growth, but metrics will likely deteriorate once forbearance and government programs expire. Although employment rebounded from April’s trough, unemployment rates remained well above year-ago levels. Further, COVID-19 case...

First Glance 12L provides a quarterly look at banking and economic conditions within the Federal Reserve System’s Twelfth District. During 2Q20, Paycheck Protection Program (PPP) activity spurred a record level of quarterly loan, deposit, and asset growth. This fed a shift in District bank balance sheet composition, weighed on margins and tier 1 leverage capital ratios, and distorted trends in several metrics. The District’s average quarterly return on average assets ratio increased slightly from 1Q20 in spite of net interest margin compression and higher credit loss provisions, mainly because asset growth far outpaced increases in noninterest and tax expenses. Problem loan ratios were generally stable given loan accommodations and PPP-fueled denominator growth, but metrics will likely deteriorate once forbearance and government programs expire. Although employment rebounded from April’s trough, unemployment rates remained well above year-ago levels. Further, COVID-19 case...

September 11, 2020

By Laurel Gourd

Millions of Americans are out of work or working from home as a result of restrictions put in place to slow the spread of the coronavirus. The economic impact has been devastating. Mary Daly, president and CEO of the Federal Reserve Bank of San Francisco, shared that when the coronavirus hit the United States “a decade of economic progress was erased in a matter of months.” In an effort to regain some of that economic progress, many leaders are focused on reopening businesses and getting people back to work with measures in place to protect public health. But for working parents, a critical question looms: Who will care for the children?

“At the Federal Reserve, child care access, quality, and affordability have been on our radar as a community development issue for many years,” says Naomi Cytron, a Community Development Regional Manager at the San Francisco Fed. “But the COVID-19 pandemic has generated unique...

First Glance 12L provides a quarterly look at banking and economic conditions within the Federal Reserve System’s Twelfth District. During 2Q20, Paycheck Protection Program (PPP) activity spurred a record level of quarterly loan, deposit, and asset growth. This fed a shift in District bank balance sheet composition, weighed on margins and tier 1 leverage capital ratios, and distorted trends in several metrics. The District’s average quarterly return on average assets ratio increased slightly from 1Q20 in spite of net interest margin compression and higher credit loss provisions, mainly because asset growth far outpaced increases in noninterest and tax expenses. Problem loan ratios were generally stable given loan accommodations and PPP-fueled denominator growth, but metrics will likely deteriorate once forbearance and government programs expire. Although employment rebounded from April’s trough, unemployment rates remained well above year-ago levels. Further, COVID-19 case...