• How do #casinos impact regional economies? Our latest #EconomicBrief examines literature on how much economic benefit may occur if a casino comes to town. Link
    Richmond Fed Thu 11 Aug 2022 13:34

    With casinos much more common across the nation than they were a generation ago, how might the development of a new casino impact its surrounding regional economy? We survey the literature on the local impact of casinos from a variety of economic and social perspectives. We find that, despite tax revenues being a major motivator for state legalization of casinos, there is little evidence that they boost state taxes. We also find that the job gains from casino development are limited to those in lower density areas that lack nearby casinos.

  • Vacancy yields peaked at the beginning of the pandemic then dropped & remained lower than the pre-pandemic baseline, reported @BLS_gov. Additionally, quit rates for bigger companies appear to be closer to their pre-pandemic levels. #MacroMinute. Link
    Richmond Fed Wed 10 Aug 2022 20:49

    When it comes to attracting workers, does the size of the business matter? Recent data suggest so, but it's not a simple case of bigger being better.

    As discussed in earlier posts ("Workers for the Right Wage" and "Hiring Problems Persist"), businesses in every industry have experienced challenges with hiring and keeping workers during the pandemic. However, these hiring challenges might differ according to the size of the business. For example, job seekers whose reservation wages have risen might be more attracted to larger businesses where salaries and benefits have increased relative to smaller businesses over the pandemic.1 On the other hand, small businesses have become more attractive to workers. Picture big-city corporate workers who relocated to small towns during the pandemic and gave up their former jobs to work for small businesses.

  • Watch this short documentary on #Detroit, which includes commentary from economist Pierre Sarte and retired economist Ray Owens. Read more in this paper: Link Link
    Richmond Fed Wed 10 Aug 2022 19:34
  • In a recent speech, President Barkin compared today's #economy to previous post-war periods & shared his perspective for how #inflation will come down. "I expect inflation to come down, but not immediately, not suddenly, and not predictably," Barkin said. Link
    Richmond Fed Wed 10 Aug 2022 16:23
    The pre-pandemic decade was an unusually stable one in economic terms. COVID disrupted that stability. And similar to a post-war period, we are seeing the economy now struggle to return to normal.At first, inflationary pressures seemed temporary. But inflation has persisted, risen and become broader based. It’s the Fed’s responsibility to act to reduce inflation and stabilize expectations, and we are.The Fed’s tools work over time, so I expect inflation to come down, but not immediately, not suddenly, and not predictably. I see inflation coming down in three lanes: demand should flatten, supply chains should heal and commodities should settle. The pace of normalization is uncertain, which is understandably unsettling and leads to worries about a recession.We are out of balance today because stimulus-supported excess demand overwhelmed constrained supply. Returning to normal does not require a calamitous decline in activity.Moderating demand has a higher purpose squarely in our...
  • The incarcerated population faces difficulty finding employment due to company hesitancy or restrictive local/state policies. However, research shows 85% of leaders confirmed that companies engaging in second chance hiring benefit from it. #RegionalMatters Link
    Richmond Fed Wed 10 Aug 2022 13:57

    In the current economy, where job postings significantly exceed the number of people actively seeking employment, previously incarcerated individuals represent an important source of labor that both states and institutions are increasingly interested in engaging. Successfully implementing second-chance hiring initiatives, in which companies hire individuals with criminal records, can help improve outcomes for previously incarcerated individuals, the companies they work for, and their communities.

    In the United States in 2019, there were 1.4 million people incarcerated in state and federal prisons and 747,000 people incarcerated in local and county jails (2.2 million total). In a typical year, state and federal prisons release more than 600,000 people, and over 9 million individuals spend at least some time in a local jail. Although these figures can be overwhelming, the number of incarcerated people in the United States actually fell in the 10 years prior to 2019, with...

  • How do #casinos impact regional economies? Our latest #EconomicBrief examines literature on how much economic benefit may occur if a casino comes to town. Link
    Richmond Fed Tue 09 Aug 2022 21:38

    With casinos much more common across the nation than they were a generation ago, how might the development of a new casino impact its surrounding regional economy? We survey the literature on the local impact of casinos from a variety of economic and social perspectives. We find that, despite tax revenues being a major motivator for state legalization of casinos, there is little evidence that they boost state taxes. We also find that the job gains from casino development are limited to those in lower density areas that lack nearby casinos.

  • RT @LandofSkyRC: There has been a significant federal and state investment to expand broadband access. Digital equity & inclusion focus is…
    Richmond Fed Tue 09 Aug 2022 19:38
  • RT @LandofSkyRC: Dr Laura Ullrich @RichmondFed cites how second chance hiring can provide more opportunities to increase labor force at WNC…
    Richmond Fed Tue 09 Aug 2022 19:18
  • #HappeningNow | @LauraDUllrich is joined by @sth_scott of @NCgoldenLEAF, @changeagentcoop of @LandofSkyRC & Marcus Metcalf of the HIGHTS Group for the Workforce Solutions roundtable. https://t.co/yJ4lzhwRqH
    Richmond Fed Tue 09 Aug 2022 18:17
  • RT @sccaaa: Thank you so much to @RichmondFed for hosting this conversation! It was very informative and we look forward to the #DistrictDi…
    Richmond Fed Tue 09 Aug 2022 17:56
  • #Register for our #DistrictDialogues: The Economics of an Aging America event taking place this evening at 6 p.m. We will approach the topic of aging from every stage of life so you will leave understanding how the aging population directly impacts you. Link
    Richmond Fed Tue 09 Aug 2022 17:51

    Join the Federal Reserve Bank of Richmond for the third installment of District Dialogues, a forum dedicated to giving community members the opportunity to engage with experts on the biggest economic issues facing our District.

    On Tuesday, August 9, we will bring together leading experts to discuss the economics of aging in America. When you attend this session, you’ll learn:

  • Also, thank you to everyone who participated today. However, the conversation doesn't end here. #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:51
  • That concludes our live Q&A! Thank you, Chris, for joining us to kick off the conversation about the aging population. Be sure to follow @sccaaa and learn more about the important work they’re doing in Virginia. #DistrictDialogues https://t.co/yOeBlY1X61
    Richmond Fed Tue 09 Aug 2022 17:51
  • RT @sccaaa: A5: (1/2): The most direct way the community can support us is by checking out the Empty Plate Campaign. It is our annual donat…
    Richmond Fed Tue 09 Aug 2022 17:41
  • Q5: I see Senior Connections has volunteer opportunities. How can the community best support your work? @sccaaa #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:41
  • RT @sccaaa: A4: (1/3): COVID-19 has had a tremendous effect on our work. As most people know, COVID has had a disproportionate effect on th…
    Richmond Fed Tue 09 Aug 2022 17:36
  • Q4: How has COVID-19 shaped advocacy work for older adults? @sccaaa #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:31
  • Remember to tag us @RichmondFed and use #DistrictDialogues to submit your questions about the aging population and in-demand services for older adults to Chris, @sccaaa’s information and outreach manager. https://t.co/UhHPPLzGvY
    Richmond Fed Tue 09 Aug 2022 17:31
  • RT @sccaaa: A3: (1/2): There is a healthy mix of both reaching out. Caregivers specifically have their own needs and require individual su…
    Richmond Fed Tue 09 Aug 2022 17:31
  • Q3: Are caregivers reaching out to Senior Connections for services as much as older adults themselves? Have their needs changed over time? @sccaaa #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:26
  • RT @sccaaa: A2: (1/3): Serving rural populations can pose a unique challenge. Demand isn’t necessarily higher on a per capita basis but th…
    Richmond Fed Tue 09 Aug 2022 17:26
  • Which best describes the area where you live? #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:21
  • Q2: Considering the different localities you cover, have you noticed trends among the people you serve in rural areas vs. more populated areas? Is demand higher in one area more than the other? @sccaaa #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:21
  • RT @sccaaa: A1: (1/3): Infrastructure Services such as Transportation are always in high demand for the population we serve. Roughly 8% of…
    Richmond Fed Tue 09 Aug 2022 17:16
  • Q1 (2/2): Services related to infrastructure and transportation? Food to help combat food insecurities? Services related to being re-introduced into the labor market? @sccaaa #DistrictDialogues
    Richmond Fed Tue 09 Aug 2022 17:11
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