Wage growth is often measured by the change in average hourly earnings (AHE), a gauge of overall wages that aggregates information on earnings and hours worked across individuals. A close look at this aggregation method demonstrates that AHE growth reflects disproportionately the profile of high-earning workers who typically display lower and less cyclically sensitive wage growth. Using data from the Current Population Survey (CPS), we adopt a different aggregation method and compute wage growth as the average of individuals’ wage growth. The analysis indicates that the CPS measure of average wage growth is significantly higher than AHE growth and that it displays a more meaningful nonlinear relationship with the Congressional Budget Office’s unemployment gap. Last, our findings do not support the claim that there was hidden slack in the labor market during the recent expansion that was restraining wage growth.

The spread of COVID-19 has affected all Ohioans. Our front-line workers, including health care professionals and first responders, and all those who went to work in uncertain times deserve our great thanks and respect. They and their families also deserve each of us doing all we can to limit the spread of the virus, which recent metrics show has yet to be contained. One action that each Ohioan can take is to wear a face covering whenever he or she is in public. Both research and experience show that face coverings limit the spread of the virus. Wearing a face covering is easy to do, a common courtesy to your fellow Ohioans, and clearly demonstrates our determination to battle back against this silent enemy.

Yes, we understand that most people don't enjoy wearing a mask, but it's a small inconvenience when you consider that stopping the spread of the virus could literally save lives. And, this simple action is one that can help ensure that more...

Online lending through fintech firms, which provide alternatives to traditional lending, has substantially expanded the finance market. These firms are now a significant source of financing for small businesses and businesses denied credit from traditional lenders, resulting in a larger range of businesses able to obtain financing.

Senior Research Economist

Dionissi Aliprantis is primarily interested in applied econometrics, labor and urban economics, and education. His current work investigates neighborhood effects on education and labor market outcomes.

The Federal Reserve's community development function promotes the economic resilience and mobility of low- to moderate-income and underserved households and communities across the country. The spread of COVID-19 is having an impact on communities nationwide. To best respond to this crisis, information is needed about the scope and scale of the pandemic’s challenges. Throughout 2020, all 12 Reserve Banks and the Fed Board of Governors are surveying representatives of nonprofit organizations, financial institutions, government agencies, and other community organizations to understand the effects of COVID-19 on low- to moderate-income communities and the entities serving them. The results of each survey will be released as a downloadable report.

Wage growth is often measured by the change in average hourly earnings (AHE), a gauge of overall wages that aggregates information on earnings and hours worked across individuals. A close look at this aggregation method demonstrates that AHE growth reflects disproportionately the profile of high-earning workers who typically display lower and less cyclically sensitive wage growth. Using data from the Current Population Survey (CPS), we adopt a different aggregation method and compute wage growth as the average of individuals’ wage growth. The analysis indicates that the CPS measure of average wage growth is significantly higher than AHE growth and that it displays a more meaningful nonlinear relationship with the Congressional Budget Office’s unemployment gap. Last, our findings do not support the claim that there was hidden slack in the labor market during the recent expansion that was restraining wage growth.

America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.

The challenge: Many of the revenues that cities, states, and counties take in have been adversely impacted by the pandemic. For example, the sales taxes they collect are down because local businesses are selling less. Income tax revenues are down because millions of people are laid off or working less. All the while, these places still need to pay their expenses, such as salaries for the first responders, teachers, and others who provide essential services to their citizens. As a result, many cities, counties, and states face mounting financial pressure. Before the pandemic, they might have issued municipal...

Wage growth is often measured by the change in average hourly earnings (AHE), a gauge of overall wages that aggregates information on earnings and hours worked across individuals. A close look at this aggregation method demonstrates that AHE growth reflects disproportionately the profile of high-earning workers who typically display lower and less cyclically sensitive wage growth. Using data from the Current Population Survey (CPS), we adopt a different aggregation method and compute wage growth as the average of individuals’ wage growth. The analysis indicates that the CPS measure of average wage growth is significantly higher than AHE growth and that it displays a more meaningful nonlinear relationship with the Congressional Budget Office’s unemployment gap. Last, our findings do not support the claim that there was hidden slack in the labor market during the recent expansion that was restraining wage growth.

Our mission is founded in public service—strengthening the economic performance of the nation and our region and making a difference in the communities we serve. At our Bank, you’ll get the benefits you need and have the work–life balance you want. Your health, finances, and professional achievement matter to us. And our culture is one of inclusion, in which diversity of thought is encouraged and uniqueness embraced.

Be part of something big. Be part of our future. Make the Federal Reserve Bank of Cleveland your next career move.

America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.

The challenge: Many of the revenues that cities, states, and counties take in have been adversely impacted by the pandemic. For example, the sales taxes they collect are down because local businesses are selling less. Income tax revenues are down because millions of people are laid off or working less. All the while, these places still need to pay their expenses, such as salaries for the first responders, teachers, and others who provide essential services to their citizens. As a result, many cities, counties, and states face mounting financial pressure. Before the pandemic, they might have issued municipal...

Senior Research Economist

Filippo's primary areas of interest are macroeconomics and financial stability. His recent research has focused on macroprudential policy, financial crises, and macroeconomic effects of financial distortions.

Senior Research Economist

Dionissi Aliprantis is primarily interested in applied econometrics, labor and urban economics, and education. His current work investigates neighborhood effects on education and labor market outcomes.

Online lending through fintech firms, which provide alternatives to traditional lending, has substantially expanded the finance market. These firms are now a significant source of financing for small businesses and businesses denied credit from traditional lenders, resulting in a larger range of businesses able to obtain financing.

Senior Research Economist

Filippo's primary areas of interest are macroeconomics and financial stability. His recent research has focused on macroprudential policy, financial crises, and macroeconomic effects of financial distortions.

Senior Research Economist

Dionissi Aliprantis is primarily interested in applied econometrics, labor and urban economics, and education. His current work investigates neighborhood effects on education and labor market outcomes.

America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.

The challenge: Many of the revenues that cities, states, and counties take in have been adversely impacted by the pandemic. For example, the sales taxes they collect are down because local businesses are selling less. Income tax revenues are down because millions of people are laid off or working less. All the while, these places still need to pay their expenses, such as salaries for the first responders, teachers, and others who provide essential services to their citizens. As a result, many cities, counties, and states face mounting financial pressure. Before the pandemic, they might have issued municipal...

As the Federal Reserve has become more transparent about its decisions on the federal funds target rate, the general public has begun to regard the rate as not only a benchmark interest rate, but also as a signal about the state of the economy. However, the specific information considered by the public to be revealed is not clearly understood. We investigate this question and find that the information revealed by monetary policy decisions is regarding future output growth, not inflation, and that such an information effect is theoretically optimal and does not make interest-rate policies self-defeating.

Senior Research Economist

Filippo's primary areas of interest are macroeconomics and financial stability. His recent research has focused on macroprudential policy, financial crises, and macroeconomic effects of financial distortions.

America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.

The challenge: Many of the revenues that cities, states, and counties take in have been adversely impacted by the pandemic. For example, the sales taxes they collect are down because local businesses are selling less. Income tax revenues are down because millions of people are laid off or working less. All the while, these places still need to pay their expenses, such as salaries for the first responders, teachers, and others who provide essential services to their citizens. As a result, many cities, counties, and states face mounting financial pressure. Before the pandemic, they might have issued municipal...

Anything can happen between the bells of the trading day. But what happens during the last hour could be what matters most. CNBC's "Closing Bell" guides you through the most important hour of the trading day. The show takes a close-up look at how the markets are moving, what's driving them and how investors are reacting.

Live coverage includes reports from the Chicago Board of Trade, New York Mercantile Exchange, NASDAQ and the NYSE. Analysts, money managers and CEOs explain their strategies, share opinions, and provide an inside perspective on breaking news stories.

In addition, "Closing Bell" provides instant analysis of corporate profit reports, as soon as they break, during the quarterly earning seasons. Features include interviews with entrepreneurs, plus an inside-look at how executives and high-net-worth individuals spend their time and money.

We’re accountable for our actions, we deliver on our commitments, and we have the highest quality standards. We embrace diversity and inclusion in all of their forms. We innovate and strive for continuous improvement. We’re honest, respectful, and ethical in everything we do, and we serve the public and strive to earn its trust and confidence every day. The Cleveland Fed is recognized as a great place to work by our employees and as an employer of choice by organizations such as NorthCoast 99, DiversityInc, and the Human Rights Campaign Foundation.