The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely insights and information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve Community Development outreach initiatives that are conducted through the 12 Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C.
Why is the Fed engaged in community development? The Fed understands that stable communities promote stable regions and, thus, a more robust economy overall. Through applied research, public programs, outreach and technical assistance, the Fed's community development departments help promote economic growth and financial stability in communities across the country, especially those in low- and moderate-income areas. Regional Reserve Banks, while connected in this shared mission, are uniquely poised to develop programs that...
The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely insights and information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve Community Development outreach initiatives that are conducted through the 12 Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C.
Why is the Fed engaged in community development? The Fed understands that stable communities promote stable regions and, thus, a more robust economy overall. Through applied research, public programs, outreach and technical assistance, the Fed's community development departments help promote economic growth and financial stability in communities across the country, especially those in low- and moderate-income areas. Regional Reserve Banks, while connected in this shared mission, are uniquely poised to develop programs that...
The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely insights and information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve Community Development outreach initiatives that are conducted through the 12 Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C.
Why is the Fed engaged in community development? The Fed understands that stable communities promote stable regions and, thus, a more robust economy overall. Through applied research, public programs, outreach and technical assistance, the Fed's community development departments help promote economic growth and financial stability in communities across the country, especially those in low- and moderate-income areas. Regional Reserve Banks, while connected in this shared mission, are uniquely poised to develop programs that...
Exploring a Skills-Based Approach to Occupational Mobility
Published by the Federal Reserve Banks of Philadelphia and Cleveland and based on an analysis of tens of millions of online job advertisements in the 33 largest metro areas, this report finds a high degree of similarity between the skills employers seek when filling lower-wage jobs and the skills demanded for opportunity occupations, or occupations that do not typically require a bachelor’s degree and that pay above the national annual median wage (adjusted for local cost-of-living differences). For nearly half of the lower-wage employment analyzed, we identify at least one higher-paying occupation requiring similar skills in the same metro area. We also find that transitions to similar higher-paying occupations would represent an average annual increase in wages of nearly $15,000, or 49 percent. Paired with targeted training, hiring processes that recognize the portability of skills across occupations...
The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely insights and information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve Community Development outreach initiatives that are conducted through the 12 Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C.
Why is the Fed engaged in community development? The Fed understands that stable communities promote stable regions and, thus, a more robust economy overall. Through applied research, public programs, outreach and technical assistance, the Fed's community development departments help promote economic growth and financial stability in communities across the country, especially those in low- and moderate-income areas. Regional Reserve Banks, while connected in this shared mission, are uniquely poised to develop programs that...
In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...
In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...
In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...
In a new report, researchers at the Federal Reserve Banks of Philadelphia and Cleveland analyze tens of millions of online job ads — and the skills listed therein — to identify viable career transitions between lower-wage occupations and better-paying occupations requiring similar skills. This webinar highlights the findings of this new research on a skills-based approach to occupational mobility, which could offer economic pathways out of lower-wage work for those without a bachelor’s degree and help meet the talent needs of employers. The session will also include a practical illustration of the research and lessons learned from Education Design Lab’s work in regional economies that are attempting to solve their skills gaps through education and training. The takeaways from this webinar are especially relevant in the COVID-19 environment and recovery as employers attempt to refill positions with skilled workers and millions search for jobs that leverage and reward their...
The Federal Reserve Bank of Philadelphia and our colleagues in Districts around the country continue to monitor the economy to better understand the scope of the economic damage this pandemic is causing. Given the speed with which the economy is changing, we are compiling weekly data for more timely, higher-frequency information for the regional and national economy. We believe this weekly information will be even more valuable for tracking the economy upward and restoring confidence — as businesses reopen and workers are called back.
We have launched a weekly survey of businesses in the Third District on COVID-19 impacts on aspects of firm demand, production, and employment. We are also compiling weekly labor market information for our three-state region and the nation. Results and charts can be found below.
Manufacturing conditions in the region showed signs of improvement this month, according to firms responding to the June Manufacturing Business Outlook Survey. The survey’s current indicators for general activity, new orders, and shipments returned to positive territory, coinciding with the gradual reopening of the economy in our region and the nation more broadly. The employment index remained negative but increased for the second consecutive month. All future indicators improved, suggesting that the firms expect overall growth over the next six months.
Exploring a Skills-Based Approach to Occupational Mobility
Published by the Federal Reserve Banks of Philadelphia and Cleveland and based on an analysis of tens of millions of online job advertisements in the 33 largest metro areas, this report finds a high degree of similarity between the skills employers seek when filling lower-wage jobs and the skills demanded for opportunity occupations, or occupations that do not typically require a bachelor’s degree and that pay above the national annual median wage (adjusted for local cost-of-living differences). For nearly half of the lower-wage employment analyzed, we identify at least one higher-paying occupation requiring similar skills in the same metro area. We also find that transitions to similar higher-paying occupations would represent an average annual increase in wages of nearly $15,000, or 49 percent. Paired with targeted training, hiring processes that recognize the portability of skills across occupations...
The Consumer Credit Explorer utilizes data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel. When using estimates or figures from this tool, we request that you include the following citation:
Federal Reserve Bank of New York/Equifax Consumer Credit Panel, tabulated by the Federal Reserve Banks of Philadelphia and Minneapolis and accessed via the Consumer Credit Explorer (date accessed: )
Note: Some area/target population combinations may not display because the sample size is too small. For areas with small target populations, large, single-quarter fluctuations may reflect periodic issues with the reporting of data by lenders. Users should interpret with caution.
At the Federal Reserve Bank of Philadelphia, we stand in strong solidarity with the millions of people in the Third District, in our nation, and worldwide who are raising their voices against racism and violence. As Chair Jerome Powell recently said, the Federal Reserve serves the entire nation, and racism has no place within the Federal Reserve System. We want to state unequivocally that the Philadelphia Fed is opposed to racism in all forms, and that everyone deserves the opportunity to participate fully in our society and in our economy.
We also recognize that words are not enough. You may be wondering what we are doing, both here at the Philadelphia Fed and across the System, to address inequality and to support racial equity. Within our mandate, we have a longstanding commitment to increasing understanding of racial disparities, advancing solutions, and achieving a truly inclusive economy. As we at the Philadelphia Fed have said in the past, it’s simply a fact that...
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.
"Supporting small and mid-sized businesses so they are ready to reopen and rehire workers will help foster a broad-based economic recovery," Federal Reserve Chair Jerome H. Powell said. "I am confident the changes we are making will improve the ability of the Main Street Lending Program to support employment during this difficult period."
Small and medium-sized businesses are a vital part of the economy and employ tens of millions of...
The Consumer Credit Explorer utilizes data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel. When using estimates or figures from this tool, we request that you include the following citation:
Federal Reserve Bank of New York/Equifax Consumer Credit Panel, tabulated by the Federal Reserve Banks of Philadelphia and Minneapolis and accessed via the Consumer Credit Explorer (date accessed: )
Note: Some area/target population combinations may not display because the sample size is too small. For areas with small target populations, large, single-quarter fluctuations may reflect periodic issues with the reporting of data by lenders. Users should interpret with caution.
The Federal Reserve Board on Monday expanded its Main Street Lending Program to allow more small and medium-sized businesses to be able to receive support. The Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years, providing borrowers with greater flexibility in repaying the loans. The Board expects the Main Street program to be open for lender registration soon and to be actively buying loans shortly afterwards.
"Supporting small and mid-sized businesses so they are ready to reopen and rehire workers will help foster a broad-based economic recovery," Federal Reserve Chair Jerome H. Powell said. "I am confident the changes we are making will improve the ability of the Main Street Lending Program to support employment during this difficult period."
Small and medium-sized businesses are a vital part of the economy and employ tens of millions of...
The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely insights and information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve Community Development outreach initiatives that are conducted through the 12 Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C.
Why is the Fed engaged in community development? The Fed understands that stable communities promote stable regions and, thus, a more robust economy overall. Through applied research, public programs, outreach and technical assistance, the Fed's community development departments help promote economic growth and financial stability in communities across the country, especially those in low- and moderate-income areas. Regional Reserve Banks, while connected in this shared mission, are uniquely poised to develop programs that...
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