The July jobs report once again brought great news on employment gains and less than exciting news on wage growth. Data through the second quarter of 2018 show that median weekly earnings of full time workers rose just 2% on an annual basis, well below what might be expected in such a robust labor market. So what is going on?
A decade after the financial crisis, the U.S. economy remains significantly smaller than it should be based on its pre-crisis growth trend. One possible reason lies in the large losses in the economy’s productive capacity following the crisis. The size of those losses suggests that output is unlikely to revert to its pre-crisis trend level, representing a lifetime present-value income loss of about $70,000 for every American.
The San Francisco Fed’s Board of Directors is searching for the next President and CEO
The Federal Reserve Bank of San Francisco’s board of directors has begun the search for the Bank’s 13th president and chief executive officer. A search committee comprised of members of the Bank’s head office board of directors has been formed to lead the search.
We like to say we work for the Fed, not at the Fed. That’s because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.