From the President

The Illusion of Wage Growth

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.

Economic Letter

Did the $600 Unemployment Supplement Discourage Work?

People receiving unemployment benefits during the COVID-19 recession were entitled to an extra $600 per week through July. The large increase raised a concern that recipients would delay returning to work. However, analysis suggests longer-term work income outweighs temporary aid. Recent data confirm that the supplement had little or no adverse effect on job search.

Investing in the Future of Child Care

Through this initiative, the San Francisco Fed is taking a deep dive into the challenges facing the child care market as well as the investments and partnerships needed to support child care providers.

Work for the Fed

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.