The New Job Hierarchy

Tom Barkin

Speech from Federal Reserve Bank of Richmond

Abstract: Where will demand and inflation go from here? It’s hard to know. I believe the labor market will be key to answering this question. For many employers, the labor market still feels out of balance. The pandemic era seems to have made the jobs market less predictable and left a number of employers scrambling for workers. Employers caught short aren’t standing still. They’re investing to increase labor supply, reduce labor demand and fight their way up the job hierarchy. The range of potential outcomes is still pretty broad. That’s why I supported our decision to hold rates steady at the last meeting. We have time to see if we’ve done enough, or whether there’s more work to be done.

Keywords: inflation; monetary policy; business cycles; employment and labor markets (search for similar items in EconPapers)
Date: 2023-09-28
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