Federal Reserve Bank of Cleveland

Trends in Manufacturing in the United States

Manufacturing remains an important component of the US economy, yet its role has shifted: productivity growth in the sector has slowed, and its employment share has declined, the latter of which is a trend driven by reduced entry of workers into the sector. At the same time, the...

The "Low-Hire, Low-Fire" Labor Market

Hires and quits have been unusually low during the strong labor market over the past year or so, when layoffs have also been low. This combination is historically unusual. However, it is likely a continuation of long-term trends rather than something unique to the current period.