Older, highly educated workers and men make up most of the population finding new employment since the recession. Some economists say the recession only emphasized a workforce trend that began before the labor market crashed in 2009.
Millions of people have gone back to work since the labor recovery began, but the job creation occurred in the private sector. Public sector jobs continue to decline due to a slow recovery in tax revenue streams.
The Office of Minority and Women Inclusion (OMWI), established in late 2010 as a result of the Dodd-Frank Act, continues a long tradition of diversity at the Kansas City Fed. During its first full year of existence in 2011, the OMWI enhanced the Kansas City Fed’s ongoing inclusion efforts in three areas: people, practices and partnerships.
Household wealth in the Tenth Federal Reserve District decreased in the aftermath of the housing bust and stock market decline. The change prompted many families to cut costs within the household budget.
The regional Fed directors serve as a conduit between their local communities and the nation’s central bank, offering insight and counsel on the economy drawn from their own expertise and contacts.