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January 24, 2022

MainStreet Macro: Should I Stay or Should I Go?

It’s been called the Great Resignation, the Great Reshuffle, and the Great Reassessment. But for some workers and the companies trying to hire or retain them, things don’t feel so great. A record 4.5 million workers in the U.S. quit their jobs in November of last year, according to the Bureau of Labor Statistics. Companies are struggling to find and hire people. And the competitive market and rising inflation have employers puzzling over how to fairly compensate both new hires and their legacy employees. For many workers, wages are a determining factor in the decision whether to stay or go. Employers are figuring out whether they should pay to retain talent and, if so, how much. With these questions in mind, the ADP Research Institute analyzed the wages of 18 million workers during the last three months of 2021. Here’s what we found.
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Latest posts

September 27, 2021

MainStreet Macro: Is there an urban exodus of high-income earners in tech and finance?

As disruptive as the past 18 months have been, one place where workers have sought solitude is at home. The housing market has boomed since the pandemic as remote and hybrid work options led to a big uptick in demand for home offices and outdoor space to walk all the puppies that were adopted early days of the lockdown. Much has been said about the pandemic-driven migration to the suburbs. But so far, we’ve had only limited data available to understand it. This week, ADP dove into its payroll data, where we uncovered three worker migration trends that could have long-run implications for the workplace.
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September 20, 2021

MainStreet Macro: No Free Lunch

There’s a saying in economics – there’s no such thing as a free lunch. The idea is that things that look free often have hidden cost. The cost of borrowing, for both Main Street and Wall Street, isn’t exactly free, but it is really, really cheap right now thanks to the Federal Reserve’s easy-money policy, which has kept interest rates at rock-bottom levels. But all that cheap money can come at a high cost to all of us down the road. When Fed governors meet this week to take their regular measure of the economy, they’ll be weighing three of the biggest tradeoffs of cheap money.
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September 13, 2021

MainStreet Macro: Wages, Three Ways

Wages have been on a tear lately. In August, they grew 4.3% from a year earlier. To put that number in perspective, in the decade leading up to the pandemic, wages never grew more than 3.5% from the previous year. There are three possible reasons wages are accelerating, each with a different implication for the broader economic recovery. On this weeks blog we discuss wages three ways.
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September 7, 2021

MainStreet Macro: Creative Destruction

On today's blog we discuss a new economic concept into our discussion of jobs recovery. It’s called creative destruction. Although it sounds mysterious, maybe even a bit ominous, it has deep roots in economic research on the labor market, new business formation, and economic growth. Creative destruction tends to track the economy and the ebb and flow of the business cycle. However, the unprecedented global pandemic has both shifted and accelerated the process of creative destruction in three unique ways.
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August 30, 2021

MainStreet Macro: Jackson Hole

Every year at this time, some 120 prominent central bankers, finance leaders and academics gather in Jackson Hole, Wyoming, to discuss pressing global issues. The highlight of the conference is a Friday-morning speech given by the head of the Federal Reserve – this year Chair Jay Powell. Traders, economists and other finance geeks hang on the speech’s every word for signs of a shift in monetary policy -- essentially whether the Fed will nudge interest rates up or down
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August 23, 2021

MainStreet Macro: Consumer Mojo

Consumers have a special kind of economic mojo. What people buy, how much they buy and where they buy it – that’s the economy in a nutshell. Consumer spending was the first part of the economy to recover after the pandemic, and has been a tailwind to growth ever since. However, recent surveys point to a drop in consumer confidence. There are signs the consumer tailwind is losing some of its strength.
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August 16, 2021

MainStreet Macro: Working from Home- The Good, the Bad and the Virtual

This week we’re talking about a subject that a lot of us have gained experience with over the past year – working from home. During the early days of the coronavirus outbreak, as much as a third of the U.S. workforce did their jobs from home specifically because of the pandemic, according to the Bureau of Labor Statistics. The number shrank to just 13% in July as more adults were vaccinated. We review four key findings from the survey, “On-site, Remote or Hybrid: Employee Sentiment on the Workplace”.
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August 9, 2021

MainStreet Macro: A jobs recovery like no other

Last week was a big one for labor market data. On Wednesday, the ADPRI National Employment Report showed that the economy added 330,000 jobs in July, a marked slowdown from the 728,000-job pace we saw in the second quarter. On Friday, the Bureau of Labor Statistics released a blockbuster report showing that private payrolls had grown by 703,000 in July. Including the government, the economy added a total of 943,000 jobs. Though the monthly ADP and government numbers have often disagreed dramatically, year-to-date they sing the same tune. Here are three reasons why this is a jobs recovery like no other.
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