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June 10, 2024

MainStreet Macro: AI and the global workforce

Artificial intelligence—heard of it? Of course, you have. In the past year, advanced AI has made its presence known on Main Street and worldwide. What we know as generative AI has been around in less-sophisticated forms for decades, but it only recently captured the public’s imagination with the release of inexpensive tools that create content on the fly. In our annual global survey, the ADP Research Institute asked nearly 35,000 private-sector workers in 18 countries how they felt about artificial intelligence. Here’s what they told us.
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July 26, 2021

MainStreet Macro: Pivotal Moments

by Nela Richardson, Ph.D.

Main Street businesses, the real-world heroes in the economy’s battle against the viral menace of COVID-19, are at just such a pivotal moment. This week, official GDP data is likely to confirm what we already know — the U.S. grew like gangbusters in the second quarter of the year. Yet as good as the economic numbers look from a distance, up close there’s growing unease that Main Street isn’t out of the woods yet when it comes to the pandemic. Here are three pivotal moments Main Street is facing.
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July 19, 2021

MainStreet Macro: How much is too much inflation?

by Nela Richardson, Ph.D.

As inflation climbs -- businesses and consumers wonder what this trend means for economic recovery. In this episode of MainStreet Macro, ADP Chief Economist Nela Richardson breaks down the three key relationships influencing inflation and overall economic health.
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July 12, 2021

MainStreet Macro: Special Edition- The glass ceiling just got harder to crack

by Nela Richardson, Ph.D.

Women’s job losses during the pandemic topped those of men for the first time in U.S. economic history. The “shecession” left millions of women pulled between work and new family responsibilities. As employees, women also were concentrated in industries hit hardest by social-distancing restrictions, such as retail and leisure and hospitality. At the ADP Research Institute, we wanted to know what happened to the women who stayed in the workforce during the pandemic year. Here are a few things we learned about women in the workplace during the pandemic.
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June 28, 2021

MainStreet Macro: Introducing ADP’s Quarterly Small Business @ Work Survey 

by Nela Richardson, Ph.D.

Main Street firms were forced to reduce headcount quickly during the pandemic. But thanks to a potent formula of government stimulus and sheer grit, small firms led the recovery from the worst of the downturn. A new quarterly survey from the ADP Research Institute might help. The Small Business @ Work Survey, which I’m pleased to introduce here, will take the ongoing pulse of their economy. Here are key findings from our inaugural report.
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June 21, 2021

MainStreet Macro: The Fed’s Role: Thermometer or thermostat? 

by Nela Richardson, Ph.D.

It came as a surprise to no one, anywhere, that the Fed left interest rates at near zero when the Board of Governors met for its regularly scheduled policy meeting last week. The twist in the announcement, though, was a hint that the Fed might raise short-term rates and lower monthly bond purchases sooner than it had suggested. Today we discuss what hats the Fed needs to wear to help Wall Street, Main Street and the overall economy.
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June 14, 2021

MainStreet Macro: Should MainStreet Care about Student Debt?

by Nela Richardson, Ph.D.

This month, students around the country will graduate from college, vocational schools, and high school after a year of learning like no other.  Well it’s almost like no other.  One constant of higher education before and after the pandemic has been its high price tag. U.S. students owe a whopping $1.7 trillion in combined debt. Outstanding student loans have skyrocketed 90% over the past decade. Should Main Street care about student debt?
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June 7, 2021

MainStreet Macro: Where are the workers?

by Nela Richardson, Ph.D.

Last week, the May jobs report captured the attention of economists, policymakers, Wall Street and Main Street. We know where the jobs are. This week, we answer the other question that has plagued us this year – where are all the workers?
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June 1, 2021

MainStreet Macro: The Economy Needs a Vacation–Yours

by Nela Richardson, Ph.D.

Memorial Day weekend – the unofficial kickoff to summer. If you’re like me, yours looks like a combination of work and play. But this year, many Americans have had to postpone their usual summer planning. And many others are preparing to make do with less as states begin to revoke a federal unemployment benefit. On this weeks blog, we look at three ways of looking at this summer's labor outlook.
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