Fourteen years ago, long before global events shifted the world of work, ADP started leveraging its payroll data to produce the National Employment Report as a free resource to help people better understand labor market conditions. Six years later, in 2012, we founded the ADP Research Institute® (ADPRI) with the belief that the public good is best served when we all have access to reliable employment data.
Our goal at ADPRI is to make the data serve the public by providing insights to help businesses and policy makers make informed decisions. To further this goal, five years ago we began collaborating with some of the best and brightest minds in the field of labor economics. Through these research collaborations, scholars outside the institute had the opportunity to conduct research based on ADP’s anonymized, aggregated and de-identified payroll data.
Labor Market Summit: A forum to share research findings
Every year, we gather with labor market experts to take a deep look at the current labor market situation. This summit also serves as a platform to share our research findings with the public. On June 25th, we hosted our fourth annual State of the Labor Market Summit. This year’s event, which was held virtually, focused on the economic impact of the pandemic recession. Events like this one are invaluable as we seek to understand what is happening in today’s fluctuating labor market and plan for the days ahead.
We were fortunate to come together this year with scholars from Massachusetts Institute of Technology, Princeton University and the University of Chicago to discuss a range of impacts to better understand the severity of the crisis on the labor market. During the early weeks of the pandemic, the speed and magnitude of the deterioration of the labor market were unprecedented. Research presented at the summit included:
- Uncovering the evolution of the U.S. labor market during the first three months of the pandemic
- Understanding how the Paycheck Protection Program impacted the probability that workers remained employed with their pre-COVID-19 employers during and after the pandemic
- Evaluation of the employment and income effects of expansions in overtime coverage for salaried workers
- Assessing how the lockdown policies and mandated business closures impacted the economy
The answers to these questions can help business leaders and policy makers understand how to respond as we move forward. While we never imagined the current crisis, providing ongoing insights and sharing them during our summit can be valuable knowledge during these uncertain times. This year’s summit was a great success, and we’ve already started planning for our fifth annual State of the Labor Market Summit.
We look forward to collaborations in the year ahead as well as next year’s summit, where we will continue to share and discuss new labor market insights and their impact on the U.S. economy.
Note: The views expressed on this blog are those of the blog author(s), and not necessarily those of ADP. This blog does not provide legal, financial, account, or tax advice. The content on this blog is “as is” and carries no warranties. ADP does not warrant or guarantee the accuracy, reliability and completeness of the content on this blog.
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