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Philadelphia — Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, told a virtual audience that ensuring that economic recovery is equitable has implications for the strength of the entire economy. Citing Federal Reserve research, Harker noted that the “economic loss owing to racial and gender disparities in our labor market stands at around $2.6 trillion” and urged action to expand opportunity to all Americans.
Harker spoke at the 2021 AL DÍA Roundtable — Back to Work: Leveraging Your Skills to Find Better Opportunities, marking the recent launch of the Federal Reserve Bank of Philadelphia’s Occupational Mobility Explorer. This new tool allows users to examine opportunities for workers to transfer their skills from one occupation to a similar — but higher-paying — occupation in the same labor market. Focusing on jobs that do not typically require a bachelor’s degree, the tool provides information on occupational transitions available in the 33 largest metropolitan areas in the U.S.