Occurring hours before the latest unemployment figures were released, the panelists had a positive outlook on the job market. In fact, James Brown of the NY Labor Department predicted an oncoming labor shortage. Erica Groshe of the New York Federal Reserve noted that despite a stagnant economy, those with jobs were experiencing wage growth.
Fact: OTC stands for On the Job Training. Although a majority of jobs require this, federal programs do not support OTC.
Fact: New York City has a high concentration of jobs in industries like social services, legal, museums, and securities that are expected to grow rapidly in the US.
Participants: Dr. Erica L. Groshe, Assistant Vice President, The Federal Reserve Bank of New York; James P. Brown, Labor Market Analyst, New York State Department of Labor; John Tepper Marlin, Chief Economist, New York City Office of the Comptroller; and Bonnie Potter, Executive Director, New York City Employment and Training Coalition.
The event was organized by the New York City Employment & Training Coalition and hosted by Citigroup. NYTC is an association of community-based organizations, educational institutions and labor unions that provide job training and employment services to over 300,000 New Yorkers.