ADP Research Institute, Together With Leading US Economists, Holds State of the Labor Market Summit 2019
Top economists and scholars from the ADP Research Institute, Cornell University, Princeton University, the University of Chicago, and Moody’s Analytics, shared their latest research findings on the U.S. labor market at the third annual State of the Labor Market Summit this week in New York City. Hosted by the ADP Research Institute, the Labor Market Summit is an annual forum where distinguished labor economists gather to discuss the latest insights derived from ADP’s unique data sets and engage in thought-provoking discussions and analyses on the U.S. labor market.
Since we started our collaboration with academic researchers in 2017, there have been several key outcomes that have sprung from our work together:
- A weekly aggregated employment index has been developed to help forecast labor market conditions, which is an important supplement to other indicators. (Cajner, Crane, Decker, Hamins-Puertolas, Kurz and Radler 2018)
- In researching payroll data on base wages for more than 20 million workers, we discovered that nominal base wage declines are much rarer than previously thought. Aggregate nominal worker compensation is much more flexible, and new hire base wages are no more flexible than the wages of existing workers. (Grigsby, Hurst and Yildirmaz 2018)
- Looking at data from more than 140 employers engaged in petroleum extraction, we found that rents primarily accrue to ﬁrms rather than workers. Wages appear to be unresponsive to changes in oil prices. (Cho and Krueger 2019)
This year's event presented findings from ongoing research by the participants. Though formal conclusions have not yet been published, conference attendees discussed evidence and research results of several initiatives, such as the driver of the rising pay inequality, the examination on the relationship between skills transferability and aggregate labor supply, new facts on contingent workers and impacts of commuting distance on work. In addition to these robust discussions, a panel was held to explore the latest labor market trends. As in previous years, the Summit became an important channel for the exchange of information.
Several years ago, the ADP Research Institute set a goal of sharing our robust, anonymized and de-identified data for the public good. By collaborating with key labor economists, government agencies, policy makers and academics, our goal is to discover and share reliable economic indicators that have a positive influence on labor economics. We remain focused on offering transparency into the labor market through collaboration with colleagues who also understand the value of our data as a public service. Working together, we will continue to unearth crucial findings that will bring greater awareness to the economy at large.
This year's Summit was a huge success, and we've already started planning for next year. We look forward to collaborations in the year ahead, as well as next year's Summit, where we will once again share and discuss new labor market insights and their impact on the U.S. economy.
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