New Economics and Statistics Study Findings Recently Were Reported by Researchers at Federal Reserve Bank of Chicago (The Evolution of Technological Substitution In Low-wage Labor Markets): Economics – Economics and Statistics

2024 AUG 12 (NewsRx) -- By a News Reporter-Staff News Editor at Economics Daily Report -- Data detailed on Economics - Economics and Statistics have been presented. According to news reporting out of Chicago, Illinois, by NewsRx editors, research stated, “This paper uses minimum wage hikes to evaluate the susceptibility of low-wage employment to technological substitution. We find that automation is accelerating and supplanting a broader set of low-wage routine jobs since the 2008-2009 financial crisis.”

Our news journalists obtained a quote from the research from the Federal Reserve Bank of Chicago, “Simultaneously, low-wage interpersonal jobs are increasing and offsetting routine job loss. However, interpersonal job growth does not appear to be enough, as it was prior to the financial crisis, to fully offset the negative effects of automation on low-wage routine jobs.”

According to the news editors, the research concluded: “Employment losses are most evident among non-Asian people of color who experience outsized losses at routine jobs and smaller gains at interpersonal jobs.”

This research has been peer-reviewed.

For more information on this research see: The Evolution of Technological Substitution In Low-wage Labor Markets. Review of Economics and Statistics, 2024;106(4):1045-1063. Review of Economics and Statistics can be contacted at: Mit Press, One Rogers St, Cambridge, MA 02142-1209, USA.

Our news journalists report that additional information may be obtained by contacting Daniel Aaronson, Federal Reserve Bank of Chicago, Chicago, IL 60604, United States.

The direct object identifier (DOI) for that additional information is: https://doi.org/10.1162/rest_a_01222. This DOI is a link to an online electronic document that is either free or for purchase, and can be your direct source for a journal article and its citation.

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