New York Federal Reserve

Sen. Bernie Sanders, Elizabeth Warren, and Ed Markey introduced legislation aimed at preventing Social Security garnishment for defaulted student-loan borrowers and those with disabilities. The proposed bill would prohibit the Treasury from seizing payments, providing protection against forced collections. This legislative action comes amidst record high student-loan defaults and concerns over debt relief after the elimination of SAVE.

A New York Federal Reserve study found that 80% of the top 10 highest-earning college majors within five years of graduation are engineering degrees, with computer engineering leading at a median salary of $90,000. Non-engineering fields like computer science and finance also rank high, while liberal arts, humanities, and some biological sciences report significantly lower earnings.

Revolut requires entry-level workers to work in offices three days weekly starting 2027, citing the value of in-person learning. Researchers debate whether remote work or AI is primarily responsible for declining entry-level hiring, with studies suggesting remote work explains more of the trend. Unemployment rates for recent college graduates have surpassed the overall workforce since 2018.

Economists at the New York Federal Reserve have identified the main reason some recent college graduates are struggling to find jobs. Their analysis suggests a specific factor is contributing to the employment challenges faced by these graduates.

The New York Federal Reserve attributes a 20% rise in youth unemployment since the pandemic to remote work, which hinders mentorship and training for new employees. A study of software developers found remote work reduced feedback and mentorship for junior workers, lowering work quality even as productivity metrics remained stable.

The U.S. manufacturing sector shows signs of recovery with the ISM manufacturing PMI hitting 54, the highest in four years, indicating expansion for five consecutive months. However, industry leaders highlight concerns over the Iran conflict's energy shock, high input costs, and supply chain disruptions, suggesting the rebound may be driven by stockpiling rather than sustained demand.

Job satisfaction in the U.S. has reached a new low, with workers reporting decreased satisfaction with pay, benefits, and promotion opportunities. The New York Federal Reserve's survey found a five-year low in the likelihood of workers moving to a new employer, at 9.7%.