I am getting into the weeds a bit for this post. I hear more questions regarding an urban-rural split in the state, and it is not always easy to parse this out. For one thing, the definitions of rural and urban are not universally decided and are relative to some degree. I am originally from Chicago, so no city in North Dakota appears urban to me. As a result I will need to define some terms in order to advance the analysis.
Sorry for the lack of blogging but I was a speaker at the Minneapolis Fed Regional Economic Conditions Conference this Tuesday (link to presentations here). My slides are available from the Fed site as well. I thought I would highlight a few things that got the attention of the audience.
In a recent post I discussed the level of annual salary in several categories for North Dakota and some of the implications. I also discussed the rank for the overall average salary. As many of my students would likely think, there is a need to make a correction to those numbers. There are two things that can vary for those annual salary numbers, the distribution of the workforce and the compensation by occupational category. Continue reading More on North Dakota Wages—Standardized Comparisons
As I consider the current state of the North Dakota economy as well as the economic outlook, I continue to think about labor market issues. Last week on the radio the discussion of wages resonated with the audience, and is obviously a key factor in relieving labor constraints. Realistically, internal demographic issues (low birth rates, outmigration, etc.) and environmental issues (North Dakota winters tend to be cold) could be resolved by appropriate levels for wages. The precise amount of compensating differential is not my target right now, I am just recognizing that such a circumstance could exist.
I testified in front of the state legislature forecast committee at the end of July and gave my feedback on proper process improvement North Dakota could, and should, make. Each of the items I mentioned could be an entire discussion on its own which makes testimony under a time limit a bit of an issue. And then I realized, I have a blog, so I can extend my thoughts as needed. The first point to discuss further is forecast horizon.