Christopher Vecchio |

Research Analyst


Christopher Vecchio, Research Analyst

Christopher Vecchio is a research analyst in the Research Department of the Federal Reserve Bank of Cleveland. His primary interests include development economics, international economics, and the economics of terrorism.

Mr. Vecchio holds a bachelor’s degree in economics from John Carroll University and a master’s degree in economics from Cleveland State University.

  • Fed Publications
Title Date Publication Author(s) Type

 

September, 2014 Christopher Vecchio; Anne Chen; Stephan Whitaker; Economic Trends
Abstract: The shares of a county’s employment that are in each major industry classification are correlated with the county’s poverty rate. Employment shares in healthcare and public administration, for example, are positively correlated with poverty rates, while employment shares in professional services and construction are negatively correlated with poverty rates. In this analysis, we examine some of the changes in these correlations in recent years. We will also look at the changes in industry employment that have accompanied changes in county poverty rates.

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August, 2014 Christopher Vecchio; Dionissi Aliprantis; Anne Chen; Economic Trends
Abstract: Since the onset of the Great Recession, unemployment rates have been high and job-finding rates have been low. These persistent trends raise concerns that unemployed workers may have become discouraged by poor job prospects. To begin understanding the job searching behavior of the unemployed, we examine data from the American Time Use Survey (ATUS) and find that a greater proportion of the unemployed are spending time searching for a job after the Great Recession than before. We also find important differences in job search time by educational attainment, age, and gender—including decreases in search time for some groups.

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2014-05 Christopher Vecchio; Joel Elvery; Economic Commentary
Abstract: The earliest available source of metro-area employment numbers is the initial estimates of State and Metro-Area Employment, Hours, and Earnings (SAE) from the Current Employment Statistics program, but these figures are subject to large revisions. We show how large those revisions are for six metro areas and the four states in the Fourth Federal Reserve District. We also compare the precision of the initial estimates to the Quarterly Census of Employment and Wages (QCEW), which is less timely but more accurate. Our analysis confirms that the best approach for those wanting accurate metro-area employment figures is to use the final, benchmarked SAE or the QCEW.

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April, 2014 Christopher Vecchio; Joel Elvery; Economic Trends
Abstract: On March 21, the Bureau of Labor Statistics (BLS) released benchmarked State and Metro-Area Employment, Hours, and Earnings (SAE) data. The benchmarked data, which come out once a year, are the most accurate employment statistics available for metropolitan areas. So the release is a moment of truth for the BLS and for metro areas. Here we assess the magnitude of the latest revisions and what they mean for our region.

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March, 2014 Christopher Vecchio; Stephan Whitaker; Economic Trends
Abstract: Consolidation of air carriers has caused a steady retreat of hubs from mid-sized metropolitan areas like those of the Fourth District. Of the eleven largest airlines before the 1978 deregulation, the “legacy” carriers, all but three have folded or been absorbed via mergers. Since 1990, 15 metro areas have felt the sting of losing an airline hub. In the Fourth District, Pittsburgh lost its home-grown US Airways hub around 2004, and Cleveland will be losing its United Airlines hub this year. The Cincinnati/Northern Kentucky airport, while still nominally a Delta hub, has seen passenger departures reduced from over 10 million in 2005 to fewer than 3 million in 2013.

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September, 2013 Christopher Vecchio; Stephan Whitaker; Economic Trends
Abstract: For decades, Americans have looked toward a future in which growing numbers of jobs in healthcare and science, technology, engineering, and mathematics (STEM) would be needed to replace heavy industry as an economic driver. Business owners, politicians, and economic policymakers have sought ways to accelerate the transition in some cases and ease it in others. In this article, we assess trends in these fields in the Fourth District.

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June, 2013 Christopher Vecchio; Jonathan James; Economic Trends
Abstract: The exceptionally high unemployment rate of recent years indicates that the U.S. workforce has been persistently underutilized. With fewer individuals working than would otherwise be, or those with jobs working fewer hours than they would prefer, the economy is producing at a level far below its potential. This underemployment impacts current standards of living, but it could also have long-lasting effects on workers and the economy.

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March, 2013 Christopher Vecchio; Stephan Whitaker; Economic Trends
Abstract: During the previous decade, federal expenditures and transfers flowing into the metro areas of the Fourth District rose by 48 percent. By 2010, nine of the district’s ten largest metro areas were receiving inflows of federal funding larger than one-fifth of their gross metropolitan product. Federal money has helped smooth the district’s economy through both the business cycle and structural changes. However, reliance on federal spending means the districts’ metro areas will feel the impact of the sequestrations mandated by the Budget Control Act of 2011.

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March, 2013 Christopher Vecchio; Jonathan James; Economic Trends
Abstract: High school graduations rates have risen, according to the latest figures from the Department of Education. But will the trend continue? The answer depends, in part, on future changes in the measurement of the rate. Beginning with the 2010-2011 academic year, all states will be required to report graduation rates using a new, more rigorous, and uniform standard.

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February, 2013 Christopher Vecchio; Murat Tasci; Economic Trends
Abstract: It has been five years since the beginning of the Great Recession, and the labor market recovery, while far from great, has been steady. Nevertheless, we are still more than 3 million jobs short of the pre-recession level. While these numbers underscore the severity and depth of the recession, looking at a host of labor market indicators gives one a mixed message about where we are in terms of the recovery; even though there has been gradual improvement, there are still persistent weaknesses.

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January, 2013 Christopher Vecchio; Stephan Whitaker; Economic Trends
Abstract: In the Fourth District states of Kentucky, Ohio, Pennsylvania, and West Virginia, exports make a significant contribution to the economy. The total value of goods exported by these states is approximately $122 billion per year, which equals just under ten percent of their combined Gross State Products. We examine the District’s exports following the recession and what may lie ahead.

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October, 2012 Christopher Vecchio; Stephan Whitaker; Economic Trends
Abstract: After three years of temporary upturns and recurrent declines, housing prices appear to have finally entered a sustainable recovery. Nationally, home prices are up in year-over-year terms as measured by several indexes. the increase in house prices is evident in multiple measures and across most of the nation.

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