The production of semiconductors, including microchips which are used in a wide variety of electronic applications such as phones and computers, is growing in the United States. Major investments have been made in states like Ohio, Arizona, Texas, New York and Oregon. One expert will present findings from case studies about how local partners from private industry, education and nonprofits in these places have come together to both boost productivity for employers and create promising career pathways for workers, particularly workers without a college degree.

The panel will then share their perspectives on the unique challenges and opportunities in Ohio, including what’s going well and where they see room for future innovation and growth. Specifically, they will discuss the role of community colleges in developing workforce and training programs that are not tethered to one employer or one industry but designed to give workers transferable skills that can be used across multiple career pathways. What are some of the challenges unique to this state versus others? Where are there successes and where do challenges remain?

Panelists will discuss:

• The promise of the semiconductor industry, and related industries
• The dynamism of these industries and their changing needs
• What we know about effective models of cross-sector workforce partnerships both locally and nationally.

The presentation and panel discussion will be followed by Q&A.

• Lavea Brachman, Nonresident Senior Fellow, Brookings Institution and Visiting Fellow, University College London
• Abbi Failla, Vice President, Business Operations, EASE Logistics
• Scott McLemore, Member, Executive Board, Governor’s Office of Workforce Transformation and Executive in Residence, Columbus State Community College

• Khaz Finley, Outreach Manager, Federal Reserve Bank of Cleveland

Supplying financial services is a core function of the Federal Reserve System. As a part of that work, the Federal Reserve operates 28 cash processing locations in the United States to distribute cash both within the United States and around the world. Our Cash Department is responsible for receiving currency from our financial institutions, validating the authenticity, and ensuring that all institutions have ready access to cash. In the Fourth District, we receive, process, and pay out cash at both our Cleveland and Cincinnati locations.

In this Fed Talk, our speakers will discuss

• Cash 101
  • An overview of the cash services Federal Reserve System landscape
  • An overview of the Federal Reserve Bank of Cleveland’s circulation cycle and process
  • Resources and educational information
• Our Money Today
  • An overview of consumer payments and cash use
  • Connect our current cash trends with the future of cash

• Brian Williams, Senior Vice President of Operations, Federal Reserve Bank of Cleveland
• Brad Smith, Assistant Vice President of Cleveland Cash Services, Federal Reserve Bank of Cleveland
• Cyndi King, Assistant Vice President of Cincinnati Cash Services, Federal Reserve Bank of Cleveland
• Kristin Hamblin, Program Manager, Federal Reserve Bank of Cleveland

• Jimmie Gray, Assistant Vice President of Cash Services Support, Federal Reserve Bank of Cleveland

Financial literacy is important for success in any career. It gives people the knowledge, skills, and tools to make informed decisions. However, it is often a missing topic in conversations that prepare people to enter the workforce.

Our panelists will discuss how current and future participants in the labor force can gain and use financial literacy. These financial skills will help them to navigate career decisions. Those who better understand finances are more equipped, for example, to address and consider the topics of compensation, benefits, retirement packages, and more as they pursue careers.

Join us for a conversation about how educational, community outreach, workforce development, and other organizations can incorporate the “missing piece” of financial literacy into career conversations with people entering the workforce. We will discuss the importance of learning about personal finance concepts, such as

• budgeting
• saving
• investing

Panelists will share strategies to increase the career readiness of workforce participants through access to financial literacy. They will take your questions following the presentation.

• Khaz Finley, Education Outreach Manager, Federal Reserve Bank of Cleveland
• Jacqueline Gamblin, CEO of JYG Innovations and Class B Director, Board of Directors, Federal Reserve Bank of Cleveland
• Joel Philistin, Director, Financial Wellness Center, University of Pittsburgh
• Emily Turner, Director, Choose Ohio First, Ohio Department of Higher Education

• Davonta Milbry, Education Outreach Coordinator, Federal Reserve Bank of Cleveland

At the Cleveland Fed, we monitor emerging trends by surveying regional business and community leaders about economic conditions in our region. Through these surveys, the businesses share the economic conditions that they face. This can provide insights in advance of other published macroeconomic indicators.

Every six weeks, our regional experts collect and analyze insights from surveys completed by business and community leaders around the Fourth District. The Fourth District is the region served by the Cleveland Fed. It includes Ohio and parts of Pennsylvania, West Virginia, and Kentucky.

Through the Survey of Regional Conditions and Expectations (SORCE) indexes, we are now sharing quantitative survey results with the public. The SORCE indexes serve as timely indicators of economic activity in the Fourth District. These indexes supplement the Beige Book, which provides a summary of reports from Fourth District firms on economic conditions.

In this Fed Talk, our speakers will discuss:

• The new SORCE indexes and how businesses can use these data
• How the Cleveland Fed interacts with businesses in our region
• How we collect economic data by surveying regional businesses
• The ways we use these survey data to inform ourselves and the public about economic trends
• How businesses can get involved and respond to the survey

• Russell Mills, Regional Executive, Pittsburgh Branch, Federal Reserve Bank of Cleveland
• Brooke Dirtzu, Economic Analyst, Federal Reserve Bank of Cleveland
• Jayme Gerring, Research Analyst, Federal Reserve Bank of Cleveland

• Stephan Whitaker, Senior Policy Economist, Federal Reserve Bank of Cleveland

Join us as Federal Reserve Bank of Cleveland Research Director Edward Knotek provides an economic outlook for 2025. Knotek highlighted a broad array of indicators such as consumer spending, the labor market, and inflation to provide a snapshot of the economy and insight into what the Cleveland Fed team of economists look to in order to better understand the economy.

• Ed Knotek, Senior Vice President and Director of Research, Federal Reserve Bank of Cleveland

• Russell Mills, Senior Regional Officer, Pittsburgh Branch, Federal Reserve Bank of Cleveland

According to a 2021 study by the Federal Deposit Insurance Corporation (FDIC), 4.5 percent of American households do not have a bank account, and 14.1 percent are considered underbanked. New research being conducted within the Federal Reserve System and in academia looks at existing barriers to financial inclusion and the importance of trust in banking and payments choices.

• Why are people unbanked and underbanked in the US?
• How do we define underserved in digital payments and banking services?
• How does trust affect adoption of and access to digital payments and banking services?
• What do we know about people’s trust in financial institutions and nonbanks?

Join us for a FedTalk to better understand these topics. (And before you do, watch, listen, or read the transcript of the first FedTalk we hosted about financial inclusion and the unbanked.)

• Paola Boel, Vice President, Federal Reserve Bank of Cleveland
• Terri L. Friedline, Professor of Social Work, University of Michigan
• Fumiko Hayashi, Vice President, Federal Reserve Bank of Kansas City

• Lisa A. Nelson, Assistant Vice President, Federal Reserve Bank of Cleveland

Being connected to the digital world is critical to everyday life. This is especially true in the employment arena with online job applications and remote work being the new norm. But large segments of the country are without broadband coverage. Join us for a conversation about the importance of broadband access. We will look at challenges to getting connected in rural and urban areas, developing digital skills, and building the infrastructure needed for broader access.

Small businesses are foundational to the growth and prosperity of local communities and a cornerstone of the American economy. Small businesses drive innovation, job creation, and economic growth. According to the Fed’s “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey,” small businesses continue to face challenges including increased operating expenses, attracting and retaining qualified talent, and access to credit.

This FedTalk program will feature a discussion among Fed researchers and community leaders on current growth trends versus decline in small businesses, barriers to financing, talent strategies, and resources and support available to business owners.

The childcare sector has long faced workforce challenges that affect working parents and the broader economy. With high turnover and constraints on the supply fueled by how the industry is financed, providers often struggle to offer care parents can access. Engaging employers is gaining momentum as a strategy for addressing constraints on the childcare market. Join us at our next FedTalk where we will learn from experts about supply constraints along with motivations and opportunities for employers to engage in ways that could improve workforce stability and productivity.

Long-term care can be expensive. As society ages, thinking about how to pay for care if needed is becoming a priority for many of us. Unfortunately people often find out too late that Medicare and Medicaid don’t cover all the costs. How can we protect ourselves financially against this risk? What is the current state of the private long-term care insurance market? How are Americans thinking about long-term care? And how is public policy tackling this issue? Join us for a FedTalk about long-term care insurance in the United States.