Dallas Fed Chronicles American Working Conditions

Apr 19, 2001, 01:00 ET from Federal Reserve Bank of Dallas

    DALLAS, April 19 /PRNewswire/ -? Over the last century, American working
 conditions have improved in just about every dimension, according to the
 Federal Reserve Bank of Dallas' 2000 Annual Report essay.
     In the essay, Have a Nice Day! The American Journey to Better Working
 Conditions, Senior Vice President and Chief Economist W. Michael Cox and co-
 author Richard Alm trace work conditions from the Industrial Revolution to the
 present.
     Citing all-time-low death and accident rates, comfortable work
 environments and improved wages, the writers say that today's New Economy
 workers are more independent, "less subject to the fortunes of a single
 employer."  In addition, laptops, cell phones, electronic mail and the
 Internet allow for more worker flexibility, even telecommuting.
     Competition has been the key to rapid improvements in workplace
 conditions.  According to the authors, "Just as the 'invisible hand' of free
 enterprise leads profit-seeking companies to vie for labor and customers, it
 works to meet employees' desire for better working conditions."
     While taking into account the slowing economy, the writers remain
 optimistic about future work conditions, predicting greater productivity and
 competitive labor markets.
     "The American economy now looks like a juggernaut," Cox and Alm write.
 "Growth has slowed from the torrid pace of the past few years, but the
 fundamentals for sustained, strong expansion remain solid."
     The 2000 Annual Report essay can be found on the Dallas Fed web site,
 www.dallasfed.org/htm/pubs/annual/arpt00.html.
 
 

SOURCE Federal Reserve Bank of Dallas
    DALLAS, April 19 /PRNewswire/ -? Over the last century, American working
 conditions have improved in just about every dimension, according to the
 Federal Reserve Bank of Dallas' 2000 Annual Report essay.
     In the essay, Have a Nice Day! The American Journey to Better Working
 Conditions, Senior Vice President and Chief Economist W. Michael Cox and co-
 author Richard Alm trace work conditions from the Industrial Revolution to the
 present.
     Citing all-time-low death and accident rates, comfortable work
 environments and improved wages, the writers say that today's New Economy
 workers are more independent, "less subject to the fortunes of a single
 employer."  In addition, laptops, cell phones, electronic mail and the
 Internet allow for more worker flexibility, even telecommuting.
     Competition has been the key to rapid improvements in workplace
 conditions.  According to the authors, "Just as the 'invisible hand' of free
 enterprise leads profit-seeking companies to vie for labor and customers, it
 works to meet employees' desire for better working conditions."
     While taking into account the slowing economy, the writers remain
 optimistic about future work conditions, predicting greater productivity and
 competitive labor markets.
     "The American economy now looks like a juggernaut," Cox and Alm write.
 "Growth has slowed from the torrid pace of the past few years, but the
 fundamentals for sustained, strong expansion remain solid."
     The 2000 Annual Report essay can be found on the Dallas Fed web site,
 www.dallasfed.org/htm/pubs/annual/arpt00.html.
 
 SOURCE  Federal Reserve Bank of Dallas