Thursday, December 13, 2018

Ghosting: It is the New Millennial Thing and the Term Makes Its Way Into the Fed Beige Book

The Federal Reserve Board "Beige Book," more formally known as the Summary of Commentary on Current Economic Conditions by Federal Reserve District, is published eight times per year.

Each Federal Reserve Bank gathers anecdotal information on current economic conditions in its District through reports from Bank and Branch directors and interviews with key business contacts, economists, market experts, and other sources. The Beige Book summarizes this information by District and sector. An overall summary of the twelve district reports is prepared by a 
designated Federal Reserve Bank on a rotating basis.

The latest Beige Book reported on ghosting activity:
Employment growth slowed to a modest pace over the reporting period, and contacts expected job gains to continue at that rate over the next 6 to 12 months. Hiring was focused on production, sales, and professional and technical workers, though there was a decline in the number of contacts planning to hire sales workers. As they have for some time, contacts indicated that the labor market was tight and that they had difficulty filling positions at all skill levels. A number of contacts said that they had been "ghosted," a situation in which a worker stops coming to work without notice and then is impossible to contact.
According to Axios:
Translated from dating to the office, ghosting could mean any number of things.
  • Deciding during an interview that you don't want a job, but never giving the company a formal "no."
  • Accepting a job offer, but getting cold feet and never showing up for your first day — without a word.
  • Dodging emails or Slacks from your manager ... forever ... and never showing up to work again.

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