reserve system, november, https : / / doi. org / 10. 17016 / feds. 2022. 081. okun, arthur m. ( 1973 ). “ upward mobility in a high - pressure economy, ” brookings papers on economic activity, no. 1, pp. 207 – 52, https : / / www. brookings. edu / wpcontent / uploads / 1973 / 01 / 1973a _ bpea _ okun _ fellner _ greenspan. pdf. orchard, jacob ( 2021 ), “ cyclical demand shifts and cost of living inequality, ” working paper, february ( revised september 2022 ). oreopoulos, philip, till von wachter, and andrew heisz ( 2012 ). “ the short - and longterm career effects of graduating in a recession, ” american economic journal : applied economics, vol. 4 ( january ), pp. 1 – 29. do noninflationary economic expansions promote shared prosperity? evidence from the u. s. labor market philip n. jefferson vice chair, federal reserve board swarthmore college, february 5, 2025 disclaimer : the views i will express today are my own and not necessarily those of the federal open market committee ( fomc ) or the federal reserve system. roadmap of talk • the labor market at the end of 2019 • the labor market following the pandemic • the current labor market • strong labor markets and shared prosperity • persistent benefits of long expansions • conclusion figure 1. unemployment rate : 1990 - 2019 figure 2. unemployment rate by race and ethnicity : 1990 - 2019 figure 3. unemployment rate by education attainment : 1990 - 2019 figure 4. prime age labor force participation rate, by gender : 1990 - 2019 figure 5. nominal wage growth, by earnings quartile : 1998 - 2019 figure 6. unemployment rate : 2019 - present figure 7. quits rate figure 8. available jobs and available workers figure 9. unemployment rate, by race and ethnicity ( difference from 2019 averages ) figure 10. labor force participation rate, by gender ( difference from 2019 averages ) figure 11. nominal wage growth, by earnings quartile figure 12. nominal wage growth, by race figure 8. available jobs and available workers figure 13. initial claims ( thousands ) f notes : for exposition purposes the vertical axis stops at 10 million. during the pandemic continued claims reached over 6 million in

michael atingi - ego : launch of the banking industry guidelines for mitigation of fraud and the revised code of conduct remarks by mr michael atingi - ego, deputy governor of the bank of uganda, at the launch of the banking industry guidelines for mitigation of fraud & the revised code of conduct, kampala, 19 february 2024. * * * chair, executive director, and members of uganda bankers'association ; distinguished guests ; ladies and gentlemen, good morning. thank you for inviting me to the launch of the banking industry guidelines for mitigation of fraud and the revised code of conduct. this initiative is a critical stepping stone towards restoring the bedrock of trust and confidence that underpins our financial institutions. " a typology study on internal frauds in the banking sector in uganda ", by the financial intelligence authority in june 2022 showed that fraud was rampant and increasingly sophisticated, with cyber fraud accounting for over 50 % of all high - value fraud cases under investigation and annual fraud losses more than doubling from 2020 to 2021. the banking industry has always faced the pervasive threat of fraud, a shadow that stains its reputation and erodes public trust. this threat manifests in diverse forms, from deceptive schemes by external attackers to criminal activities perpetrated by insiders and outsiders. fraud in the banking system fundamentally undermines the trust principle it relies on. when customers entrust their hard - earned money to financial institutions, they expect it to be safeguarded responsibly. however, when fraud occurs, it erodes this trust, leaving individuals feeling exploited and vulnerable. furthermore, the far - reaching consequences of fraud in the banking industry extend beyond immediate victims. it distorts market mechanisms, diverts crucial resources from productive investments, and can even cascade across entire communities, leading to economic hardship and social unrest. fraud is a termite that relentlessly eats into the foundation of trust upon which banks are built. and today, this threat is more widespread and sophisticated than ever before. cyber / internet - related frauds are rising in uganda, alongside loan scams, impersonation, identity theft, forgeries, and cash suppression. just look at the numbers. globally, losses topped a shocking usd 11 billion last year, led by the growing threat of account takeover ( ato ) frauds. account takeover fraud, where thieves steal login credentials to access victims'accounts and wreak havoc, is increasing in uganda, causing significant financial losses and