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The Omicron Wave Stalled Growth and Led to High Absenteeism in the Region

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Abstract

Even before the start of the new year, businesses in the tri-state region were hampered by supply disruptions, rising input costs, and difficulty finding adequate staff. On top of these challenges, the Omicron wave dealt another setback to the regional economy. With infections running high, many businesses were forced to deal with a combination of reduced demand from customers and renewed absenteeism among workers. Indeed, our regional business surveys indicate that economic growth stalled in early 2022 as firms continued to struggle to find workers. Moreover, employee absenteeism was reported to be nearly three times its normal level. While the path of recovery remains highly uncertain, firms generally expect conditions to improve in the months ahead and many are still adding or planning to add staff.

Suggested Citation

  • Jaison R. Abel & Jason Bram & Richard Deitz, 2022. "The Omicron Wave Stalled Growth and Led to High Absenteeism in the Region," Liberty Street Economics 20220216b, Federal Reserve Bank of New York.
    • Handle: RePEc:fip:fednls:93716
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    File URL: https://libertystreeteconomics.newyorkfed.org/2022/02/the-omicron-wave-stalled-growth-and-led-to-high-absenteeism-in-the-region/
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    More about this item

    Keywords

    absenteeism; labor shortage; business surveys;
    All these keywords.

    JEL classification:

    • R10 - Urban, Rural, Regional, Real Estate, and Transportation Economics - - General Regional Economics - - - General

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