William C Dudley: Are recent college graduates finding good jobs? Remarks by Mr William C Dudley, President and Chief Executive Officer of the Federal Reserve Bank of New York and Chairman of the Committee on the Global Financial System (CGFS), at the Regional Economic Press Briefing, New York City, 27 June 2013. *  *  *  Good morning and welcome once again to the New York Fed’s Regional Economic Press Briefing. I am pleased to have this opportunity to talk with the journalists covering our region – and through you to the people in our District. This morning I will briefly discuss conditions in the national economy and then focus on regional economic conditions, with particular attention to the question of whether recent college graduates are finding good jobs. We will examine the trends and see how they are playing out in the region. As always, what I have to say reflects my own views and not necessarily those of the Federal Open Market Committee (FOMC) or the Federal Reserve System. National economic conditions I would like to begin by taking stock of where we are at the moment. Then I will address my expectations for the performance of the economy over the remainder of 2013 and into 2014. Since the end of the Great Recession in mid-2009, we have had 15 consecutive quarters of positive growth of real GDP. However, the average annual growth rate over that period has been just 2.1 percent.
Intensified industry involvement in curriculum design and delivery through increased apprenticeship, hands-on training, real-life simulations and specialised employer training programme can help students gain real working experience. This system, enabled by appropriate financial support and enhanced coordination with the public sector can help to strengthen TVET as a viable alternative to traditional tertiary education and hence, improve the quality of graduates. Concluding message Let me conclude. Structural shifts in the configuration of our economy will continue to drive further evolution in the workforce. The call to action is both evident and urgent. This means renewed opportunities for everyone here today. We have leaders representing the government, industry, training providers, institutions of higher learning and public policy. We ought to focus our common efforts on improving access and delivery of upskilling initiatives, enhancing workplace policies to improve productivity and orientating higher learning curriculum towards market needs. Talent is at the core of Malaysia's journey towards becoming a high-income nation. I hope we will come together and work towards a future where our talent is nurtured, and our workforce is equipped with the necessary skills of the century. On that note, I wish you productive discussions ahead. Thank you again. 1 BNM RES Survey  4/4  BIS - Central bankers' speeches