Founder & CEO @carinetwork | Managing Partner @CanapiVentures | CEO, Ludwig Advisors | Chair @LISEP_org | 27th Comptroller of the Currency | Founder, Promontory
Joined February 2020
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National averages don't always tell the full story. Economic conditions can vary dramatically from one community to the next, and our latest @LISEP_org analysis shows just how significant those differences can be.
lisep.org/localanalysis
Rising wages don't always mean workers are getting ahead. LISEP's new Local Analysis finds spending power fell in 61% of major U.S. metro areas in 2024, despite wage gains.
Explore the findings for each MSA: lisep.org/localanalysis
Read the release: lisep.org/content/rising-wag…
There really isn't a single American labor market experience. @LISEP_org's latest findings show some improvement in wages and functional unemployment, but the picture varies across the workforce.
I encourage you to take a closer look.
LISEP's latest reports show modest improvements in wages and functional unemployment, but gains vary across the workforce.
September TRU fell to 24.0%, while real median weekly earnings rose 0.6% in Q3 to $1,041.
Read the latest findings: lisep.org/content/slight-imp…
Encouraging to see functional unemployment move in the right direction in August. After four consecutive months of increases, I’m hopeful this is the beginning of a more sustained improvement for American workers.
Functional unemployment declined in August for the first time after four consecutive months of increases.
LISEP’s True Rate of Unemployment fell 0.6 percentage points to 24.3%, partially reversing recent increases.
Read more: lisep.org/content/functional…
The headline unemployment rate was 4.1% in July. @LISEP_org's True Rate of Unemployment was 24.9%.
@CBSNews takes a closer look at what that difference may reveal about the U.S. labor market.
Watch: cbsnews.com/video/what-funct…
Read: cbsnews.com/news/functional-…
Four consecutive months of rising functional unemployment, alongside declining workforce participation, deserve attention.
If these trends continue, they may be a sign that workers aren’t finding the opportunities they want or need. More from @LISEP_org below.
Functional unemployment rose for the fourth consecutive month in July, with the TRU reaching 24.9%.
Meanwhile, TRU OOP—which also accounts for those who have left the labor force—rose to 53.8%, up 0.8 points since January.
Read the full release: lisep.org/content/functional…
I’m a strong believer in the value of networks. Some challenges banks simply don’t need to—or shouldn’t—solve on their own.
In my latest for @AmerBanker @BankThink, I look at where shared networks can make a difference for community and regional banks.
americanbanker.com/opinion/s…
The latest @LISEP_org research offers some encouraging signs, but the broader picture remains concerning. Many workers continue to lose ground in real earnings, and the latest increase in functional unemployment among prime-age workers is a development worth watching.
Real median weekly earnings declined year over year in Q2, while functional unemployment rose for the third consecutive month in June.
Read more: lisep.org/content/wages-down…
In my latest for @AmerBanker @BankThink, I look at the banking provisions tucked into the 21st Century ROAD to Housing Act and why they matter for community banks and depositor protection.
americanbanker.com/opinion/c…
The latest TRU data from @LISEP_org suggest a labor market that continues to improve relative to last year, even as some measures of labor market hardship have ticked up in recent months.
The full report is below.
LISEP's May True Rate of Unemployment rose to 24.6%, up from 24.1% in April.
While this marked a second consecutive monthly increase, the TRU's three-month moving average remained at 24.1% for the third straight month.
lisep.org/content/functional…
The recent Illinois preemption ruling is about much more than interchange fees.
In @AmerBanker, John Dugan and I argue the real question is whether nationally chartered banks can continue to operate under a uniform federal framework.
americanbanker.com/opinion/t…
April’s @LISEP_org TRU report reflects a labor market that continues to send mixed signals.
While conditions have improved since late 2025, workforce participation continues to decline, and more workers are relying on part-time jobs due to slack.
lisep.org/content/functional…
Private credit markets are growing rapidly. With that growth comes important questions around transparency, supervision, and systemic risk. I explore this in my latest for @AmerBanker @BankThink.
americanbanker.com/opinion/f…
The struggles of #BlueOwlCapital raise real concerns about opaque #PrivateCredit firms and the risks they may pose to the broader financial markets. The government needs the tools to gather more information, writes @GeneLudwig in @AmerBanker @BankThink. bit.ly/4ujtuef
In my latest for @FortuneMagazine, I examine why affordability has become such a central concern—and why the pressures facing many Americans have been building for more than two decades.
fortune.com/2026/05/06/cost-…
In this month’s @LISEP_org newsletter, I reflect on why a few diner visits and campaign stops are no match for the drumbeat of misleading headline economic statistics and what that means for how we understand the U.S. economy.
mailchi.mp/1002d81f314b/the-…
Functional unemployment improved in March, with @LISEP_org's TRU falling to 23.6%. But the broader trend remains uneven. The three-month average (24.1%) is largely unchanged from a year ago, though down from the end of 2025.
Read the full release: lisep.org/content/functional…
ALT Line chart showing the True Rate of Unemployment (TRU) and the TRU three-month moving average from January 2025-March 2026
There is a great deal of enthusiasm about AI, and much of it is warranted. But there has been too much focus on what it alone can do and not enough on how it's actually deployed.
I shared some thoughts on how banks can approach AI thoughtfully in my latest for @AmerBanker.
The challenge for banks is not whether to adopt #AI but how to do so with discipline, judgment, and a clear understanding of its limits. The history of technology firms overpromising is extensive in the #banking industry, warns @GeneLudwig in @AmerBanker @BankThink. bit.ly/42nxZrC
Functional unemployment improved in March, but median wages declined.
@LISEP_org's March TRU and Q1 TWE data show:
• The TRU fell 1.1 pp to 23.6%.
• The TWE fell 0.9% year over year to $1,018/week.
Read the full release:
lisep.org/content/functional…
What I’m hearing from bankers across the country is not a story of imminent trouble but one of growing imbalance.
In my latest for @MarketWatch, I share what bankers are seeing beneath the surface and why it matters for where the economy may be headed.
marketwatch.com/story/your-l…
New data in this month’s @LISEP_org newsletter highlight persistent challenges in the labor market:
• Functional unemployment rose for women and Black workers
• Essential costs have outpaced wages for more than two decades
Read the full issue: mailchi.mp/981e8575cf23/the-…
Functional unemployment rose to 24.7% in February, following January’s decline.
Black workers saw the largest increase, and women continue to face worsening outcomes—trends that reflect broader labor market challenges over the past year.
lisep.org/content/functional… — via @LISEP_org
