The following article, originally published at 11:34 a.m. on Thursday, Nov. 17, 2016, has been updated with comments from Federal Reserve Governor Lael Brainard.
Dolly Parton's 9 to 5 wasn't a paean to the virtues of a traditional job in Corporate America. But the secretary she portrayed in the 1980 film of the same name nonetheless enjoyed a steady paycheck, regular hours and paid sick leave.
After 36 years of labor-market evolution, those benefits are no longer standard. Robotics have eaten into well-paying manufacturing jobs, software can perform document reviews once handled by entry-level lawyers and, increasingly, freelance jobs that let workers set their own hours are replacing staff positions.
"While these jobs might provide workers with more flexibility , they might also come with increased income volatility and financial vulnerability," New York Federal Reserve President William Dudley said Thursday during a conference on workforce transformation organized in tandem with the Federal Reserve's board of governors and the Freelancers Union.
Such risks are important considerations for the central bank as it works to achieve stable economic growth and maximum employment in the wake of a global financial crisis and a recession that saw joblessness in the U.S. reach a peak of 10% in 2009.
"There is a long-standing recognition that secure and dignified work provides a key sense of purpose and worth," Federal Reserve Governor Lael Brainard said. "Understanding the evolution of work in today's economy is not only central to the mission of the Federal Reserve, it goes to the core of who we are as providers for our family and our sense of being productive members of our society."