Discussion Paper

Remotely Interesting? Sensing Tools Shed Light on On-Site Expectations in the Fifth District

Abstract: The Richmond Fed uses a set of tools to continually gather information on economic activity across our Fifth District. These sensing tools include our industry roundtable conversations with business and community leaders and our monthly business surveys. In addition to collecting regular data on indicators such as wage growth and price changes, we are also keeping a pulse on timely topics that play into firm decision-making. One key pattern we've monitored is the intensity of remote work and return-to-office decisions, as businesses and workers have navigated pandemic-era uncertainty and a historically tight labor market. Most recently, our March business surveys included special questions on return-to-office policies and on-site expectations four years after the pandemic motivated a rapid conversion to remote work for a portion of jobs.

Keywords: remote work; return to office; business survey; 5th district;

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Bibliographic Information

Provider: Federal Reserve Bank of Richmond

Part of Series: Regional Matters

Publication Date: 2024-03-26