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Discussion Paper
Results From the Survey of Community College Outcomes Extended Pilot
After three years of developing partnerships with community colleges across the Fifth District, we are proud to release our first-year results from our extended pilot of the Survey of Community College Outcomes.When the Richmond Fed launched this initiative, the most common question we heard from community colleges was, "Why does the Richmond Fed care about community colleges?" The answer is that the Richmond Fed cares about workforce development, and community colleges play a vital role across the Fifth District providing individuals with the skills needed to participate in the workforce.
Discussion Paper
Regional Businesses Returning to Pre-COVID-19 Operations
Discussion Paper
Are Fifth District Firms Revisiting Their Prices Less Often Amid Cooling Inflation?
The Richmond Fed's monthly business surveys of Fifth District firms gauge regional firm dynamics in pricing. We carefully monitor changes in firms' realized prices as well as their pricing expectations, especially since inflation began to accelerate in 2021 and 2022. Early last year, we examined how firms began to adjust their prices more frequently as firms' price forecasts became less accurate and uncertainty rose, as evidenced by a rising standard deviation of price growth expectations.
Discussion Paper
A New Endeavor: Introducing the Fifth District Survey of Community College Outcomes
Community colleges play a major role in workforce and economic development in communities across the Fifth District. Their responsibility for educating and connecting individuals to jobs means that understanding their outcomes is important to how we think about our best path to maximum employment and sustainable economic growth.
Discussion Paper
What's Behind Firms' Reported Improvements in Meeting Demand?
According to special question results from our most recent monthly business survey, Fifth District firms reported improvement in their ability to meet customer demand compared to earlier in the year. Moreover, the majority of respondents said they expect to fully meet customer demand in the next 12 months. Although firms have continued to take action to boost production, softening demand itself may be another reason for the reported improvements.
Discussion Paper
Is Wage Growth Normalizing? What Fifth District Businesses Are Saying About Wages
In the past few years, firms across the nation have reported increased wages due, at least in part, to a supply of labor that cannot keep up with robust demand. Last July, we wrote about how Fifth District firms reported notable acceleration in the growth rates of both realized and expected wages. More recently, wage growth has declined, and a rising share of firms expect their wage growth for 2024 to be "about normal." However, wage growth remains above pre-COVID-19 levels. Our business surveys suggest that wage growth might remain elevated for some time.
Discussion Paper
Fifth District Firms Report Cautious Optimism Going Into 2023
The COVID-19 pandemic and its aftermath have required constant shifts in how businesses operate. Not surprisingly, uncertainty has been a theme among many firms in the Federal Reserve Bank of Richmond's business outreach in the last few years. To better understand what firms are expecting for 2023, we asked them for their outlook and the strategies they might take to prepare for possible economic scenarios.
Discussion Paper
Supply and Demand: When Will We See Balance?