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Discussion Paper
Fifth District Businesses Weigh in on Hiring and Wages
The Richmond Fed surveys a sample of businesses across our district on a monthly basis in order to gauge regional economic activity. These regional surveys provide timely information to our economists, Bank president, and the public about economic conditions in our district. In addition to standard questions about changes in new orders, hiring, and inventories, we often ask additional questions.
Discussion Paper
Have Some Rural Areas Turned the Tide on Population Decline?
According to the most recent county population estimates from the U.S. Census Bureau, almost half of the Fifth District counties in rural areas or small towns (those with a Rural-Urban Continuum Code (RUCC) of 3-9 and henceforth referred to as "rural") experienced population growth between 2020 and 2023. (See here for more on our use of these definitions for urban and rural.) That figure may seem low considering that nearly three-quarters of urban counties saw population growth over the same period. But what's notable about the growth in these rural counties is that more than half of them ...
Journal Article
District Digest: Transportation Access as a Barrier to Work
Lack of a car can be a barrier to employment, particularly for low-income individuals. According to a 2022 survey conducted by the South Carolina Department of Employment and Workforce, almost 20 percent of individuals in that state who were able to work but were not currently working cited transportation as a barrier. Many studies have shown that ownership of a car (or a truck or motorcycle) increases the probability of work, especially among welfare recipients. And low-income individuals are the least likely to own a car and therefore must rely on other means of transportation, such as ...
Discussion Paper
Lagging Labor Force Participation in Maryland and Virginia
By July 2022, the U.S. had officially regained the jobs lost in the pandemic, the unemployment rate matched its pre-pandemic low, and the size of the labor force (the sum of employed and unemployed looking for work) was almost back to its pre-pandemic level. The same was true for many states in the Fifth District. Maryland, Virginia, and West Virginia had recovered nearly all the jobs lost in February and March of 2020, while North and South Carolina had more than fully recovered. Unemployment rates were at or below pre-pandemic rates across much of the Fifth District as well.
Journal Article
Definitions Matter: The Rural-Urban Dichotomy
District Digest article titled: Definitions Matter: The Rural-Urban Dichotomy
Discussion Paper
Regional Job Openings and Quits Rates Jolt to New Highs
Discussion Paper
State Revenues Hit Hard by COVID-19
The measures taken to slow the spread of COVID-19 have not only led to a sharp decline in employment and an unprecedented rise in unemployment but have negatively impacted state and local governments that depend on income and sales taxes as primary sources of revenue.
Discussion Paper
State Labor Market Update: January 2024 Data Release
This article covers the latest state-level employment data release from the Bureau of Labor Statistics, written by our team of regional economists. The summaries for each state are attributed accordingly below so that any quotes drawn from this article can be properly credited. Data used for this article are at the time of writing and are subject to future revisions by the BLS.
Discussion Paper
Firms' Employment and Wage Outlook Going Into 2025
Every November, the Richmond Fed asks businesses a series of questions about their expectations for hiring, wage adjustments, and other employment-related topics. This year, in addition to the usual set of questions, we asked firms if they have reduced the size of their workforce over the past three months and what workforce decisions they would make if business conditions deteriorated in the next six months.Consistent with past results, most responding businesses expect to maintain or increase employee headcount over the next 12 months. However, there were some shifts in responses compared ...