State Labor Markets: What Can Data Tell (or Not Tell) Us?
The Future Is…Remote?
The Opioid Epidemic, the Fifth District, and the Labor Force
Economic Trends Across the Region looks at the Opioid Epidemic, the Fifth District, and the Labor Force.
Monitoring Economic Activity in Real Time Using Diffusion Indices: Evidence from the Fifth District
We provide an analysis that parses out the conditions under which diffusion indices based on disaggregated information are informative about overall economic activity. Building on work by Pinto, Sarte, and Sharp (2015), we highlight the fact that diffusion indices, appropriately scaled, capture contributions of changes in the extensive margin -- e.g. how many sectors are growing or declining rather than by how much individual sectors are growing or declining -- to aggregate growth. In the Fifth Federal Reserve District, for example, this margin captures the bulk of variations in aggregate ...
Gauging Unemployment Rates When Workers Are on the Sidelines
Inflation and the Price Expectations of Firms
n the spring of 2021, inflation started to climb above the Federal Open Market Committee's (FOMC) 2 percent target. By June 2022, the inflation rate had increased to territory not seen since the early 1980s – year-over-year growth in the Consumer Price Index (CPI) reached 9.1 percent, while growth in the Personal Consumption Expenditures Price Index (PCEPI), which is followed most closely by the FOMC, hit 7.0 percent. The most recent inflation readings are still extremely elevated—7.7 percent for the CPI (October 2022) and 6.2 percent for the PCEPI (September 2022).
Changing Recruiting Practices and Methods in the Tight Labor Market
The unusually tight labor market has generated a wide range of challenges for employers attempting to hire workers. A survey conducted jointly by the Richmond Fed and the Richmond Society for Human Resources Management in June 2022 continues our series on recruiting methods and practices. There is little doubt that recruiting effort for each open position has intensified in the last year, and firms have had to engage new and different techniques to attract candidates and fill open positions.
District digest : Economic trends across the region