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Speech
An Update on the Economy and the Federal Reserve’s Policy Response; 05.12.20 Loretta J. Mester: POWER Series, CFA Society Chicago, Chicago, IL (via videoconference)
The coronavirus pandemic is a global public health crisis that has inflicted pain and hardship on people all over the world. In the interests of public health, the country has taken aggressive social distancing measures to limit the spread of the virus, resulting in a shutdown of much of the economy. While the shutdown has yielded public health benefits, its effects on the economy have been swift and severe. Unprecedented times require unprecedented actions. Both the federal government and the Federal Reserve took action quickly. These relief efforts can be viewed as building a bridge to get ...
Briefing
The Impact of Higher Temperatures on Economic Growth
What happens to the economy when it gets hot outside? Despite long-standing assumptions that economic damage from rising global temperatures would be limited to the agricultural sector or developing economies, this Economic Brief presents evidence that higher summer temperatures hurt a variety of business sectors in the United States
Speech
Keynote Address: The Economic Outlook
Speaking before an audience in Bucks County, PA, Philadelphia Fed President Patrick Harker said that a "new normal" in the economy may mean rethinking policy targets. "Things are unlikely to return to what we considered their relative norms before the recession," he said.
Speech
The Prosperity Forum: Economic Mobility Research in Action
The U.S. economy is "doing really well" overall, Philadelphia Federal Reserve Bank president Patrick Harker said on Friday, in a speech that was long on a Fed program aimed at promoting economic mobility and short on broader economic or monetary policy themes. "The reality of the tight labor market means that employers have to start thinking creatively and long term about how they?re going to address the gaps in their workforces," Harker said in remarks prepared for delivery in Philadelphia. The Philadelphia Fed's Economic Growth & Mobility Project, he said, works with local community ...
Speech
A Solution to Every Puzzle
Remarks at the 2020 U.S. Treasury Market Conference (delivered via videoconference).
Briefing
College Towns and COVID-19: The Impact on New England
The abrupt closing of college campuses this spring due to the spread of COVID-19 upended the lives of students and their families and disrupted the higher education sector. The impact of these closures and the questions of whether and how to reopen campuses this fall have been widely discussed. Less attention has been paid to the potential consequences for the local economies of the cities and towns that depend heavily on higher education. This issue is particularly important in New England, where in many communities, colleges and universities are among the largest employers and make an ...
Newsletter
Economy to Roll Along at a Solid Pace in 2015 and Accelerate Slightly in 2016
According to participants in the Chicago Fed?s annual Automotive Outlook Symposium, the nation?s economic growth is forecasted to be near its long-term average this year and to strengthen somewhat in 2016. Inflation is expected to decrease in 2015 but rebound in 2016. The unemployment rate is anticipated to move lower through the end of 2016, reaching 5 percent by then. Light vehicle sales are predicted to improve moderately in 2015 and 2016.
Report
Exploring causes of and responses to the opioid epidemic in New England
The opioid epidemic remains rampant in New England, where, from 2015 through 2017, more than 10,000 people died from opioid overdoses. In 2017, each of the six states experienced an overdose-death rate that was greater than the national average. Beyond causing a high number of deaths, the opioid epidemic is costing New England productive workers. People with the most severe problems stemming from opioid-use disorder tend to be in the 25?44 age group, but no one is immune. The epidemic affects people of every type?all ages and all races, men and women, residents of rural areas and of urban ...
Speech
Economic Outlook and Building an Inclusive Recovery
President Patrick T. Harker told an audience at the Center City Proprietors Association that the path of the U.S. economy for the rest of the year depends largely on developments involving COVID-19. Addressing the audience virtually, Harker also said he hoped the next period of economic growth would be “strong and more inclusive than the last.”
Speech
An Economic Outlook - 2019 Inquirer Influencers of Finance
Philadelphia Fed President Patrick Harker provided remarks on his economic outlook, the labor market, job skills, and the future of work at the 2019 Inquirer Influencers of Finance event. "It's my hope that more businesses in the region ? and across the country ? will begin to take another look at how they're approaching training and hiring," Harker said.