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Supply-Chain Woes, Labor Shortages and COVID-19 Slow Resilient Texas Economy
Regional economic growth has slowed, though it remains robust by historical standards. While demand has improved from year-ago levels, supply-chain disruptions and labor shortages have limited output growth and pushed up wages and prices.
Journal Article
Flexibility and Conversions in New York City's Housing Stock: Building for an Era of Rapid Change
Post-COVID, New York City faces reduced demand for commercial space in its central business districts, even as residential demand is resurgent. Just as in past eras of New York’s history, conversion of commercial spaces into housing may help the city adapt to these new market conditions and provide an additional pathway for producing badly needed housing. If 10 percent of office and hotel spaces were converted to residential use, around 75,000 homes would be created, concentrated in Midtown Manhattan. However, there are considerable obstacles to such conversions, including a slew of ...
Report
More Are Receptive to Vaccines, but Fewer Are Optimistic About the Future
As vaccination rates continue to creep higher in the U.S., this latest research brief reveals that consumers have turned a more cautious eye toward the economic outlook, according to key findings of the 10th COVID-19 Survey of Consumers conducted by the Consumer Finance Institute (CFI).
Report
CFI COVID-19 Survey of Consumers — Wave 6 Highlights Increasing Financial Concerns and the Impact of the Pandemic on Education Loan Holders
In an effort to gain insights into the impact of COVID-19 on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security. Data presented here represent results from the sixth wave of the survey conducted between November 4 and 20, 2020
U.S. Labor Market Slack Created by COVID-19 Pandemic Has Been Absorbed
The weaker-than-expected August labor market report should not obscure the labor market’s ongoing and significant progress while recovering from the COVID-19 pandemic.
Report
CFI COVID-19 Survey of Consumers — Recovery Is Starting, but Not for Everyone
: In an effort to gain insights into the impact of the COVID-19 pandemic on financial security in the U.S., the Consumer Finance Institute at the Federal Reserve Bank of Philadelphia is conducting a series of national surveys of consumers that focus on changes in job status, income levels, and personal financial security. Data presented here represent results from the eighth wave of the survey conducted between April 5 and 23, 2021.1 A description of the survey and notes on the data can be found in the Appendix.
What Might Inflation Look Like Next Year?
In our baseline scenario, core inflation is 2.6 percent in 2022. If this occurs, core inflation will have averaged 2.4 percent over the last five years, moderately above the Fed’s 2.0 percent inflation target.
Report
1CFI COVID-19 Survey of Consumers — Employment, Income, and Financial Security as of October 2021
This report shares results from Wave 10 of a national survey of consumers investigating the effects of COVID-19 on employment and income data, including employment through the crisis, income changes and expectations for income in 2021, and financial security over the next three to 12 months.
Journal Article
Banking Trends Regulatory Changes and Community Banks During COVID
Small banks that received capital relief appear to have been more resilient.
Briefing
Profits and Inflation in the Time of COVID
Following the onset of the COVID pandemic in 2020, inflation accelerated in 2021-22 and peaked at roughly 7 percent in mid-2022. This was an inflation rate not seen since the early 1980s. Among the many accounts of this increase that have been introduced, one attributes the increase to firms being greedy and exploiting supply chain disruptions to raise their prices excessively. In this article, I first argue that a frequent piece of evidence in support of "greedflation" — the increased share of gross operating surplus in the nonfinancial corporate business (NFCB) sector — is not that ...