Richmond Fed

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“Asheville is dependent on tourism and saw impacts from #Covid19 last year,” Regional Executive Matt Martin said about our recent Community Conversation. “They are seeing a rebound this year and retain those qualities that have made it a desirable place.”
Is the Fed too active? In our latest #EconFocus, Research Director Kartik Athreya weighs in on this debate:
Private #housing starts slowed by 7% from June to July, driven in large part by a 13% decrease in multi-family home starts.
Highlights from this week's data: #Retail sales decreased in July by 1.1%. However, food services sales increased, suggesting worries about the #delta variant weren’t the only cause of the slow down.
We've updated our weekly National Economic Indicators:
"We still have a ways to go in order to fully recover all the jobs that were impacted during the #pandemic and the closure of the #economy," Regional Executive Andy Bauer said.…
The composite index declined from 27 in July to 9 in August but remained in expansionary territory, as all three component indexes — shipments, new orders and #employment — decreased but remained positive. However, several manufacturers reported deteriorating business conditions.
Manufacturing activity in our District improved in August, according to the most recent #ManuSurvey:
Marios Karabarbounis is one of our economists in the Research Department. His research interests are in macroeconomics and labor economics, and he recently wrote about #unemployment insurance. Read it now:
What was the top reason that nonemployer firms did not apply for a #PPP loan? According to #SmallBusinessCreditSurvey, they thought they would not qualify. Read more:…
Our Currency Operations Tellers play a vital role in ensuring the safe, accurate and timely circulation of #currency. We're currently hiring another teller. If you'd like to process and audit a significant value of currency and coins, #apply today:
Business Leaders: We Want to Hear from You! Sign up to become a member of our survey panel to tell us about #business conditions in our community:
Is your #inflation different? Can indoor vertical #farming compete with traditional outdoor farming? What difference does a minimum wage make? We investigate these questions and other trending economic topics in our latest #EconFocus magazine:
Over 80 percent of #CDFISurvey respondents described their financial state as strong despite the challenges of the past year. View all of the findings from this year's survey:
Join the 12 Federal Reserve District Banks on September 9 for the eighth installment of the virtual series #RacismandtheEconomy, which examines how systemic racism impacts health and economic outcomes. Register now:
In our latest #EconFocus, President Tom Barkin poses the question, "Do employees expect more now?"
"What I love most about working at the Richmond Fed is the people," shares Brandon, who joined Discover after graduating from @virginia_tech. "Through my internship experience and the Discover program, I have met and interacted with so many amazing people." #DiscoverTheFed
Discover is a two-year rotational program designed to provide graduating college seniors with entry-level analyst roles in our Bank. Want to be part of the 2022 Discover cohort? The application is now open: #DiscoverTheFed
Household spending fell sharply, especially on services, during the early days of the #pandemic. That story is expected to change significantly as the recovery continues. We discuss in this week's #MacroMinute blog post:
We know why we think our Discover program is unique, but what do the Discover Analysts think? Watch and find out what they had to say:… #DiscoverTheFed
Our latest #WorkingPaper investigates the macroeconomic effects of changes in extreme weather in the United States over the past sixty years:
The economics magazine of the @RichmondFed, Econ Focus, highlights research from Prof. Scott Dyreng on corporate tax avoidance and the downward trend in the effective tax rate for U.S. multinational firms.
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West Virginia's #minimumwage went from $8 to $8.75 in 2015. North Carolina has set its state's minimum to the federal level. South Carolina has no minimum wage law. More state-level increases in our District are slated: #EconFocus
Minimum wage laws vary across our District. The District of Columbia increased its #minimumwage from $15 to $15.20 on July 1, while recent legislation in Maryland and Virginia committed to steadily increase the minimum wage over the next few years:
What difference does a #minimumwage make? Many states have enacted legislation to increase the minimum wage, which will impact workers, households and businesses. Our #EconFocus article outlines who will be affected and what those effects could be.
Unemployment insurance seems to help smooth consumer spending after a job loss. However, there is wide disagreement on how much it discourages people from finding new #jobs, according to the latest #EconomicBrief:
We're #hiring a Regional Economist in our Baltimore Branch to support the Bank's regional and community outreach. In this role, you will lead Bank strategic initiatives related to economic topics such as workforce development and digital inclusion:
"We'll see a gradual improvement, but it's not obvious to me that there are going to be any discrete bumps in the data in the short-term," senior advisor Andreas Hornstein said. #EconTwitter…
One community, two states and two Federal Reserve Banks. Bristol’s State Street straddles the line between Virginia and Tennessee, us and our @AtlantaFed colleagues:… #aroundourdistrict
On Friday, a few of our colleagues used their volunteer time off to help pack school kits for @RPS_Schools students and teachers. Learn more about our commitment to our community: #FedVolunteers
"It felt really good to give back," #FedVolunteer Ted said. "I was thinking back to when I was in school, and having brand new supplies makes the beginning of the year special. Children shouldn't have to worry about pens and paper."
We've updated our weekly National Economic Indicators: #Job openings increased to a record 10.1 million in June. There are more job openings than there are unemployed people.
#SmallBiz survey says 94% of nonemployer firms anticipated in fall 2020 they would face #pandemic-related challenges in the upcoming year. Read the #SmallBusinessCreditSurvey details:…
Felipe Schwartzman is a senior economist with #research interests in macroeconomic phenomena that take place at business cycle frequencies. His latest work looks at how much household consumption impacts business cycles. Read it now:
“Giving my time to focus on others helps me remember the world doesn’t revolve around me and to be thankful for what I have and how far I’ve come on my journey,” said Anna. In our #MyRichmondFed feature, Anna shares about volunteerism: #FedVolunteers
How do local government borrowing, default and migration interact? In our latest #WorkingPaper, we find in-migration results in excessive debt accumulation due to a key externality: Immigrants help repay previously-issued debt:
Feeling #inspired after wrapping up meeting with community leaders in #WesternNC! We can’t thank @AVLChamber, @buncombeGov & @CityofAsheville enough for the meaningful dialogue surrounding economic growth and workforce development in Buncombe and neighboring counties!
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Federal Reserve Board Chair Jerome H. Powell will host a virtual town hall with educators and students on August 17 at 1:30 p.m. The Chair will respond to questions from participants across the nation.… @federalreserve @mdeconed @RichmondFed
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On August 17, Regional Executive Renee Haltom will join leaders from across the #ShenandoahValley for the first session of @JMUPCE's Regional Economic Recovery Series. The discussion will be focused on identifying issues to work on to help the region reach its economic potential.
How is climate change affecting financial policy, from cap-and-trade programs to disaster insurance? On 9/8, we'll learn from: Jean-Stéphane Mésonnier -@banquedefrance Toan Phan -@RichmondFed @ivan_t_ivanov @Enrico83956241 Moderator: @norapankr Register:…
Retweeted by Richmond Fed
Most respondent CDFIs said that loss of income or revenue was the most significant challenge facing their clients in 2020 and 2021. #CDFIsurvey (6/6)
More than three-quarters of respondent CDFIs indicated they were unable to provide all the products or services they would like to offer on a sustained basis. The majority of these CDFIs cited limited #staffing and capital as constraints. #CDFIsurvey (5/6)
Four out of five respondent #CDFIs described their current financial state as moderately strong or very strong, with nearly half indicating very strong. #CDFIsurvey (4/6)
Among CDFIs that provided client information in the survey, almost all of them took on new clients since March 2020. Many new clients were directly tied to #pandemic funding, including those seeking access to pandemic financial assistance programs. (3/6)
CDFIs indicated a widespread influx of new customers, strong funding streams throughout the pandemic and positive current financial states. In last year’s special COVID-19 #CDFIsurvey, CDFIs had expressed concern about their ability to respond to the pandemic financially. (2/6)
The #CDFIsurvey gathered information from CDFIs on their financial wellbeing throughout the #COVID19 pandemic, operational gaps and challenges and effects on their clients and the communities they serve. Select key findings include: (1/6)
The Hornstein-Kudlyak-Lange Non-Employment Index was 8.4 percent in July, declining from June: The index was 3.6 percentage points lower compared to July 2020.
The Fed’s 2021 #CDFISurvey gathered responses from 345 CDFIs – what did they share? Read our new report to find out:
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