Activity in the region's nonmanufacturing sectors improved in May, according to firms responding to this month's Nonmanufacturing Business Outlook Survey. The diffusion index for current activity at the firm level increased from 43.6 in April to 52.3 this month. Read the report.
Manufacturing activity increased modestly in May, according to firms responding to the latest Manufacturing Business Outlook Survey. The diffusion index of current activity decreased from 7.5 in April to 6.7 this month. The index has remained in a single-digit range for the first five months of this year. Read the report. Listen to the audio conference.
What does the geographic persistence of some cities over hundreds or thousands of years tell us about today's urban policy? Why does monetary policy sometimes have unintended consequences for income and wealth distribution? And the inaugural Regional Spotlight asks: What's holding back homebuilding? Download the entire issue.
In a new feature, Regional Spotlight, the Philadelphia Fed examines the slow recovery of residential construction in the tristate area and the nation.
The outlook for growth in the U.S. economy over the next three years looks weaker now than it did in February, according to 44 forecasters surveyed by the Federal Reserve Bank of Philadelphia. Their expectations for the unemployment rate are more optimistic. Read the report.
The Philadelphia Fed's 2014 Annual Report features an essay by former President Charles Plosser about four principles he believes would improve the framework for setting monetary policy. Read the essay. The report also contains messages from the former president and the first vice president as well as a review of 2014 activities, including the Reinventing Older Communities conference. Read the report.
Registration is now open for the 2015 Policy Summit on Housing, Human Capital, and Inequality. This biennial national conference, which will be held June 18-19 at the Omni William Penn Hotel in Pittsburgh, will focus on ways that economic growth can more equitably benefit low- and moderate-income individuals and communities. View the agenda and register.
The board of directors of the Philadelphia Fed has announced that Patrick T. Harker, 56, currently president of the University of Delaware and a member of the Philadelphia Fed's board of directors, has been named the Bank's 11th president and CEO, effective July 1, 2015. Harker, who has served as a nonbanking Class B director of the Philadelphia Fed for the past three years, will succeed Charles I. Plosser, who retired effective March 1, 2015. Read the press release.
The Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware. Learn more about us.
A monthly survey of manufacturers in the Third Federal Reserve District.
A monthly survey of nonmanufacturers in the Third Federal Reserve District.
Combine four state-level indicators to summarize current economic conditions in a single statistic.
Predict the six-month growth rate of the state's coincident index.
Designed to track real macroeconomic activity at high frequency. Last updated on May 21, 2015.