President Charles Plosser gives his views on the economy and shares some thoughts about the stance of monetary policy. He also counters the view that rates cannot be raised because the labor market has not "completely" healed and discusses what he thinks are two major risks with this strategy. Read the speech.
The Philadelphia Fed has updated its monthly Tri-State Tracking series that provides statewide summaries of economic conditions using monthly and quarterly data of employment, housing, and personal income. Read the reports for Delaware , New Jersey , and Pennsylvania .
The Bank has released July's leading indexes, which are a six-month forecast of the state coincident indexes. The coincident indexes measure current economic activity in each of the 50 states. This month's leading indexes suggest economic expansion in 45 states into the first quarter of 2015. Read the report.
Responses from seventy-eight providers to low- and moderate-income households in the region suggest that economic conditions for their clients were stabilizing in the second quarter of 2014 relative to the first quarter, according to the Bank’s Second Quarter 2014 Community Outlook Survey. Job availability appears to be improving for the first time since the first quarter of 2013. Read the survey.
Manufacturing activity continued to grow in August, according to firms responding to the latest Business Outlook Survey. The diffusion index of current general activity increased from a reading of 23.9 in July to 28.0 this month. The index has increased for three consecutive months and is at its highest reading since March 2011. Read the report. Listen to the press conference.
The Bank has released the coincident indexes, which measure current economic activity in each of the 50 states. In July, the indexes increased in 41 states, decreased in five, and remained stable in four states. Over the past three months, the indexes increased in 47 states, decreased in two, and remained stable in one. Read the report.
The Philadelphia Fed's 2013 annual report provides an overview of the 100-year history of the Federal Reserve System, including a chart comparing today's Federal Reserve with two prior attempts at American central banking. The report also contains messages from our president and first vice president as well as highlights of the Bank's achievements in 2013. Read the report.
A new longitudinal study by the Community Development Studies and Education Department evaluates the effectiveness of pre-purchase homeownership and financial management skills counseling. The study uses an experimental design to assess the influence of counseling on credit scores, total debt, and delinquencies in payments. Read the study.
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.
Predict the six-month growth rate of the state's coincident index.
Combine four state-level indicators to summarize current economic conditions in a single statistic.
Designed to track real macroeconomic activity at high frequency. Last updated on September 15, 2014.