Theresa Singleton, vice president of the Community Development Studies and Education Department at the Philadelphia Fed, has been named Community Development Champion of the Year by the Philadelphia Association of Community Development Corporations. The award is given to an individual whose accomplishments have advanced the community development field. Read the release.
This issue of Cascade focuses on financial education and literacy. The articles examine individual development accounts for young people aging out of foster care, innovations on prize-linked savings and mobile devices, lessons from the Philadelphia Fed’s Keys to Financial Success personal finance course, and more. Read the issue.
The Bank has released the coincident indexes, which measure current economic activity in each of the 50 states. In March, the indexes increased in 41 states, decreased in four, and remained stable in five. Over the past three months, the indexes increased in 46 states, decreased in three, and remained stable in one. Read the report.
This issue of Community Banking Connections highlights one supervisor's personal reflections on the evolution of community bank supervision, provides perspectives on better understanding the composition of a bank's deposit base, reviews lessons learned about managing risk in agricultural lending, and discusses the importance of tailoring a loan policy to a bank's activities. Read the issue.
The Bank has released January's and February'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. The January report suggests 46 states are projected to grow over the next six months, while four are projected to decrease. The February report suggests 47 states are projected to grow over the next six months, while three are projected to decrease. Read the reports.
Expansion in the region's nonmanufacturing sectors continued in April, according to firms responding to this month's Nonmanufacturing Business Outlook Survey. The diffusion index for current activity at the firm level was little changed from 44.2 in March to 43.6 this month. 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 Bank has released the coincident indexes, which measure current economic activity in each of the 50 states. In January, the indexes increased in 46 states, decreased in two, and remained stable in two. In February, the indexes increased in 46 states, decreased in one, and remained stable in three. Over the past three months, the indexes increased in 49 states and decreased in one (West Virginia). Read the reports.
Manufacturing activity in the region increased modestly in April, according to firms responding to the latest Manufacturing Business Outlook Survey. The diffusion index of current activity, at 7.5, rose from its reading of 5.0 in March. In the special questions, manufacturers were asked about the impact of the stronger dollar on their business. Read the report. Listen to the audio conference.
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 April 23, 2015.