Harker: Path for U.S. Economy Depends Largely on COVID-19
President Patrick T. Harker told an audience at the Center City Proprietors Association that the path of the U.S. economy for the rest of the year depends largely on developments involving COVID-19. Harker also said he hoped the next period of economic growth would be “strong and more inclusive than the last.”
COVID-19 and the Philadelphia Fed
The coronavirus pandemic presents unprecedented challenges for people across the Third District, the U.S., and the world. This is a global health crisis, and health-care providers and public health experts are on the frontlines, saving lives, which is the highest priority. The Federal Reserve System is doing its part by taking actions necessary to support the financial health of households and businesses disrupted by the pandemic. Here at the Philadelphia Fed, we are continuing to protect and support the financial system, conducting outreach with banks and community stakeholders, collecting data to understand the impact on our regional economy, creating new knowledge through research to inform policymakers, shedding light on the impact of the pandemic on vulnerable communities, and much more.
Below are links to information, resources, and research related to COVID-19. We invite you to check back often for updates as new information becomes available.
- Philadelphia Fed Resources
- Latest Federal Reserve System News
- Resources for Businesses
Resources from the Philadelphia Fed
Consumer Finance Institute
- CFI COVID-19 Survey of Consumers — Wave 3 Reveals Improvements, but Not for Everyone – August 3, 2020
This report shares results from Wave 3 of a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security.
- How Has the COVID-19 Pandemic Affected the Supply of Consumer Credit? A Preliminary Look at the U.S. Credit Card Market ― Revised August 3, 2020
For credit card companies and other lenders, the pandemic has created a variety of risks and challenges. This report examines how credit card lenders have responded to the COVID-19 pandemic.
- CFI COVID-19 Survey of Consumers — Wave 2 Updates, Impact by Race/Ethnicity, and Early Use of Economic Impact Payments – June 22, 2020
This report updates job loss and financial security data collected during the second wave of CFI’s national survey of consumers, including new data relating to the receipt and use of the Coronavirus Aid, Relief, and Security (CARES) Act’s EIP (Economic Impact Payment) and results segmented by respondent race/ethnicity.
- CFI COVID-19 Survey of Consumers – An Assessment of the Financial Health and Stability of U.S. Consumers – May 21, 2020
This report shares results from a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security.
Banking & Supervision
Research for Equity in Recovery
Cohosted by the Philadelphia Fed, the Upjohn Institute, and the Penn Institute for Urban Research, this webinar series focuses on most up-to-date research and best practices in the field on how to promote a strong and equitable recovery from the pandemic.
- How Job Training Matters, Wednesday, July 1, 12:00 noon–1:00 p.m. ET
- Place-Based Strategies, Thursday, July 16, 12:00 noon–1:00 p.m. ET
- Small Businesses, Thursday, July 30, 12:00 noon–1:00 p.m. ET
- COVID-19: Equity in Recovery – April 30, 2020
Read more about our new series, which looks at the workers, small businesses, and places most affected by economic disruption caused by the COVID-19 pandemic.
- COVID-19 Equity Twitter Chats
We conducted a series of Twitter chats on the effects of COVID-19. The chats featured a diversity of voices from the Third District and beyond, including national experts.
- #JobEquityCOVID Twitter Chat – April 1, 2020
We spoke with experts about job equity, economic insecurity, and the risks workers face in the wake of COVID-19 and beyond.
- #HousingEquityCOVID Twitter Chat – April 15, 2020
Experts discussed how COVID-19 and shelter-in-place have amplified long-standing housing issues.
- #WealthEquityCOVID Twitter Chat – April 22, 2020
We hosted a discussion about what COVID-19 means for our shared economic well-being, and how we can expand financial inclusion for marginalized individuals and communities.
Messages from President Harker
- The Impact of COVID-19 on Communities and Small Businesses – July 14, 2020
Speaking at a Fed webinar, Philadelphia Fed President Patrick Harker said small businesses, and those owned by minorities in particular, are among those most economically impacted by the COVID-19 crisis.
- Economic Outlook: An Uneven Economic Recovery – June 16, 2020
In remarks to the Chamber of Commerce for Greater Philadelphia, Philadelphia Fed President Patrick T. Harker presented his economic outlook and discussed the Fed’s actions in response to COVID-19. He also spoke about the Fed’s commitment to inclusion.
- The Economic Outlook for Delaware and the Nation Amid COVID-19 – May 12, 2020
Philadelphia Fed President Patrick Harker told the Chamber of Commerce for Greater Philadelphia that he foresees an uneven economic recovery in the months ahead.
- Our Response to the COVID-19 Pandemic – April 16, 2020
President Patrick Harker discusses our work to support the economy, our engagement with local communities, and the latest research.
- Update on Coronavirus – March 17, 2020
See a statement from President Patrick Harker, updates from the Board of Governors, and links to additional resources.
Latest Federal Reserve System News