The Economy
We produce and compile research and data on the overall economy, banking and financial markets. Our goal is to help financial institutions operate in a safe manner and support a robust U.S. financial system.
Article
The New Normal: Low Employment Growth in the U.S. Labor Market
Economic Insights — Employment growth has slowed considerably in the United States. After expanding by 120,000 per month during 2024, monthly payrolls grew on average by just 10,000 during 2025.
Article
How Did the U.S. Policy Response to the COVID-19 Pandemic Affect Inflation and Economic Growth?
03 Nov ’26
Research in Focus — Fiscal transfers during the pandemic averted a depression-scale collapse at the cost of higher inflation rates, but supply-side disruptions explain most of the inflation surge.
Research
Our Research Department's high-quality academic and original research supports the Federal Open Market Committee (FOMC) and the Bank's leadership as they address economic, finance, and public policy issues.
Aruoba-Diebold-Scotti Business Conditions Index
06 Nov ’26
An index designed to track real business conditions at high observation frequency
Working Paper
Public and Private Money: Inflation Dynamics and Optimal Policy
WP 26-50 – The total money supply of a modern economy is a combination of publicly and privately issued monies.
COVID-19
COVID-19 and the Philadelphia Fed
Get the Philadelphia Fed’s latest information, resources, and research on the coronavirus pandemic's impact on businesses, households, and communities.
Event
Oct
9-10
2026
2026 Conference on Real-Time Data Analysis, Methods, and Applications
Federal Reserve Bank of Philadelphia
Working Paper
The Welfare Impacts of Urban Renewal and Forced Relocation: Evidence from Chicago’s HOPE VI Demolitions
WP 26-49 – This paper studies one of the largest spatial redevelopment efforts in the United States: HOPE VI public housing demolitions.
Working Paper
The Treasury General Account and the Fed’s Balance Sheet
WP 26-48 – Changes in the Treasury’s cash management practices after the COVID pandemic increased the Fed’s balance sheet by as much as 2 percentage points of nominal GDP, including the larger buffer required to maintain ample reserve levels.
Research
Research Assistant Opportunities for College Graduates
Working as a research assistant at the Philadelphia Fed is a rewarding experience, whichever career path you ultimately choose to pursue.