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
Understanding Job Growth
Economic Insights — Even seemingly healthy job growth might hide weaknesses in the economy if a large portion of that growth happens in acyclical sectors such as health care and government.
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
27 Jun ’25
An index designed to track real business conditions at high observation frequency
Working Paper
International Currency Dominance
WP 25-20 – We propose a model of the international monetary system. Our model allows us to study how macroeconomic fundamentals and government policies can lead to the emergence of a dominant currency.
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.
Working Paper
Identification Through Sparsity in Factor Models: The ℓ1-Rotation Criterion
WP 20-25/R – Using a novel rotation criterion, we show that sparsity in the loading matrix is sufficient to recover individual loading vectors in a factor model. This enables economic interpretation of the factors.
Event
Oct
3-4
2025
Frontiers in Machine Learning and Economics: Methods and Applications – 2025
The University of Chicago Booth School of Business | Chicago
Data
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability
13 Jun ’25
Fujita, Moscarini, and Postel-Vinay Employer-to-Employer Transition Probability tracks the rate at which U.S. workers transition from one employer to another in a given month.
Article
A Guide to Understanding Mortgage-Backed Securities
18 Jun ’25
Research in Focus — James Vickery of the Philadelphia Fed and his coauthors discuss the mortgage-backed securities (MBS) market in detail, with a special focus on government-backed residential MBS.
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.