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
03 Jul ’25
An index designed to track real business conditions at high observation frequency
Report
Monetary Policy Report: Using Rules for Benchmarking, June 2025
This special report highlights ongoing work to benchmark the stance of monetary policy using a range of policy rules that are widely employed in studies of monetary economics.
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
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.
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.
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.
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.