What's Keeping Workers on the Sidelines?

Unpacking the challenges shaping Maryland's labor market

Our new SOS Recession Indicator uses weekly data on unemployment insurance claims. That gives us one of the highest frequency measures of labor market conditions. It can also give us earlier recession signals compared to other indicators, like the monthly unemployment rates.

John O’Trakoun

Senior Policy Economist, Federal Reserve Bank of Richmond

Speaking of the Economy Podcast: A New Way of Detecting Recessions

Listen to how we’re rethinking recession signals >

Who We Are and What We Do

As a regional Reserve Bank, the Richmond Fed works to strengthen the economy and the Fifth District communities we serve by helping to carry out the day-to-day operations of the Fed. Here's how we do it:

Help Keep Banks Safe and Sound

We help make sure banks in our district follow applicable laws and regulations.

Keep Cash and Payments Flowing

We help keep the country’s electronic payment system running and make sure banks have enough cash and coin to do business.

Represent the Regional Economy

We represent our region in national monetary policy discussions that aim to keep prices and employment stable.

Engage in Our Local Communities

We listen and learn from regional voices, and we provide economic education and community development resources in support of a stronger economy for all.

Contribute Specialized Knowledge

We share our unique expertise with the Federal Reserve System, like the work we do to understand and uplift the economies of rural areas and small towns.

What's Keeping Workers on the Sidelines?

Who We Are and What We Do

By the Numbers