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We’re one of 12 regional Federal Reserve Banks working together with the Board of Governors to support a healthy economy. Our job is to serve the American public — to serve you. And our mission is to foster economic stability and strength.

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Economic Research
We conduct research to support policymaking and thought leadership on issues important to the Federal Reserve and the Fifth District. We also inform the public through our data and economic analysis, publications, presentations and educational resources.

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Banking & Supervision
We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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Community Development
We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.
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Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries

Working Paper Series

July 2018, No. 18-13

Yongsung Chang, Andreas Hornstein and Marios Karabarbounis

Regional Economy

Fifth District Firms Weigh In on Steel and Aluminum Tariffs

Regional Matters

August 10, 2018

Joseph Mengedoth

Data & Analysis

Fifth District Unemployment Rates

August 7, 2018

For more information on the regional economy, see our latest report on the Fifth District and our economic indicator charts.

Month,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia
2008-06-01,5.6,4.9,6.2,4,5.7,6.4,3.8,4.1
2008-07-01,5.8,5.1,6.3,4.2,5.9,6.7,3.9,4
2008-08-01,6.1,5.2,6.5,4.5,6.1,7.1,4,4.1
2008-09-01,6.1,5.5,6.8,4.7,6.3,7.5,4.2,4.2
2008-10-01,6.5,5.7,7.1,5,6.5,8,4.4,4.4
2008-11-01,6.8,6.6,7.4,5.4,8.3,8.6,4.7,4.8
2008-12-01,7.3,7.1,7.7,5.7,9.1,9.2,5.1,5.3
2009-01-01,7.8,7.6,8,6.1,9.6,9.8,5.5,5.8
2009-02-01,8.3,8,8.3,6.4,10,10.5,6,6.4
2009-03-01,8.7,8.3,8.6,6.7,10.3,10.9,6.3,7
2009-04-01,9,8.6,8.9,6.8,10.5,11.3,6.5,7.5
2009-05-01,9.4,8.7,9.1,7,10.6,11.4,6.7,7.9
2009-06-01,9.5,8.8,9.3,7,10.6,11.5,6.8,8.1
2009-07-01,9.5,8.8,9.6,7.1,10.6,11.5,6.8,8.2
2009-08-01,9.6,8.9,9.7,7.2,10.7,11.5,6.9,8.2
2009-09-01,9.8,9,9.9,7.3,10.8,11.5,7,8.2
2009-10-01,10,9.1,10,7.4,10.9,11.6,7.1,8.3
2009-11-01,9.9,9.2,10,7.5,11.1,11.6,7.2,8.4
2009-12-01,9.9,9.3,9.9,7.7,11.2,11.7,7.4,8.5
2010-01-01,9.8,9.4,9.8,7.8,11.4,11.7,7.4,8.6
2010-02-01,9.8,9.4,9.7,7.8,11.4,11.7,7.5,8.6
2010-03-01,9.9,9.4,9.5,7.8,11.4,11.5,7.4,8.6
2010-04-01,9.9,9.3,9.4,7.7,11.2,11.4,7.3,8.5
2010-05-01,9.6,9.1,9.3,7.7,11,11.2,7.2,8.5
2010-06-01,9.4,9,9.3,7.6,10.7,11,7.1,8.5
2010-07-01,9.4,8.9,9.2,7.6,10.6,10.9,7,8.5
2010-08-01,9.5,8.9,9.2,7.6,10.5,10.8,7,8.6
2010-09-01,9.5,8.8,9.3,7.6,10.4,10.9,7,8.7
2010-10-01,9.4,8.8,9.3,7.6,10.4,10.9,6.9,8.8
2010-11-01,9.8,8.8,9.4,7.5,10.4,10.8,6.9,8.8
2010-12-01,9.3,8.8,9.5,7.5,10.4,10.8,6.8,8.8
2011-01-01,9.1,8.7,9.6,7.4,10.4,10.7,6.7,8.7
2011-02-01,9,8.6,9.8,7.3,10.3,10.7,6.6,8.5
2011-03-01,9,8.6,10.1,7.3,10.3,10.6,6.5,8.3
2011-04-01,9.1,8.6,10.3,7.3,10.3,10.6,6.5,8.2
2011-05-01,9,8.6,10.4,7.3,10.3,10.6,6.6,8.1
2011-06-01,9.1,8.7,10.5,7.3,10.4,10.7,6.6,8
2011-07-01,9,8.7,10.5,7.3,10.5,10.7,6.7,8
2011-08-01,9,8.7,10.4,7.3,10.4,10.7,6.7,8
2011-09-01,9,8.6,10.3,7.2,10.3,10.6,6.7,7.9
2011-10-01,8.8,8.5,10.1,7.2,10.2,10.4,6.6,7.8
2011-11-01,8.6,8.4,10,7.1,10,10.2,6.5,7.7
2011-12-01,8.5,8.2,9.9,7,9.8,10,6.4,7.5
2012-01-01,8.3,8.1,9.8,7,9.6,9.8,6.3,7.4
2012-02-01,8.3,8,9.6,7,9.5,9.7,6.2,7.3
2012-03-01,8.2,7.9,9.4,7,9.4,9.6,6.2,7.3
2012-04-01,8.2,7.9,9.3,7,9.4,9.5,6.2,7.4
2012-05-01,8.2,7.9,9.1,7,9.4,9.5,6.2,7.5
2012-06-01,8.2,7.9,8.9,7,9.3,9.4,6.1,7.6
2012-07-01,8.2,7.8,8.8,7,9.3,9.2,6.1,7.6
2012-08-01,8.1,7.8,8.8,7,9.2,9,6,7.7
2012-09-01,7.8,7.7,8.7,6.9,9.2,8.9,5.9,7.6
2012-10-01,7.8,7.6,8.7,6.9,9.1,8.7,5.9,7.6
2012-11-01,7.7,7.6,8.7,6.9,9.1,8.6,5.8,7.5
2012-12-01,7.9,7.5,8.7,6.9,9,8.5,5.8,7.4
2013-01-01,8,7.5,8.7,6.9,8.9,8.4,5.8,7.3
2013-02-01,7.7,7.4,8.7,6.8,8.8,8.4,5.8,7.1
2013-03-01,7.5,7.3,8.7,6.8,8.6,8.2,5.8,6.9
2013-04-01,7.6,7.2,8.6,6.7,8.4,8.1,5.8,6.8
2013-05-01,7.5,7.1,8.6,6.7,8.2,7.9,5.7,6.7
2013-06-01,7.5,7,8.6,6.6,8.1,7.8,5.7,6.6
2013-07-01,7.3,6.9,8.5,6.6,7.9,7.6,5.7,6.6
2013-08-01,7.2,6.8,8.5,6.5,7.7,7.4,5.7,6.6
2013-09-01,7.2,6.7,8.4,6.4,7.5,7.2,5.7,6.6
2013-10-01,7.2,6.6,8.3,6.3,7.3,7,5.6,6.7
2013-11-01,6.9,6.5,8.2,6.3,7.1,6.8,5.6,6.8
2013-12-01,6.7,6.4,8.1,6.2,7,6.6,5.5,6.8
2014-01-01,6.6,6.3,8,6.1,6.8,6.4,5.5,6.9
2014-02-01,6.7,6.2,7.9,6,6.7,6.3,5.4,6.8
2014-03-01,6.7,6.1,7.9,6,6.6,6.2,5.4,6.8
2014-04-01,6.3,6.1,7.9,5.9,6.5,6.2,5.4,6.7
2014-05-01,6.3,6.1,7.8,5.9,6.5,6.3,5.3,6.7
2014-06-01,6.1,6,7.8,5.9,6.4,6.4,5.3,6.6
2014-07-01,6.2,6,7.8,5.8,6.3,6.5,5.2,6.6
2014-08-01,6.2,5.9,7.7,5.7,6.2,6.6,5.2,6.5
2014-09-01,5.9,5.9,7.7,5.7,6.1,6.7,5.1,6.5
2014-10-01,5.7,5.8,7.6,5.6,6,6.7,5.1,6.5
2014-11-01,5.8,5.7,7.6,5.6,5.9,6.6,5,6.5
2014-12-01,5.6,5.7,7.5,5.5,5.8,6.5,4.9,6.6
2015-01-01,5.7,5.6,7.4,5.5,5.8,6.5,4.9,6.7
2015-02-01,5.5,5.6,7.3,5.4,5.8,6.4,4.8,6.8
2015-03-01,5.5,5.6,7.2,5.3,5.9,6.4,4.8,6.9
2015-04-01,5.4,5.6,7.1,5.3,5.9,6.3,4.7,7
2015-05-01,5.5,5.5,7,5.2,5.9,6.1,4.6,7.1
2015-06-01,5.3,5.4,6.9,5.1,5.9,6,4.5,7
2015-07-01,5.2,5.3,6.8,5,5.8,5.8,4.4,6.9
2015-08-01,5.1,5.2,6.7,5,5.7,5.7,4.3,6.7
2015-09-01,5,5.2,6.6,4.9,5.6,5.6,4.2,6.6
2015-10-01,5,5.1,6.6,4.8,5.5,5.6,4.1,6.5
2015-11-01,5,5,6.5,4.7,5.4,5.5,4.1,6.4
2015-12-01,5,5,6.4,4.7,5.4,5.5,4.1,6.4
2016-01-01,4.9,4.9,6.4,4.6,5.3,5.4,4.1,6.4
2016-02-01,4.9,4.9,6.3,4.5,5.2,5.4,4,6.4
2016-03-01,5,4.8,6.2,4.5,5.2,5.3,4,6.4
2016-04-01,5,4.8,6.1,4.4,5.1,5.2,4,6.3
2016-05-01,4.7,4.7,6.1,4.4,5,5.1,4,6.2
2016-06-01,4.9,4.7,6.1,4.4,5,5,4.1,6.1
2016-07-01,4.9,4.7,6.1,4.4,5,4.9,4.1,6.1
2016-08-01,4.9,4.7,6,4.4,5,4.8,4.2,6
2016-09-01,5,4.7,6,4.4,5.1,4.7,4.2,6
2016-10-01,4.9,4.7,6,4.4,5.1,4.7,4.2,5.9
2016-11-01,4.6,4.7,6,4.4,5.1,4.6,4.1,5.7
2016-12-01,4.7,4.6,6,4.4,5,4.6,4.1,5.5
2017-01-01,4.8,4.6,6,4.3,4.9,4.5,4,5.3
2017-02-01,4.7,4.5,6.1,4.3,4.8,4.4,4,5.1
2017-03-01,4.5,4.4,6.1,4.2,4.7,4.3,3.9,5
2017-04-01,4.4,4.3,6.2,4.2,4.6,4.3,3.8,5
2017-05-01,4.3,4.2,6.2,4.1,4.5,4.2,3.8,5
2017-06-01,4.3,4.2,6.2,4.1,4.4,4.2,3.7,5
2017-07-01,4.3,4.2,6.2,4.1,4.4,4.2,3.7,5.1
2017-08-01,4.4,4.2,6.1,4,4.4,4.2,3.7,5.2
2017-09-01,4.2,4.2,6,4,4.4,4.2,3.6,5.3
2017-10-01,4.1,4.2,5.9,4,4.5,4.2,3.6,5.4
2017-11-01,4.1,4.2,5.9,4.1,4.5,4.2,3.6,5.4
2017-12-01,4.1,4.2,5.9,4.1,4.5,4.2,3.6,5.4
2018-01-01,4.1,4.2,5.8,4.1,4.5,4.3,3.6,5.4
2018-02-01,4.1,4.2,5.7,4.2,4.5,4.4,3.5,5.4
2018-03-01,4.1,4.2,5.6,4.3,4.5,4.4,3.4,5.4
2018-04-01,3.9,4.1,5.6,4.3,4.4,4.2,3.3,5.4
2018-05-01,3.8,4.0,5.6,4.3,4.3,4.0,3.2,5.4
2018-06-01,4.0,4.0,5.6,4.3,4.2,3.8,3.2,5.3
2018-07-01,3.9,,,,,,,

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Labor-Market Wedge under Engel Curve Utility: Cyclical Substitution between Necessities and Luxuries

Regional Economy

Fifth District Firms Weigh In on Steel and Aluminum Tariffs

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Fifth District Unemployment Rates

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