Our Team
Sonya Ravindranath Waddell
Sonya Ravindranath Waddell is a vice president and economist at the Federal Reserve Bank of Richmond. Waddell joined the Research Department in January 2008. She oversees the regional and community development research area within the department.
Prior to joining the Richmond Fed, Waddell worked as an economist in the Virginia Department of Planning and Budget and at ICF International in Washington, D.C. She earned her bachelor's degree from Williams College in 2001 and her master's degree from the University of Wisconsin-Madison in 2006. She currently serves on the boards of the Virginia Association of Economists, the YWCA of Richmond, the Virginia Early Childhood Foundation, and the Virginia Opera. She is also a member of the Joint Advisory Board of Economists for the Commonwealth of Virginia and has served on the board of the Richmond Association of Business Economics.
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Academic Publications
AIDS: Official Journal of the International AIDS Society, Vol. 21, November 2007: S67-S73
Michael R. Carter, Julian May, Jorge Agüero and Sonya Ravindranath Waddell
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Bank Publications
Economic Brief, December 2024, No. 24-38
Hurricanes Helene and Milton have put a spotlight on both the immediate and long-term aftermath of such storms.
Toan Phan and Sonya Ravindranath Waddell
Econ Focus, Third Quarter 2024With an anticipated decline in the college-age population, high costs of four-year degrees, and changing demands among employers, parents, and students, higher education seems to be at a crossroads.
Stephanie Norris, Laura Dawson Ullrich and Sonya Ravindranath Waddell
Economic Brief, May 2024, No. 24-16Negative impacts seem to be more muted than expected, and some firms say RTO increased employment.
Grey Gordon and Sonya Ravindranath Waddell
Economic Brief, January 2024, No. 24-03Even though expectations are not paramount in how most firms set their prices, there is evidence that inflation expectations matter.
Felipe F. Schwartzman and Sonya Ravindranath Waddell
Econ Focus, Third Quarter 2023Understanding and appropriately measuring the role that community colleges play in rural areas is important to how we evaluate policies and funding for workforce and community development throughout the rural Fifth District.
Stephanie Norris, Laura Dawson Ullrich and Sonya Ravindranath Waddell
Economic Brief, September 2022, No. 22-36Data suggest that labor market tightness has meant an increased number of open jobs per unemployed worker and heightened employer recruiting effort per vacancy.
Claudia Macaluso and Sonya Ravindranath Waddell
Economic Brief, June 2022, No. 22-22Diffusion indexes can help summarize survey responses, but they have some limitations.
Santiago Pinto and Sonya Ravindranath Waddell
Econ Focus, Second Quarter 2022Numerous factors — including population growth, education, housing, transportation, child care, health, and broadband availability — are shaping the differences in employment outcomes between rural and urban communities.
Stephanie Norris, Jessie Romero, Sierra Stoney and Sonya Ravindranath Waddell
Economic Brief, March 2022, No. 22-08Many firms don't follow inflation closely for setting prices, but the recent high inflation may have some firms taking a closer look.
Felipe F. Schwartzman and Sonya Ravindranath Waddell
Economic Brief, February 2022, No. 22-07Remote work options seem to go hand in hand with greater geographic reach in recruitment efforts for some firms.
Steven J Davis, Claudia Macaluso and Sonya Ravindranath Waddell
Economic Brief, September 2021, No. 21-28Recent Richmond Fed surveys shed light on how employers attempt to fill jobs.
Steven J Davis, Claudia Macaluso and Sonya Ravindranath Waddell
Econ Focus, Second/Third Quarter 2021Many states have enacted legislation in the last year to increase the minimum wage, and those increases will have both direct and indirect effects on workers, households, and businesses in the District.
Stephanie Norris and Sonya Ravindranath Waddell
Special Reports, June 18, 2020What's behind those consumer spending and saving dynamics, and what do those April numbers mean for the broader economy?
Emily Wavering Corcoran and Sonya Ravindranath Waddell
Special Reports, May 27, 2020John Mullin, Jessie Romero and Sonya Ravindranath Waddell
Special Reports, March 31, 2020Thomas A. Lubik and Sonya Ravindranath Waddell
Econ Focus, First Quarter 2019Why are hospitals in rural areas closing at a higher rate, and what are the consequences for these communities?
Emily Wavering Corcoran and Sonya Ravindranath Waddell
Econ Focus, Second Quarter 2018The Richmond Fed looks at the economic impact of the opioid crisis in the Fifth District.
Sonya Ravindranath Waddell
Econ Focus, Second Quarter 2017Sonya Ravindranath Waddell
Economic Quarterly, Third Quarter 2016Pierre-Daniel G. Sarte and Sonya Ravindranath Waddell
Econ Focus, Fourth Quarter 2015Sonya Ravindranath Waddell
Economic Quarterly, Fourth Quarter 2015Santiago Pinto, Sonya Ravindranath Waddell and Pierre-Daniel G. Sarte
Econ Focus, First Quarter 2015Sonya Ravindranath Waddell
Econ Focus, First Quarter 2014Sonya Ravindranath Waddell
Econ Focus, First Quarter 2014Sonya Ravindranath Waddell
Economic Quarterly, First Quarter 2011We study the regional variation in foreclosure rates in more detail by examining two localities in our district: Prince William County, Virginia, and Charlotte, North Carolina.
Sonya Ravindranath Waddell, Anne Davlin and Edward S. Prescott
Economic Brief, January 2009, No. 09-01Sonya Ravindranath Waddell
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Regional Matters
October 11, 2024
Hurricane Helene brought catastrophic damage to Fifth District communities, presenting challenges to the long recovery ahead.
Bethany Greene and Sonya Ravindranath Waddell
June 27, 2024Firms continue to innovate and automate, although responses from Fifth District business respondents illustrate that we are in the early days of AI adoption.
Emily Wavering Corcoran and Sonya Ravindranath Waddell
June 14, 2024Results from the Richmond Fed's May monthly business surveys indicate that for now, firms report employment gains that are driven by increased hiring more than declining separations.
Sonya Ravindranath Waddell
October 19, 2023We regularly report the quantitative results from the Richmond Fed business surveys, but participants' comments also provide useful context for changes in local business conditions.
Jason Kosakow, Nicholas Haltom and Sonya Ravindranath Waddell
July 28, 2023After two years of tightness, many labor market measures have made notable progress toward reaching more normal levels. But we might still have some time before we see the same for wage growth.
Nicholas Haltom and Sonya Ravindranath Waddell
June 27, 2023The labor market has surprised economists and forecasters with its resilience. Data from our business surveys indicate that the Fifth District labor market may be cooling.
Zach Edwards and Sonya Ravindranath Waddell
May 23, 2023The Richmond Fed business surveys, like other surveys, find that firms are facing tightened credit conditions. However, most surveyed firms, regardless of size, have not needed to seek new credit.
Sonya Ravindranath Waddell
November 10, 2022Our Fifth District business surveys indicate that firms are paying more attention to inflation as they make price- and wage-setting decisions. But businesses also expect own-price growth and inflation to moderate in the near future.
Nicholas Haltom and Sonya Ravindranath Waddell
March 31, 2022In our March business survey, we found that firms continue to struggle finding workers across skill levels, particularly in the low- to mid-skill range.
Jason Kosakow and Sonya Ravindranath Waddell
February 25, 2022Fifth District firms report that two years into the pandemic, they still cannot provide enough goods and services to completely meet customer demand.
Jason Kosakow and Sonya Ravindranath Waddell
October 14, 2021Heirs' property, land passed through generations without a clear title, is an unstable form of landownership that can lead to lost capital and wealth.
Surekha Carpenter and Sonya Ravindranath Waddell
September 30, 2021The labor force was pushed into a massive remote work experiment in 2020. What are employers in the Fifth District planning, and what challenges do they anticipate?
Sonya Ravindranath Waddell
May 3, 2021The economic recovery enabled by the vaccine rollout has increased demand for Fifth District goods and services. But can supply keep up with demand?
Jacob Crouse and Sonya Ravindranath Waddell
March 11, 2021Rural black Fifth District communities have long suffered fewer economic opportunities and thus worse economic outcomes.
Surekha Carpenter and Sonya Ravindranath Waddell
February 26, 2021Labor force participation took a big hit from the pandemic. How then should we interpret states' reported unemployment rates?
Nicholas Haltom and Sonya Ravindranath Waddell
February 4, 2021This article provides some history on the evolution of the Fifth District population across race and the rural-urban continuum since the late 1800s.
Sonya Ravindranath Waddell
January 7, 2021Fifth District business surveys indicate that after a volatile year, firms remain uncertain about when or if they will return to pre-COVID levels of business activity.
Jacob Crouse and Sonya Ravindranath Waddell
April 13, 2020Between mid-March and early April, more than 360,000 Virginians filed for unemployment. What does this mean for employment measures and the state's economy?
Sonya Ravindranath Waddell
April 6, 2020As the COVID-19 pandemic spreads across the country, Americans are taking measures to distance themselves from their communities, both voluntarily and by mandate. What measures have Fifth District jurisdictions taken and what might this mean for the Fifth District economy?
Sonya Ravindranath Waddell and Jacob Crouse
March 24, 2020On March 13, 2020, the President declared a national state of emergency and by March 16, every state and the District of Columbia had declared states of emergency, all due to the rapid escalation of positive cases of COVID-19. However, Fifth District firms were reporting impacts from the virus before the emergency declarations and the initiation of social distancing mandates in states and localities across the country.
Joseph Mengedoth and Sonya Ravindranath Waddell
May 31, 2018In April, we surveyed firms about their adoption of technology and how it might translate into prices and employment in the next few years. Most firms reported adopting new technology, although many did not anticipate the technology to notably impact their pricing or employment decisions.
Sonya Ravindranath Waddell
October 18, 2017The Fifth District economy has been increasingly driven by urban areas. How do we understand the existence, growth and decline of cities?
Sonya Ravindranath Waddell
August 24, 2017Fifth District states — especially West Virginia — are struggling with the opioid epidemic as drug use and opioid overdose deaths continue to rise.
Sonya Ravindranath Waddell
November 18, 2016The Richmond Fed publishes a series of diffusion indices based off of surveys of manufacturing and service sector firms across the Fifth District. These indices help us to understand business conditions in our region in a timely and more comprehensive way.
Sonya Ravindranath Waddell
June 8, 2016There are 12 Federal Reserve Banks across the country: How did one land in Richmond, Virginia?
Sonya Ravindranath Waddell
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The CFO Survey
Research and Commentary, Aug. 15, 2024
As the capabilities of generative AI continue to improve, the CFO Survey can provide us insights on the impact these tools are having on firms and the growth of their productivity.
Sonya Ravindranath Waddell
Research and Commentary, June 28, 2023The current outlook of small firms is noticeably worse than for large firms. On average, small firms report being more affected by tight financing conditions, are less optimistic about the economy and their own prospects, and expect lower revenue growth in 2023.
Zach Edwards and Sonya Ravindranath Waddell
Research and Commentary, Dec. 21, 2022Results from the fourth quarter 2022 CFO Survey indicate that although monetary policy has grown as a key concern for respondents, most note that current interest rate levels have not affected their capital or non-capital spending plans. We also find evidence that if employers were looking to raise wages to account for inflation in 2022, the catch-up was only partial.
John Graham, Brent Meyer, and Sonya Ravindranath Waddell
Research and Commentary, Sep. 28, 2022In the third quarter 2022 CFO Survey, more firms reported elevated cost increases and the ability to pass a larger chunk of those cost increases on via price increases.
Zach Edwards, Brent Meyer, and Sonya Ravindranath Waddell
Research and Commentary, June 29, 2022The second quarter results from The CFO Survey reveal growing concerns about the outlook for the U.S. economy. Firms continue to struggle amid the high inflation environment and against a backdrop of further removal of monetary accommodation.
Brent Meyer, Emil Mihaylov, and Sonya Ravindranath Waddell
Research and Commentary, March 30, 2022The first quarter CFO Survey revealed firms' dampened optimism about the U.S. economy and lower projections for real GDP growth and equity market performance. At the same time, firms are hampered by hiring difficulties that are restraining revenue growth.
Brent Meyer, John Graham, Emil Mihaylov, and Sonya Ravindranath Waddell
Research and Commentary, Dec. 2, 2021Third and fourth quarter results from The CFO Survey point to widening constraints on labor supply and intensifying supply chain disruptions that are showing up as rising costs that could feed through to higher prices.
Brent Meyer, Roisin McCord, and Sonya Ravindranath Waddell
Research and Commentary, July 14, 2021Results from the second quarter CFO Survey indicate that, on average, firms expect larger than normal cost increases to persist until spring 2022. What does that mean for consumer prices?
Brent Meyer, John Graham, Roisin McCord, Emil Mihaylov, Nicholas Parker, and Sonya Ravindranath Waddell
Macroblog, July 14, 2021The economic recovery from the pandemic-induced downturn of 2020 has been swift in terms of overall spending. Could the recovery in spending be even stronger if labor shortages could be resolved?
Brent Meyer, John Graham, Roisin McCord, Emil Mihaylov, Nicholas Parker, and Sonya Ravindranath Waddell
Research and Commentary, April 16, 2021First quarter survey results suggest that non-residential investment is likely to continue to be sluggish, at least over the next six months.
Brent Meyer and Sonya Ravindranath Waddell
Research and Commentary, Oct. 8, 2020Firms anticipate it will take some time to dig out from the shocking decline of the spring.
Sonya Ravindranath Waddell
Research and Commentary, July 8, 2020The second quarter CFO survey results paint a nuanced picture of how firms view changes in revenue and employment over the next 18 months.
Brent Meyer, Roisin McCord, and Sonya Ravindranath Waddell
Macroblog, July 8, 2021In the second quarter CFO Survey, businesses were fairly pessimistic about the path of employment growth.
Brent Meyer, John Graham, Roisin McCord, Nicholas Parker, and Sonya Ravindranath Waddell
Research and Commentary, May 15, 2020After almost 25 years of running the Duke/CFO Global Business Outlook survey, Duke's Fuqua School of Business is joining forces with the Federal Reserve Banks of Richmond and Atlanta to launch The CFO Survey.
John Graham, Brent Meyer, Nicholas Parker, and Sonya Ravindranath Waddell
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Other Work
"Measuring Race in U.S. Economic Statistics: What Do We Know?" (with John M. Abowd, Camille Busette and Mark Hugo Lopez), Business Economics, 2022, vol. 57, no.2, pp. 181-190.
"The Impact of HIV/AIDS on Educational Outcomes in KwaZulu-Natal, South Africa." University of Wisconsin-Madison, Masters Thesis, 2006.
"The Extent of Urban Bias in Belize." Williams College, Honors Thesis, 2001.
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Media Mentions
"AI and Automation Adoption in the Fifth District and Beyond," Speaking of the Economy, September 18, 2024.
"How Inflation Expectations Feed Into Price Setting at Firms," Speaking of the Economy, March 6, 2024.
"Where is the Credit Crunch?," Speaking of the Economy, September 27, 2023.
"Business Expectations for 2023," Speaking of the Economy, April 12, 2023.
"Navigating Tight Labor Markets," Speaking of the Economy, January 4, 2023.
"Prospects for a Recession: A Perspective From the CFO Survey," Speaking of the Economy, June 29, 2022.
"The Future of (Tele)Work," Speaking of the Economy, August 31, 2021.
"The CFO Survey: A Window into the Past and the Future," Speaking of the Economy, April 14, 2021.
Our Team
Sonya Ravindranath Waddell
I track current macroeconomic and regional economic trends and have written on a variety of topics, including regional housing markets, regional survey diffusion indices, and the economics of urban areas.