Research

Featured

A line of pink piggy banks, with one piggy busted open

Podcast

Why Do Banks Fail?

Speaking of the Economy

Aug. 6, 2025

Sergio Correia discusses his research on the causes of bank failures and his use of a novel set of historical data to evaluate two different but intertwined potential causes — insolvency of the bank and a run on deposits. Correia recently joined the Federal Reserve Bank of Richmond as a senior economist.

Hand turning a productivity knob to the max setting.

Article

Forecasting U.S. Productivity

Economic Brief

August 2025, No. 25-30

By Pierre-Daniel G. Sarte and Jack Taylor

How might labor productivity and total factor productivity fare over the rest of the decade?

Publications

Two-Sided Platforms and the 6 Percent Real Estate Broker Commission

Working Paper Series

June 2025, No. 25-05

Borys Grochulski and Zhu Wang

Since brokers operate a two-sided platform for trading homes, this model explains the 6 real estate broker commission and implies that commission rates should be higher where price-rent ratios are higher.

Failing Banks

Working Paper Series

June 2025, No. 25-04

Sergio Correia, Stephan Luck and Emil Verner

Why do banks fail? The authors create a panel covering most commercial banks from 1863 through 2024 to study the history of failing banks in the United States.

Banks in Space

Working Paper Series

June 2025, No. 25-03

Ezra Oberfield, Nicholas Trachter, Esteban Rossi-Hansberg and Derek Wenning

This paper's authors study the spatial expansion of banks in response to the banking deregulation of the 1980s and '90s in order to develop a spatial theory of banking.

Data & Analysis

Fifth District Unemployment Rates

July 31, 2025

State-level unemployment rates are among the labor and housing indicators tracked by the Richmond Fed.

        Month,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia
2015-06-01,5.3, 5.4,6.9,5.1,5.8,6,4.4,6.7
2015-07-01,5.2, 5.3,6.8,5,5.7,5.8,4.3,6.7
2015-08-01,5.1, 5.2,6.7,5,5.7,5.7,4.2,6.6
2015-09-01,5, 5.1,6.7,4.9,5.6,5.6,4.2,6.5
2015-10-01,5, 5.0,6.6,4.8,5.5,5.5,4.1,6.4
2015-11-01,5.1, 5.0,6.5,4.7,5.4,5.4,4.1,6.3
2015-12-01,5, 4.9,6.5,4.6,5.4,5.4,4.1,6.3
2016-01-01,4.8, 4.9,6.4,4.5,5.3,5.3,4,6.3
2016-02-01,4.9, 4.8,6.3,4.4,5.2,5.3,4,6.3
2016-03-01,5, 4.8,6.2,4.3,5.2,5.2,4,6.3
2016-04-01,5.1, 4.7,6.1,4.2,5.1,5.1,4,6.2
2016-05-01,4.8, 4.7,6.1,4.2,5,5.1,4,6.2
2016-06-01,4.9, 4.6,6.1,4.2,5,5,4,6.1
2016-07-01,4.8, 4.6,6.2,4.2,5,4.9,4,6.1
2016-08-01,4.9, 4.6,6.2,4.2,5.1,4.7,4,6.1
2016-09-01,5, 4.6,6.3,4.2,5.1,4.7,4,6
2016-10-01,4.9, 4.6,6.3,4.2,5.1,4.6,4,5.9
2016-11-01,4.7, 4.6,6.3,4.2,5.1,4.5,4,5.8
2016-12-01,4.7, 4.5,6.3,4.2,5,4.4,4,5.6
2017-01-01,4.7, 4.5,6.3,4.2,4.9,4.4,4,5.4
2017-02-01,4.6, 4.4,6.2,4.1,4.8,4.3,3.9,5.2
2017-03-01,4.4, 4.3,6.2,4.1,4.7,4.2,3.8,5.1
2017-04-01,4.4, 4.2,6.2,4,4.6,4.2,3.7,5.1
2017-05-01,4.4, 4.2,6.2,4,4.5,4.1,3.7,5
2017-06-01,4.3, 4.1,6.2,4,4.5,4.1,3.6,5.1
2017-07-01,4.3, 4.1,6.1,4,4.5,4.2,3.5,5.1
2017-08-01,4.4, 4.1,6.1,4,4.5,4.2,3.5,5.2
2017-09-01,4.3, 4.2,6,4.1,4.5,4.2,3.5,5.2
2017-10-01,4.2, 4.1,6,4.1,4.4,4.2,3.5,5.3
2017-11-01,4.2, 4.1,5.9,4.1,4.4,4.2,3.4,5.3
2017-12-01,4.1, 4.1,5.9,4.1,4.3,4,3.4,5.4
2018-01-01,4, 4.0,5.9,4.1,4.2,3.9,3.4,5.4
2018-02-01,4.1, 3.9,5.9,4,4.2,3.7,3.3,5.4
2018-03-01,4, 3.8,5.8,4,4.1,3.5,3.2,5.3
2018-04-01,4, 3.7,5.8,3.9,4,3.3,3.1,5.3
2018-05-01,3.8, 3.7,5.7,3.8,3.9,3.2,2.9,5.2
2018-06-01,4, 3.6,5.7,3.8,3.9,3.2,2.8,5.1
2018-07-01,3.8, 3.6,5.6,3.7,3.9,3.3,2.8,5
2018-08-01,3.8, 3.6,5.5,3.7,3.9,3.3,2.8,5
2018-09-01,3.7, 3.6,5.5,3.7,4,3.3,2.8,5
2018-10-01,3.8, 3.6,5.6,3.7,4,3.3,2.9,5
2018-11-01,3.8, 3.6,5.7,3.7,4,3.2,3,5
2018-12-01,3.9, 3.7,5.9,3.6,4,3.2,3,5
2019-01-01,4, 3.7,5.9,3.6,4,3.2,3.1,5
2019-02-01,3.8, 3.6,5.9,3.5,4,3.2,3,4.9
2019-03-01,3.8, 3.5,5.9,3.5,3.9,3.1,2.9,4.9
2019-04-01,3.7, 3.5,5.7,3.4,3.9,3.1,2.8,4.8
2019-05-01,3.6, 3.4,5.6,3.4,3.8,2.9,2.7,4.8
2019-06-01,3.6, 3.3,5.5,3.4,3.9,2.7,2.5,4.8
2019-07-01,3.7, 3.3,5.4,3.4,3.9,2.6,2.5,4.8
2019-08-01,3.6, 3.3,5.3,3.4,3.9,2.5,2.5,4.9
2019-09-01,3.5, 3.3,5.2,3.3,3.9,2.4,2.6,5
2019-10-01,3.6, 3.3,5.2,3.3,3.8,2.4,2.7,5
2019-11-01,3.6, 3.3,5.2,3.2,3.8,2.5,2.7,5.1
2019-12-01,3.6, 3.3,5.4,3.2,3.7,2.6,2.7,5.1
2020-01-01,3.6, 3.4,5.5,3.3,3.8,2.8,2.8,5.2
2020-02-01,3.5, 3.5,5.7,3.4,3.8,2.9,2.9,5.3
2020-03-01,4.4, 3.6,5.8,3.5,4,3.1,3.2,5.3
2020-04-01,14.8,12.1,11.3,9,14.2,11.7,11.9,15.8
2020-05-01,13.2,10.3,8.8,8.8,11.6,9.3,10,12.5
2020-06-01,11, 8.9,8.6,8.1,9.8,7.8,8.9,10.6
2020-07-01,10.2, 8.2,8.7,7.9,8.7,7.1,8.3,9.5
2020-08-01,8.4, 7.2,8.5,7.2,7.4,6.2,7.3,8.2
2020-09-01,7.8, 6.8,8.6,7.1,6.8,5.8,6.7,7.6
2020-10-01,6.9, 6.1,8.3,6.7,6.1,5.3,5.9,7
2020-11-01,6.7, 5.8,8,6.6,5.9,5.1,5.3,6.6
2020-12-01,6.7, 5.7,7.8,6.6,5.8,4.9,5,6.4
2021-01-01,6.4, 5.5,7.3,6.4,5.7,4.6,4.8,6.2
2021-02-01,6.2, 5.3,7,6.2,5.6,4.4,4.7,6
2021-03-01,6.1, 5.2,7,6.1,5.5,4.3,4.5,5.9
2021-04-01,6.1, 5.1,7,5.9,5.3,4.2,4.4,5.8
2021-05-01,5.8, 4.9,7,5.7,5.2,4.1,4.2,5.6
2021-06-01,5.9, 4.8,7.2,5.6,5.1,4,4,5.4
2021-07-01,5.4, 4.6,7.1,5.3,4.9,3.9,3.8,5.1
2021-08-01,5.1, 4.4,6.9,5,4.7,3.8,3.5,4.8
2021-09-01,4.7, 4.1,6.6,4.6,4.5,3.6,3.3,4.5
2021-10-01,4.5, 3.9,6.5,4.2,4.3,3.5,3.1,4.3
2021-11-01,4.2, 3.7,6.3,3.9,4.1,3.4,2.9,4.1
2021-12-01,3.9, 3.5,6.1,3.5,3.8,3.3,2.8,4
2022-01-01,4, 3.4,5.9,3.5,3.7,3.3,2.7,3.9
2022-02-01,3.8, 3.3,5.5,3.3,3.6,3.2,2.6,3.9
2022-03-01,3.7, 3.2,5.2,3.1,3.5,3.2,2.6,3.8
2022-04-01,3.7, 3.2,4.9,3.1,3.6,3.2,2.6,3.8
2022-05-01,3.6, 3.2,4.7,3,3.6,3.2,2.5,3.9
2022-06-01,3.6, 3.2,4.4,3,3.7,3.2,2.5,3.9
2022-07-01,3.5, 3.2,4.2,3,3.7,3.2,2.6,3.9
2022-08-01,3.6, 3.3,4,3,3.8,3.2,2.7,4
2022-09-01,3.5, 3.3,4.1,2.8,3.8,3.2,2.8,3.9
2022-10-01,3.6, 3.3,4.3,2.8,3.8,3.2,2.9,3.9
2022-11-01,3.6, 3.2,4.5,2.6,3.7,3.2,2.9,3.8
2022-12-01,3.5, 3.2,4.7,2.4,3.6,3.1,2.9,3.6
2023-01-01,3.5, 3.1,4.8,2.3,3.5,3.1,2.9,3.6
2023-02-01,3.6, 3.0,4.9,2.2,3.5,3,2.8,3.5
2023-03-01,3.5, 2.9,4.9,2,3.4,3,2.7,3.5
2023-04-01,3.4, 2.9,4.8,1.9,3.4,2.9,2.6,3.6
2023-05-01,3.6, 2.8,4.8,1.9,3.4,2.8,2.5,3.7
2023-06-01,3.6, 2.8,4.7,1.9,3.4,2.8,2.5,3.8
2023-07-01,3.5, 2.9,4.7,2,3.5,2.8,2.5,3.9
2023-08-01,3.7, 3.0,4.8,2.2,3.5,2.9,2.6,4
2023-09-01,3.8, 3.0,4.8,2.3,3.5,3,2.7,4.1
2023-10-01,3.9, 3.1,4.9,2.4,3.6,3.1,2.8,4.2
2023-11-01,3.7, 3.2,5,2.5,3.6,3.2,2.8,4.2
2023-12-01,3.8, 3.2,5.1,2.7,3.6,3.3,2.9,4.2
2024-01-01,3.7, 3.2,5.1,2.7,3.5,3.4,2.8,4.1
2024-02-01,3.9, 3.3,5.1,2.8,3.5,3.5,2.8,4.1
2024-03-01,3.9, 3.3,5.2,2.9,3.5,3.7,2.8,4.1
2024-04-01,3.9, 3.4,5.2,2.9,3.6,3.9,2.8,4
2024-05-01,4, 3.4,5.2,3,3.6,4.2,2.8,4.1
2024-06-01,4.1, 3.5,5.3,3.1,3.6,4.4,2.8,4.1
2024-07-01,4.2, 3.5,5.3,3.2,3.6,4.5,2.8,4.1
2024-08-01,4.2, 3.6,5.3,3.2,3.7,4.6,2.9,4.1
2024-09-01,4.1, 3.6,5.3,3.2,3.7,4.5,2.9,4.1
2024-10-01,4.1, 3.6,5.3,3.2,3.7,4.5,2.9,4.1
2024-11-01,4.2, 3.6,5.3,3.1,3.7,4.4,2.9,4.1
2024-12-01,4.1, 3.5,5.3,3.1,3.7,4.4,2.9,4.1
2025-01-01,4, 3.5,5.3,3,3.7,4.3,3,4
2025-02-01,4.1, 3.5,5.4,3,3.7,4.2,3.1,3.9
2025-03-01,4.2, 3.5,5.6,3,3.7,4.1,3.2,3.8
2025-04-01,4.2, 3.6,5.8,3.1,3.7,4.2,3.3,3.8
2025-05-01,4.2, 3.7,5.9,3.2,3.7,4.1,3.4,3.7
2025-06-01,4.1, 3.7,5.9,3.3,3.7,4.1,3.5,3.7

Economic Research

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Fifth District Unemployment Rates

Publications

Data & Analysis