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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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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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We work with community partners to identify and address economic challenges and opportunities in low- and moderate-income communities in the Fifth District.

Featured

Article

Can an Individual Large Firm Impact the U.S. Business Cycle?

August 2021, No. 21-24

Contrary to the traditional view, adverse events for a single firm can affect the economy as a whole, if the firm is large enough.

Podcast

Government Debt and Deficits: Does the U.S. Spend Beyond Its Means? (Part 1)

Speaking of the Economy

July 30, 2021

Thomas Lubik discusses why the government may decide to spend more than it takes in and the constraints that exist on deficit spending.

Publications

Is Money Essential? An Experimental Approach

Working Paper Series

July 2021, No. 21-12

Janet Hua Jiang, Peter Norman, Daniela Puzzello, Bruno Sultanum and Randall Wright

Incarceration, Earnings, and Race

Working Paper Series

July 2021, No. 21-11

Grey Gordon, John Bailey Jones, Urvi Neelakantan and Kartik B. Athreya

Forecasting in the Absence of Precedent

Working Paper Series

June 2021, No. 21-10

Paul Ho

Data & Analysis

Fifth District Surveys of Manufacturing and Service Sector Activity

July 27, 2021

Manufacturing activity strengthened and the service sector expanded in July.

Month,Manufacturing Composite,Service Sector Revenues
2011-07-01,3.666666746,7
2011-08-01,4.333333492,6.333333492
2011-09-01,1.666666627,6.333333492
2011-10-01,-.6666666865,1.666666627
2011-11-01,-1.666666627,2.666666746
2011-12-01,-2.666666746,8.333333015
2012-01-01,-.3333333433,12
2012-02-01,2.666666746,11.66666698
2012-03-01,5.666666508,13
2012-04-01,7.333333492,12.33333302
2012-05-01,7.333333492,11.33333302
2012-06-01,5.666666508,6.333333492
2012-07-01,-.3333333433,3
2012-08-01,-4.666666508,1
2012-09-01,-2.666666746,.6666666865
2012-10-01,-.6666666865,2.333333254
2012-11-01,1.666666627,5
2012-12-01,0,4
2013-01-01,-4.333333492,8.666666985
2013-02-01,-4,9.333333015
2013-03-01,-3,8.666666985
2013-04-01,-.6666666865,1.666666627
2013-05-01,-2,2
2013-06-01,-1,5
2013-07-01,1,7.333333492
2013-08-01,4.333333492,6.333333492
2013-09-01,2.666666746,4.333333492
2013-10-01,3.666666746,3
2013-11-01,4.666666508,1.333333373
2013-12-01,8.666666985,3.333333254
2014-01-01,10,4
2014-02-01,5.333333492,5
2014-03-01,0,4.333333492
2014-04-01,0,7
2014-05-01,3.333333254,9.333333015
2014-06-01,6.333333492,9.666666985
2014-07-01,6,11
2014-08-01,7.333333492,12.66666698
2014-09-01,10.66666698,16.33333397
2014-10-01,16,19.33333397
2014-11-01,13.66666698,22.33333397
2014-12-01,10,20
2015-01-01,4,16.66666603
2015-02-01,2,15.33333302
2015-03-01,-.6666666865,16
2015-04-01,-3.666666746,14.66666698
2015-05-01,-1.666666627,11.33333302
2015-06-01,2.333333254,13
2015-07-01,7,18
2015-08-01,6.333333492,24.66666603
2015-09-01,2.666666746,21
2015-10-01,1,17
2015-11-01,.3333333433,8.333333015
2015-12-01,3,9.333333015
2016-01-01,3,9
2016-02-01,-.3333333433,6.666666508
2016-03-01,3,7
2016-04-01,5,6.333333492
2016-05-01,9.333333015,10
2016-06-01,1.666666627,6.333333492
2016-07-01,.6666666865,3.333333254
2016-08-01,-2,0
2016-09-01,-2,2.666666746
2016-10-01,-3.333333254,4.333333492
2016-11-01,-.6666666865,8.333333015
2016-12-01,4,7.666666508
2017-01-01,7.666666508,12.33333302
2017-02-01,11.66666698,14.33333302
2017-03-01,15.33333302,15
2017-04-01,18,15.33333302
2017-05-01,15,20.33333397
2017-06-01,13,23.66666603
2017-07-01,10,21.33333397
2017-08-01,12.33333302,17.66666603
2017-09-01,14,17.66666603
2017-10-01,14.66666698,21
2017-11-01,19,25.33333397
2017-12-01,20.66666603,26.33333397
2018-01-01,21.66666603,25.66666603
2018-02-01,20,22.66666603
2018-03-01,17,21.33333397
2018-04-01,13,16.33333397
2018-05-01,13.33333302,15.66666698
2018-06-01,16,16.33333397
2018-07-01,21.33333397,22.66666603
2018-08-01,21.33333397,24.33333397
2018-09-01,23,23.33333397
2018-10-01,20.66666603,14
2018-11-01,16.66666603,7.333333492
2018-12-01,7.333333492,4
2019-01-01,2.666666746,8
2019-02-01,3.666666746,11.33333302
2019-03-01,7.333333492,9.666666985
2019-04-01,11,14.66666698
2019-05-01,10.66666698,12.66666698
2019-06-01,8.666666985,18.66666603
2019-07-01,1.666666627,15
2019-08-01,-4,11
2019-09-01,-9,6.333333492
2019-10-01,-5.666666508,6.666666508
2019-11-01,-4.333333492,9.333333015
2019-12-01,-1,13
2020-01-01,4,12.33333302
2020-02-01,2,15.33333302
2020-03-01,4,10
2020-04-01,-16,-19.33333397
2020-05-01,-20.66666603,-37.66666794
2020-06-01,-20.66666603,-46.66666794
2020-07-01,-2.666666746,-26.33333397
2020-08-01,9.333333015,-14
2020-09-01,14.66666698,-3.333333254
2020-10-01,18.33333397,4.333333492
2020-11-01,18.33333397,9
2020-12-01,17.33333397,4.333333492
2021-01-01,15.66666698,1
2021-02-01,15.66666698,-4.333333492
2021-03-01,16.33333397,3.333333254
2021-04-01,18.66666603,11.66666698
2021-05-01,21.66666603,24.33333397
2021-06-01,24,28.66666603
2021-07-01,25.66666603,27.33333397