Research

Federal Reserve Bank of Richmond

Featured

Blog Post

Rising Fuel Costs in Fifth District States

Regional Matters

September 3, 2026

By Taylor Pessin

This post explores how state and local economies in the Fifth District might be impacted by elevated fuel costs.

Podcast

The Rise in Long-Term Unemployment

Speaking of the Economy

Sept. 2, 2026

Katarína Borovičková and Claudia Macaluso discuss their research on the long-term unemployed, including the factors like AI adoption that could be affecting the movement of people into and out of this employment status and the broader economic implications of these labor market flows. Macaluso and Borovičková are senior economists at the Federal Reserve Bank of Richmond.

Publications

The Diffusion of Bank Reserves in the U.S.

Working Paper Series

September 2026, No. 26-12

Huberto M. Ennis and Alexander L. Wolman

In general, the distribution of bank reserves tends to be highly persistent during periods of abundant reserves, but redistribution intensifies when reserves reach lower (yet, still ample) levels.

How Do Sectoral Shocks Shape Future GDP?

Working Paper Series

July 2026, No. 26-11

Paul Ho, Danial Lashkari and Pierre-Daniel G. Sarte

Over a three-year horizon, goods-producing sectors have larger cumulative aggregate effects from productivity shocks than service-producing sectors, despite goods only accounting for less than one-third of GDP.

Trends in Labor Force Participation and Unemployment, 1976-2024

Working Paper Series

May 2026, No. 26-10

Andreas Hornstein and Marianna Kudlyak

Population aging and educational upgrading explain most long-run movements in aggregate trends, while cohort effects drive large gender differences in participation.

Data & Analysis

Regional Economic Snapshot

August 21, 2026

This overview of the Fifth District economy includes timely analysis of labor and housing markets, including growth in payrolls.

        date,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia
6/30/2016,1.720427072,1.638735272,1.99763438,1.007274762,2.410575428,2.357338649,1.452696568,-1.943095073
7/31/2016,1.781098802,1.63391153,1.554539517,1.136660083,2.445735249,2.57468065,1.227041409,-1.668984701
8/31/2016,1.784344767,1.579402856,1.422605064,1.224368278,2.342887997,2.388740212,1.183203155,-1.587522629
9/30/2016,1.89211035,1.665656545,1.512977697,1.540522438,2.403576109,2.507914523,1.105967078,-1.434140908
10/31/2016,1.743594779,1.265312925,1.220462218,0.996739292,2.035480859,1.74902695,0.887520841,-1.586859688
11/30/2016,1.663072097,1.468568337,1.219037738,1.263899185,2.148032523,2.101688241,0.891576143,-0.208594076
12/31/2016,1.629192672,1.270553064,1.046782114,1.116905211,2.006735571,1.996370236,0.729068072,-1.431748679
1/31/2017,1.688429579,1.48410139,1.295672454,1.333629695,1.809103576,2.3051214,1.215032495,-0.573587017
2/28/2017,1.701462979,1.571536421,0.916602117,1.575299307,1.88259297,2.239647145,1.333709508,-0.224403927
3/31/2017,1.606548705,1.454060663,1.238709677,1.37943787,1.786828783,2.362435803,1.058390428,-0.475192173
4/30/2017,1.613441406,1.228355575,0.992651798,1.050807463,1.538780493,1.917166691,1.055240431,-0.755773268
5/31/2017,1.723419041,1.322517953,0.914123857,1.251800155,1.667357561,1.982175035,1.237820005,-1.472631286
6/30/2017,1.689941518,1.568868139,0.979255251,1.444136657,1.836128943,2.210536566,1.383313304,0.212314225
7/31/2017,1.558261832,1.390952617,0.81039362,1.064927408,1.758372931,1.92857489,1.237686929,0.297029703
8/31/2017,1.560890634,1.312995981,0.875048256,0.948529412,1.793783691,1.703775411,1.108223785,0.226404415
9/30/2017,1.407906627,1.173100906,0.693819864,0.729258282,1.63409896,1.370457945,1.111676418,0.324904648
10/31/2017,1.436597387,1.40243317,0.962031811,0.917195583,1.798133236,2.222545032,1.095827719,0.622347949
11/30/2017,1.507752285,1.11095159,0.807174888,0.819882142,1.475652868,1.928268415,0.914169629,-0.961538462
12/31/2017,1.454527949,1.204728714,0.831308351,0.647379394,1.436735809,1.817832067,1.259650549,0.225638133
1/31/2018,1.395336062,1.538934636,0.972115631,0.654383271,1.900134583,2.752822484,1.41870971,0.450260307
2/28/2018,1.513925648,1.54176611,1.189714724,0.802802511,1.893318769,2.808934906,1.268065504,0.407646893
3/31/2018,1.582516956,1.570074623,0.968646444,0.88644074,1.980287959,2.623279817,1.358461928,0.407246173
4/30/2018,1.53583034,1.706456753,1.250957365,0.861093881,2.019102067,3.149530921,1.390609593,1.043576364
5/31/2018,1.613608416,1.773216071,1.326869099,0.940919037,2.099850496,3.065902579,1.467727675,1.339537507
6/30/2018,1.621606871,1.778197224,1.301518438,0.892011942,2.035744142,3.072599085,1.485498108,1.935028249
7/31/2018,1.531627286,1.723319085,1.173918591,1.08287454,1.921992375,2.681245543,1.494794686,2.002538429
8/31/2018,1.604966002,1.758490668,1.186375813,1.0707262,1.969488699,2.903102989,1.4261597,2.202456586
9/30/2018,1.59855246,1.43108703,1.173918591,0.851311529,1.394198336,2.65149712,1.19002692,1.929034075
10/31/2018,1.616049039,1.617037393,0.85122602,0.868869742,1.964133219,2.633698072,1.295206479,1.96795052
11/30/2018,1.523355861,1.707956943,0.864260295,0.976583772,2.025083161,2.672152857,1.504781077,1.758829323
12/31/2018,1.549588878,1.480051046,0.71029934,0.948470092,1.764309764,2.451350841,1.181280096,1.392992824
1/31/2019,1.625355547,1.511572345,0.481378262,1.129553627,2.361658309,1.636431644,1.126097945,0.588317692
2/28/2019,1.359639051,1.343084124,0.707964602,0.810889082,2.123905664,1.412719135,1.104723819,0.33599328
3/31/2019,1.358915565,1.349394683,0.744761424,0.860572751,2.057631497,1.513246729,1.138093693,0.153846154
4/30/2019,1.462740871,1.298875201,0.516893596,0.817566834,1.887967266,1.587006961,1.147103564,0.307048151
5/31/2019,1.261244302,1.202315075,0.27700831,0.740660452,1.792647483,1.617088314,1.065577852,-0.180882148
6/30/2019,1.260741139,1.198775208,0.428265525,0.876908087,1.762621789,1.474326385,1.130743806,-0.692808646
7/31/2019,1.286404509,1.098512639,0.529701097,0.39316116,1.726389411,1.73619149,1.01331214,-0.926309968
8/31/2019,1.267442406,1.112303314,0.479072113,0.345921015,1.701619854,1.789843678,1.105507664,-0.925542202
9/30/2019,1.343751255,1.403550944,0.580148821,0.468958551,2.326458195,2.193470599,1.213326703,-1.160381268
10/31/2019,1.292743117,1.193312657,0.579491056,0.641533915,1.763201975,1.532284119,1.368026417,-1.571546733
11/30/2019,1.370165155,1.177354376,0.705645161,0.589631121,1.848302602,1.37730895,1.313897566,-1.617809735
12/31/2019,1.325020526,1.271499385,0.743073048,0.691169589,2.0337039,1.456825411,1.274074809,-1.27671385
1/31/2020,1.31347461,1.108510737,1.336359052,0.276540727,1.473965053,1.232864109,1.415456188,-0.348140927
2/29/2020,1.483337443,1.019806376,1.104694954,0.362683137,1.502394646,0.919497954,1.243449026,-0.558113576
3/31/2020,0.399214877,0.285731294,0.338303471,-0.677565068,0.785511674,0.27520411,0.661352812,-1.312665829
4/30/2020,-13.39057447,-11.94448116,-9.444374765,-13.83257383,-11.02841678,-13.47067422,-10.80101575,-15.04104633
5/31/2020,-11.67058386,-10.7286019,-9.957307885,-13.02585805,-9.485407903,-10.56495372,-10.35128344,-13.24226373
6/30/2020,-8.729232687,-8.417930125,-9.983694971,-11.23989411,-6.671598921,-7.42849335,-8.735931587,-8.092646854
7/31/2020,-7.739652968,-7.162036457,-9.396562539,-8.554593468,-5.665673071,-7.222171657,-7.206431943,-8.428691041
8/31/2020,-6.845318815,-6.003242858,-8.494353827,-7.946710715,-4.543577932,-5.706756327,-5.685783085,-7.766313441
9/30/2020,-6.338981931,-5.374510256,-8.702194357,-7.152346415,-3.903422267,-5.218496166,-4.954800039,-7.099930119
10/31/2020,-5.942162947,-4.89519688,-9.193386774,-6.786277038,-3.157757949,-4.359289059,-4.80307632,-6.106442577
11/30/2020,-5.890536504,-4.705866893,-9.309309309,-6.805347058,-2.865980273,-3.8304253,-4.759224821,-5.635980323
12/31/2020,-6.091149848,-4.375648792,-9.626203275,-6.549640699,-2.308789831,-3.42163857,-4.491274445,-5.650829351
1/31/2021,-6.030349074,-4.47460739,-10.33839263,-6.210379284,-2.583996035,-3.394528765,-4.504306664,-6.525992174
2/28/2021,-5.85253426,-4.359462119,-10.50409734,-6.261404701,-2.395828845,-2.979363127,-4.556220242,-5.865020345
3/31/2021,-4.415653269,-3.396582313,-9.765234765,-4.847500451,-1.383416324,-2.328240783,-3.863597362,-4.259233055
4/30/2021,10.85749774,10.13600745,0.429362881,10.08578329,12.02992763,12.79100459,8.468767275,10.80904029
5/31/2021,9.038634997,8.87032941,1.269000139,9.224361882,10.43367286,9.243397573,8.139151462,8.917095116
6/30/2021,5.919184142,6.166414741,1.825275185,6.891826536,7.276754488,5.500615006,6.147176822,3.097009261
7/31/2021,5.390829773,5.726934857,1.952367765,5.040861229,7.039232419,6.082307353,5.445006757,4.388905821
8/31/2021,4.610817989,4.412032817,1.426024955,4.575775307,5.381288413,4.31744808,3.965193831,3.522297808
9/30/2021,4.232912464,3.618574421,2.211234721,3.693104915,4.454418332,3.724804903,2.95417539,2.828343614
10/31/2021,4.290327109,3.872645293,3.793103448,3.715087018,4.700988505,3.949619772,3.182648519,2.804295943
11/30/2021,4.551855562,3.849521826,4.097682119,3.900437217,4.553855746,3.619182613,3.239729723,2.934167411
12/31/2021,5.098633443,3.92796779,4.813943837,4.212096867,4.405842,3.51463254,3.344267336,3.352205006
1/31/2022,4.999895004,3.485011772,4.842514222,3.203879788,4.068404053,3.678442072,2.629225541,3.573030348
2/28/2022,5.192495467,4.189185482,4.855715871,3.98106798,4.779038453,4.427853688,3.486914477,3.636905649
3/31/2022,4.910838094,3.785680637,5.009687241,2.936044306,4.6409519,4.008804383,3.185005738,2.808158439
4/30/2022,4.866274285,4.066597607,4.5510964,3.120744439,4.683702293,4.610128241,3.78911426,2.970736033
5/31/2022,4.728225278,3.956595004,4.434040209,3.001359106,4.50263835,4.550333691,3.552370788,3.953385455
6/30/2022,4.48360993,3.683464748,3.393541325,2.496041023,4.53152507,4.481649023,3.368677388,2.194080401
7/31/2022,4.299478067,3.50786396,3.476843678,2.51729942,4.315973195,4.383409627,3.04804503,1.839416058
8/31/2022,4.105516108,3.613786249,2.920102744,2.309012235,4.756555925,4.34200194,3.197514158,1.869158879
9/30/2022,3.932435999,3.890452174,2.284332169,2.718729022,4.957571308,4.661897069,3.564793895,2.457937089
10/31/2022,3.612389952,2.896727118,0.930232558,1.570603052,3.829887218,3.785835124,2.827648115,1.479976785
11/30/2022,3.358574013,2.829086274,0.901259112,1.299324499,3.695263248,3.529250832,2.88423253,2.503255679
12/31/2022,3.021039141,2.417643442,0.5939026,0.631424376,3.389076111,3.363483478,2.526843058,1.182067176
1/31/2023,3.179872805,3.269478237,1.270513499,1.768667209,4.255861908,3.792931355,3.425783001,2.0352194
2/28/2023,2.811868059,2.653509927,1.243715269,1.082886719,3.471885731,2.967625899,3.001087709,1.725873724
3/31/2023,2.523874038,2.66876291,0.882973115,1.580925708,3.195216616,3.358998604,2.933471728,1.509488212
4/30/2023,2.474558609,2.265895651,1.200369344,1.588349657,2.81542838,2.563643685,2.263632123,1.363571121
5/31/2023,2.45583318,2.266740743,1.279008439,1.722684456,2.772967221,2.580126774,2.392520612,0.269618277
6/30/2023,2.311660694,2.768586935,1.746956061,2.512507357,3.037674651,2.93697554,2.753374233,2.564841499
7/31/2023,1.940916693,1.996766213,0.538128363,1.740367776,2.115178055,2.471760797,2.136116462,1.419151376
8/31/2023,1.89029877,2.00670197,0.433469066,1.680825464,2.161002969,2.718137146,2.01058715,1.605504587
9/30/2023,1.845919444,1.928944511,0.748817656,1.317939222,2.143635952,2.624035281,1.970717991,1.627873768
10/31/2023,1.713016195,2.103458316,1.158657011,1.757840992,2.318500689,2.678532094,1.969057665,1.915927938
11/30/2023,1.595544664,2.002259887,0.880073558,1.83288999,2.244952451,2.823166703,1.794741552,0.776397516
12/31/2023,1.629498128,2.185644203,0.655995802,2.068437181,2.449774498,2.801108131,1.92763508,1.994586123
1/31/2024,1.457590324,1.908958359,0.875588082,2.985020361,1.794343739,2.071949993,1.52616629,1.358042156
2/29/2024,1.400693898,1.886586766,0.757971772,2.857972909,1.808001629,2.227074236,1.42562281,1.484518592
3/31/2024,1.503216574,1.966362326,0.587851078,2.768002902,1.84801171,2.121542148,1.795875249,1.656989095
4/30/2024,1.386967015,1.962102729,0.260688217,2.235141186,2.058835497,2.551910661,1.675749646,1.840838289
5/31/2024,1.25469789,1.917386219,0.104153105,2.068244874,2.028179308,2.345517842,1.574520095,3.155958109
6/30/2024,1.164357198,1.57796951,0.039021852,1.937775864,1.448836693,2.272135981,1.502197172,0.927226749
7/31/2024,1.092647539,1.530488814,0.365535248,1.886318809,1.509021766,1.716163057,1.456368628,1.371024735
8/31/2024,0.957372601,1.425857325,0.353125817,1.839500861,1.433069595,1.62048011,1.235420138,1.396726862
9/30/2024,0.955778464,1.484652461,0.260790194,1.945818104,1.427967211,1.804899012,1.397770224,0.857102712
10/31/2024,0.874335786,1.267378934,-0.091110243,2.053616228,0.854511822,1.566053117,1.417360285,0.673400673
11/30/2024,0.878094229,1.276143212,-0.104166667,1.9680813,0.976295701,1.550586824,1.36390638,0.728393332
12/31/2024,0.930146567,1.113665938,0,1.883555524,0.616308154,1.531354265,1.302707448,0.293337058
1/31/2025,0.787100718,0.84583919,-0.829122943,0.26125331,0.785209222,1.665881547,1.372818665,-0.390788555
2/28/2025,0.681769038,0.767221575,-1.141374838,0.342465753,0.655960642,1.576249466,1.206814955,0.041794372
3/31/2025,0.578537589,0.672347057,-1.220779221,0.353007625,0.483062858,1.825782783,0.917474469,0.069657286
4/30/2025,0.606233733,0.650031717,-1.196047842,-0.014127786,0.671769725,1.386702965,1.147552596,-0.250278087
5/31/2025,0.564692148,0.600766322,-1.365587202,-0.031771808,0.628793155,1.445639696,1.203284258,-1.289614488
6/30/2025,0.496528108,0.36644033,-1.586269666,-0.637166895,0.497265042,1.174425507,0.875273523,-0.15311804
7/31/2025,0.503334432,0.403190409,-1.938085328,-0.865861814,0.840938982,1.249468763,0.720084716,0.223089794
8/31/2025,0.4532287,0.273770071,-2.65867327,-0.99996479,0.744219366,1.263836465,0.59018552,0.027828023
9/30/2025,0.402755965,-0.046868848,-3.017297438,-1.290027769,0.496425735,0.721823554,0.250849842,-0.055725829
10/31/2025,0.293140017,-0.28159143,-5.145909328,-2.198419666,0.819361655,1.187056438,-0.272006753,-0.0696767
11/30/2025,0.234060185,-0.280639032,-5.25286757,-2.228382931,0.746031114,1.151510039,-0.075013479,-0.375469337
12/31/2025,0.073271179,-0.361094278,-5.422314911,-2.262681541,0.793508741,1.11644759,-0.384146913,-0.236768802
1/31/2026,0.204716051,-0.281248242,-5.930764206,-1.584562837,0.804928948,1.229991575,-0.643199626,0.448367661
2/28/2026,0.079590677,-0.502798181,-5.52348465,-1.843707118,0.713278099,0.811640523,-0.900163666,-0.375992202
3/31/2026,0.172373514,-0.400714045,-5.232711018,-1.681440833,0.917777469,0.532048597,-0.782929793,-0.278435194
4/30/2026,0.197495031,-0.239613623,-5.171052632,-1.126850118,1.01380116,0.839102161,-0.898755749,0.013939225
5/31/2026,0.270665876,-0.210695607,-5.261075949,-1.017020976,1.144924957,0.800536485,-1.186646151,1.223071577
6/30/2026,0.31928722,-0.095488332,-4.769454353,-0.662509743,1.244928253,0.766877593,-1.016957059,0.264882197

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