Research

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

Fifth District Unemployment Rates

October 20, 2026

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
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, 5.5,7.3,6.4,5.6,4.6,4.8,6.4
2021-02-01,6.2, 5.3,7,6.2,5.5,4.5,4.7,6.1
2021-03-01,6.1, 5.2,7,6.1,5.4,4.3,4.6,5.9
2021-04-01,6.1, 5.1,7,5.9,5.3,4.2,4.4,5.7
2021-05-01,5.8, 4.9,7.1,5.7,5.1,4.1,4.2,5.4
2021-06-01,5.9, 4.8,7.2,5.6,5.1,4,4,5.2
2021-07-01,5.4, 4.6,7.1,5.3,4.9,3.9,3.8,5
2021-08-01,5.1, 4.4,7,5,4.7,3.8,3.5,4.8
2021-09-01,4.7, 4.1,6.6,4.6,4.5,3.6,3.3,4.5
2021-10-01,4.5, 3.9,6.5,4.2,4.2,3.5,3.1,4.3
2021-11-01,4.1, 3.7,6.3,3.9,4,3.4,2.9,4.2
2021-12-01,3.9, 3.5,6.1,3.5,3.8,3.3,2.8,4.1
2022-01-01,4, 3.4,5.9,3.5,3.7,3.3,2.7,4
2022-02-01,3.9, 3.3,5.5,3.3,3.6,3.2,2.6,4
2022-03-01,3.7, 3.2,5.2,3.2,3.6,3.2,2.6,4
2022-04-01,3.7, 3.2,4.9,3.1,3.6,3.2,2.6,4
2022-05-01,3.6, 3.2,4.6,3.1,3.6,3.2,2.5,4
2022-06-01,3.6, 3.2,4.4,3.1,3.7,3.2,2.6,3.9
2022-07-01,3.5, 3.2,4.2,3,3.7,3.2,2.6,3.9
2022-08-01,3.6, 3.3,4,3,3.8,3.2,2.7,3.9
2022-09-01,3.5, 3.2,4.2,2.8,3.8,3.2,2.8,3.8
2022-10-01,3.6, 3.3,4.3,2.8,3.7,3.2,2.9,3.8
2022-11-01,3.6, 3.2,4.5,2.6,3.7,3.2,2.9,3.7
2022-12-01,3.5, 3.2,4.7,2.5,3.6,3.1,2.9,3.6
2023-01-01,3.5, 3.1,4.8,2.3,3.6,3.1,2.9,3.6
2023-02-01,3.6, 3.0,4.8,2.2,3.5,3,2.8,3.6
2023-03-01,3.5, 3.0,4.8,2.1,3.5,3,2.7,3.6
2023-04-01,3.4, 2.9,4.8,1.9,3.4,2.9,2.6,3.7
2023-05-01,3.6, 2.9,4.8,1.9,3.4,2.8,2.6,3.8
2023-06-01,3.6, 2.9,4.7,1.9,3.4,2.8,2.5,3.8
2023-07-01,3.5, 2.9,4.8,2,3.4,2.8,2.6,3.9
2023-08-01,3.7, 3.0,4.8,2.2,3.5,2.8,2.6,4
2023-09-01,3.7, 3.0,4.9,2.3,3.5,2.9,2.7,4
2023-10-01,3.9, 3.1,5,2.5,3.5,3,2.8,4.1
2023-11-01,3.7, 3.2,5,2.6,3.5,3.2,2.8,4.1
2023-12-01,3.8, 3.2,5.1,2.7,3.5,3.3,2.8,4.2
2024-01-01,3.7, 3.3,5.1,2.8,3.5,3.4,2.8,4.2
2024-02-01,3.9, 3.3,5.1,2.9,3.5,3.6,2.8,4.2
2024-03-01,3.9, 3.3,5.1,3,3.6,3.7,2.8,4.1
2024-04-01,3.9, 3.4,5.2,3,3.6,3.9,2.8,4.1
2024-05-01,3.9, 3.5,5.2,3.1,3.6,4.1,2.8,4.1
2024-06-01,4.1, 3.5,5.3,3.2,3.6,4.3,2.9,4.1
2024-07-01,4.2, 3.6,5.4,3.3,3.7,4.4,2.9,4.1
2024-08-01,4.2, 3.6,5.4,3.3,3.7,4.5,3,4
2024-09-01,4.1, 3.6,5.4,3.3,3.7,4.5,3,4
2024-10-01,4.1, 3.6,5.4,3.3,3.7,4.4,3.1,3.9
2024-11-01,4.2, 3.6,5.5,3.4,3.7,4.3,3.1,3.9
2024-12-01,4.1, 3.6,5.6,3.4,3.8,4.2,3.1,3.9
2025-01-01,4, 3.7,5.7,3.5,3.8,4.1,3.2,3.8
2025-02-01,4.2, 3.7,5.9,3.6,3.8,4.1,3.2,3.8
2025-03-01,4.2, 3.7,6,3.7,3.8,4.2,3.3,3.9
2025-04-01,4.2, 3.8,6.1,3.8,3.8,4.2,3.3,3.9
2025-05-01,4.3, 3.8,6.1,4,3.8,4.3,3.3,4
2025-06-01,4.1, 3.9,6.2,4.1,3.8,4.4,3.2,4
2025-07-01,4.3, 3.9,6.3,4.2,3.9,4.4,3.3,4.2
2025-08-01,4.3, 4.0,6.5,4.3,3.9,4.6,3.3,4.3
2025-09-01,4.4, 4.1,6.6,4.3,3.9,4.7,3.4,4.5
2025-10-01,NA,  NA,NA,NA,NA,NA,NA,NA
2025-11-01,4.5, 4.1,6.7,4.3,3.8,4.8,3.6,4.6
2025-12-01,4.4, 4.1,6.7,4.2,3.8,4.8,3.6,4.6
2026-01-01,4.3, 4.1,6.7,4.3,3.8,4.9,3.7,4.6
2026-02-01,4.4, 4.2,6.5,4.3,3.8,5,3.8,4.7
2026-03-01,4.3, 4.2,6.3,4.3,3.7,4.9,3.8,4.5
2026-04-01,4.3, 4.1,6.2,4.4,3.7,4.8,3.8,4.4
2026-05-01,4.3, 4.1,6.1,4.4,3.7,4.6,3.8,4.3
2026-06-01,4.2, 4.0,6,4.3,3.6,4.4,3.8,4.2
2026-07-01,4.1, 3.9,5.9,4.2,3.6,4.2,3.7,4.1
2026-08-01,4.1, 3.8,5.7,4.1,3.5,4.1,3.6,4
2026-09-01,4.2, 3.7,5.6,3.9,3.4,4,3.6,4

Economic Research

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