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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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Economic Research
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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Community Development
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

Update: COVID-19 and Households on the Economic Edge

March 27, 2020

By Kartik B. Athreya, Ryan Mather, José Mustre-del-Río and Juan M. Sanchez

U.S. counties with a higher share of households in financial distress are experiencing higher infection rates from COVID-19, according to research by economists from the Richmond, Kansas City, and St. Louis Feds.

Article

The Coronavirus and Firms in the Fifth District

Regional Matters

March 24, 2020

By Joseph Mengedoth and Sonya Ravindranath Waddell

The Richmond Fed added special questions to the March regional surveys of business activity to gauge the economic impact of the novel coronavirus in the Fifth District. Firms reported impacts before the emergency declarations and the initiation of social distancing mandates on the state and local level.

Publications

Regressive Welfare Effects of Housing Bubbles

Macroeconomic Dynamics

Forthcoming

Andrew Graczyk and Toan Phan

Investigating Non-neutrality in a State-Dependent Pricing Model with Firm-level Productivity Shocks

International Economic Review

Forthcoming

Michael Dotsey and Alexander L. Wolman

Income Volatility and Portfolio Choices

Working Paper Series

March 2020, No. 20-01

Yongsung Chang, Jay H. Hong, Marios Karabarbounis and Yicheng Wang

Data & Analysis

Fifth District Surveys of Manufacturing and Service Sector Activity

March 24, 2020

Manufacturers and services firms reported little change in activity in March and were pessimistic about business conditions in the coming months.

Month,Manufacturing Composite,Service Sector Revenues
2010-03-01,9,-8
2010-04-01,14,-4.333333492
2010-05-01,15.33333302,2.666666746
2010-06-01,16,4
2010-07-01,10.33333302,3.333333254
2010-08-01,7,.6666666865
2010-09-01,4.333333492,-1.333333373
2010-10-01,5.666666508,-1.666666627
2010-11-01,8.666666985,.3333333433
2010-12-01,16,7
2011-01-01,16.66666603,10.66666698
2011-02-01,16.66666603,12.33333302
2011-03-01,14,9.666666985
2011-04-01,11,11.33333302
2011-05-01,6.333333492,10.66666698
2011-06-01,3,8.333333015
2011-07-01,3.333333254,7.333333492
2011-08-01,4,6.666666508
2011-09-01,2,6.666666508
2011-10-01,-.3333333433,2
2011-11-01,-1.666666627,2.666666746
2011-12-01,-3,8
2012-01-01,-.3333333433,11.66666698
2012-02-01,3,11.66666698
2012-03-01,6.333333492,13
2012-04-01,7.666666508,12.66666698
2012-05-01,8,11.33333302
2012-06-01,6,6.666666508
2012-07-01,0,3.333333254
2012-08-01,-4.666666508,1.333333373
2012-09-01,-2.666666746,1
2012-10-01,-.6666666865,2.333333254
2012-11-01,1.666666627,5.333333492
2012-12-01,.3333333433,4.333333492
2013-01-01,-4,9
2013-02-01,-3.666666746,9.333333015
2013-03-01,-3.333333254,8.666666985
2013-04-01,-1,1.666666627
2013-05-01,-2.666666746,1.666666627
2013-06-01,-1.333333373,4.333333492
2013-07-01,.3333333433,6.666666508
2013-08-01,4,6.333333492
2013-09-01,2,4.666666508
2013-10-01,3.333333254,3.333333254
2013-11-01,4.333333492,1
2013-12-01,8.666666985,3
2014-01-01,10,3.333333254
2014-02-01,5.333333492,4.666666508
2014-03-01,0,3.666666746
2014-04-01,0,6.666666508
2014-05-01,3.333333254,8.666666985
2014-06-01,6.333333492,9.666666985
2014-07-01,6,11
2014-08-01,7.333333492,13
2014-09-01,11,16.33333397
2014-10-01,16,19.33333397
2014-11-01,13.66666698,22.33333397
2014-12-01,10,20
2015-01-01,4.333333492,16.66666603
2015-02-01,2.333333254,15.33333302
2015-03-01,-.6666666865,16
2015-04-01,-4,14.66666698
2015-05-01,-2.333333254,11
2015-06-01,2,12.66666698
2015-07-01,7,17.33333397
2015-08-01,6.666666508,24.33333397
2015-09-01,3,20.66666603
2015-10-01,1.666666627,17.33333397
2015-11-01,1,9
2015-12-01,3,10.33333302
2016-01-01,3,10
2016-02-01,-.3333333433,8.333333015
2016-03-01,3.333333254,8
2016-04-01,4.666666508,6.666666508
2016-05-01,8.666666985,9
2016-06-01,1,5.333333492
2016-07-01,.6666666865,2.666666746
2016-08-01,-1.666666627,0
2016-09-01,-1.666666627,3
2016-10-01,-3.333333254,5.333333492
2016-11-01,-.6666666865,9
2016-12-01,4,8.666666985
2017-01-01,8,13.33333302
2017-02-01,12.33333302,15.33333302
2017-03-01,16.33333397,15.33333302
2017-04-01,18.33333397,14.66666698
2017-05-01,14.33333302,18.66666603
2017-06-01,12,22
2017-07-01,9.333333015,20
2017-08-01,12.33333302,17.33333397
2017-09-01,14.33333302,17.66666603
2017-10-01,15.33333302,22.33333397
2017-11-01,19.66666603,26.66666603
2017-12-01,20.66666603,28
2018-01-01,21.66666603,26
2018-02-01,20.66666603,23
2018-03-01,18.33333397,21.33333397
2018-04-01,13.33333302,16
2018-05-01,11.66666698,14
2018-06-01,13.66666698,14
2018-07-01,19.66666603,20.33333397
2018-08-01,20.66666603,23
2018-09-01,22.66666603,22.66666603
2018-10-01,21.33333397,16
2018-11-01,17.66666603,9.666666985
2018-12-01,8,7
2019-01-01,2.666666746,8.666666985
2019-02-01,4,11.66666698
2019-03-01,8.333333015,10
2019-04-01,11,14.66666698
2019-05-01,8.666666985,10.33333302
2019-06-01,6,14
2019-07-01,-1,10
2019-08-01,-3,11
2019-09-01,-6.666666508,7.666666508
2019-10-01,0,12
2019-11-01,-.6666666865,15
2019-12-01,.6666666865,18.66666603
2020-01-01,4.666666508,14
2020-02-01,4.333333492,17.66666603
2020-03-01,6.666666508,12.33333302

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Economic Research

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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