Misallocation and Credit Market Constraints: the Role of Long-Term Financing
January 2019, No. 19-01
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.
Featured
Publication
It's a Wonderful Loan: A Short History of Building and Loan Associations
January 2019, No. 19-01
By David A. Price and John R. Walter
Publication
New Issue of Economic Quarterly Released
In the latest issue of the Richmond Fed's quarterly journal, two articles examine why payment platforms charge ad valorem fees and what economists can learn from online wage postings vs. more aggregated sources of income data.
End-of-Life Medical Expenses
December 2018, No. 18-18
Eric French, John Bailey Jones, Elaine Kelly and Jeremy McCauley
Financial Fragility and Over-the-Counter Markets
Journal of Economic Theory
Vol. 177, September 2018
Employment Growth in the Fifth District
January 14, 2019
For more information on the regional economy, see our latest report on the Fifth District and our economic indicator charts.
Month,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia 2008-11-01,-1.994114542,-1.443313745,0.715512307,-1.263109546,-2.145107376,-2.732268502,-0.852731654,0.157666535 2008-12-01,-2.578552283,-1.942463556,0.385659192,-1.720315009,-2.809326002,-3.437660339,-1.16229812,-0.144698763 2009-01-01,-3.152746372,-2.914120296,0.887616321,-2.351773375,-4.118888836,-4.779938588,-2.118050971,-0.91671032 2009-02-01,-3.604938629,-3.417136407,0.788078521,-2.699297495,-4.711377246,-5.457151633,-2.658605486,-1.1912554 2009-03-01,-4.146568993,-3.886210498,-0.014277556,-2.990211074,-5.380316151,-5.984922304,-3.007240632,-1.339285714 2009-04-01,-4.497515465,-4.341443854,-0.969627834,-3.276119118,-5.754374143,-6.213002522,-3.668804603,-1.969279244 2009-05-01,-4.626822369,-4.308602875,-0.838663824,-2.988963826,-5.786657669,-6.40576725,-3.345665962,-3.426710098 2009-06-01,-4.860727875,-4.253531444,-0.823045267,-2.847043455,-5.991406363,-6.54026967,-3.386064229,-1.264822134 2009-07-01,-4.962073555,-4.486336087,-0.594816598,-3.263582261,-6.137804229,-6.162887456,-3.763896241,-2.669807617 2009-08-01,-4.913063122,-4.521550205,-1.303433777,-3.21799308,-6.170805572,-6.076253064,-3.828232553,-2.579884756 2009-09-01,-4.772522901,-4.532673895,-1.327496116,-3.191612381,-6.078916715,-6.312933688,-3.724844688,-3.233407514 2009-10-01,-4.594007688,-4.259370543,-0.1276958,-2.989802225,-5.897160174,-5.822744933,-3.56306546,-3.128681765 2009-11-01,-4.050933611,-3.819641377,0.07104291,-2.686463018,-5.345162321,-5.332910925,-3.095702342,-2.899121081 2009-12-01,-3.753281618,-3.541309189,0.199203187,-2.508946631,-5.027546508,-4.941551541,-2.914467869,-2.186800158 2010-01-01,-3.174816307,-2.779250228,0.170285228,-1.993978965,-3.865495759,-3.606363539,-2.449882632,-2.0222046 2010-02-01,-2.718389813,-2.785750215,-0.312766562,-2.986070237,-3.488927431,-2.831925493,-2.46541904,-2.159512454 2010-03-01,-1.984171891,-1.623886462,0.942453234,-1.182499015,-2.423566395,-2.012873664,-1.471229294,-1.104604738 2010-04-01,-1.29318518,-0.565906386,2.476601872,-0.335941823,-1.435137896,-0.828759605,-0.26851522,-0.428552297 2010-05-01,-0.6304614,0.07113707,2.46559633,-0.039500711,-0.77767261,0.148547535,0.166785148,2.010253643 2010-06-01,-0.381615301,0.121506683,2.461010159,0.079095151,-0.544371405,0.304018573,0.287497946,0.293568188 2010-07-01,-0.180593817,0.509601126,2.649950135,0.365151816,-0.180426322,0.737127972,0.684856153,1.169826543 2010-08-01,-0.042917139,0.439283884,0.46861687,0.436976125,-0.028403222,0.955131053,0.591862578,0.86033069 2010-09-01,0.084449733,0.657015338,2.118219551,0.633087796,-0.074929592,1.058083199,0.838320051,1.325757576 2010-10-01,0.450609784,1.106355304,1.761613866,0.943696743,0.908972861,1.399342142,1.103722303,1.364864865 2010-11-01,0.540528072,1.041784794,1.66122391,0.896307214,0.942465469,1.31072564,0.948180816,1.269927047 2010-12-01,0.811366841,1.29669581,1.74666288,1.248852891,1.227823734,1.844605925,1.172640234,0.673400673 2011-01-01,0.831285295,1.310080044,2.379940501,1.128974349,1.121694774,1.204349038,1.582077168,0.809388911 2011-02-01,1.028321231,2.087169576,3.037649743,2.734185407,1.62260711,1.63833937,2.291371208,1.530128639 2011-03-01,1.073745949,1.624970685,2.47559768,1.495811727,1.449727202,1.653398653,1.847140803,1.009285426 2011-04-01,1.150299677,1.28806414,2.149782212,0.884324067,1.329084409,1.42785987,1.261023654,1.412239408 2011-05-01,0.808192129,0.600119725,1.147174035,0.442582787,0.812127775,0.681206395,0.529548246,-0.330644095 2011-06-01,1.095600742,0.784340165,1.52213378,0.462340947,1.117938655,1.025019288,0.570617304,-0.093134646 2011-07-01,1.211247738,1.057471953,1.249132547,1.004468699,1.221370104,1.100352113,1.059906575,0.093035619 2011-08-01,1.309534762,1.16505,2.614840989,0.751493098,1.337913578,1.04510451,1.154867136,0.639744102 2011-09-01,1.537222414,1.414241449,2.466713385,1.016855266,1.525572736,1.294979886,1.430251319,1.388518024 2011-10-01,1.489680936,1.070314662,1.465866257,0.852037395,1.026894866,1.055641082,1.108048361,1.506465805 2011-11-01,1.500447381,1.192658491,1.480446927,0.848862919,1.18058592,1.178154591,1.28058104,1.747598719 2011-12-01,1.597444089,1.256183772,1.730635031,0.949716267,1.338849771,1.086717892,1.156321588,2.314381271 2012-01-01,1.829184431,1.6257671,1.093123011,1.305719921,1.909664136,1.950305768,1.290603643,2.609393818 2012-02-01,1.86555776,1.446726046,1.051903114,1.224409449,1.571069763,1.622895992,1.274976213,2.347292611 2012-03-01,1.869564555,1.550601109,1.118166759,1.328355276,1.715836919,1.774370208,1.3303649,2.398081535 2012-04-01,1.674301298,1.293238,0.357634113,1.053459119,1.626140983,1.407759044,1.144934614,1.724137931 2012-05-01,1.700602803,1.451927225,1.286307054,1.109449996,1.846452867,1.456866918,1.102392137,2.41507431 2012-06-01,1.571783679,1.363957335,1.072902338,1.305904103,1.427294779,1.707396902,1.180909979,1.571447596 2012-07-01,1.634551294,1.028620552,0.315284441,0.830037978,1.466836735,1.431214628,0.624408704,1.115389722 2012-08-01,1.679330387,1.302909857,1.019283747,1.142386056,1.659232828,1.676646707,1.006411817,0.807840021 2012-09-01,1.646911286,1.305003995,0.670222952,1.22204379,1.775162999,1.675552171,0.927473713,0.711087701 2012-10-01,1.602075759,1.548138829,1.926252064,1.177298862,1.997248688,1.855277476,1.3442384,0.36774363 2012-11-01,1.589023756,1.543864838,1.981833196,1.213639745,2.003152168,2.187397976,1.23203839,-0.170447096 2012-12-01,1.618217929,1.493737961,1.797228701,1.15157903,1.848611639,2.052340102,1.401919551,-0.3791841 2013-01-01,1.508193769,1.328351403,1.546673967,1.175966668,1.699623709,1.659011078,1.163947206,-0.286906625 2013-02-01,1.529530729,1.340866677,1.753184495,1.104585586,1.771340617,1.618559482,1.167659849,-0.312744332 2013-03-01,1.445775927,1.196323066,1.501706485,0.926967382,1.722141095,1.425957813,0.999410535,-0.507416081 2013-04-01,1.524943777,1.277460634,2.412280702,1.081375447,1.705789116,1.700295938,0.858369099,-0.35202086 2013-05-01,1.615431702,1.152543367,2.102963266,1.097276265,1.561872238,1.79090029,0.899691151,-1.995335579 2013-06-01,1.68176324,1.25614138,1.605879151,1.059988352,1.719363609,1.834271923,0.767352633,0.144224466 2013-07-01,1.646271482,1.410589323,2.090735174,1.087251971,1.805153991,2.097752025,0.972438618,0.249507551 2013-08-01,1.708905512,1.35715802,2.208890101,1.013041453,1.795116081,2.120141343,0.77942949,0.367840252 2013-09-01,1.711644085,1.286732488,2.255434783,0.816468676,1.924376267,2.306046014,0.569001443,-0.366108787 2013-10-01,1.75201556,1.116439055,1.309395248,0.66491418,1.970627903,2.441108915,0.114529232,-0.340225072 2013-11-01,1.817817729,1.149760072,1.700404858,0.870305187,1.83671435,2.14057508,0.234354194,0.013133701 2013-12-01,1.703498057,1.035463159,1.522911051,0.486261192,1.899711184,2.314322196,0.015952356,-0.249376559 2014-01-01,1.676497982,0.916785227,0.700903087,0.381018358,1.668736032,2.503721029,0.09300101,-0.863196443 2014-02-01,1.611986986,0.645975161,0.740341903,0.326985959,1.232241589,2.134324396,-0.209610231,-0.901960784 2014-03-01,1.687508751,0.874320898,0.806993948,0.265160249,1.648433246,2.70040851,-0.103461998,-0.758467373 2014-04-01,1.782428872,1.269316873,0.562098501,0.65804664,2.018552876,2.867573144,0.539893617,-0.287845087 2014-05-01,1.78810185,1.503993738,0.641968704,0.862135324,2.197992385,2.89005125,0.827788129,0.740349022 2014-06-01,1.894628706,1.404952094,0.884007501,0.899031812,2.33870369,2.664981303,0.798785846,-1.453260016 2014-07-01,1.955407615,1.295488575,0.468478115,0.714477778,2.274467192,2.443510247,0.699691391,-1.034844118 2014-08-01,1.926806244,1.345485798,0.306830309,1.07204611,2.167380917,2.485058194,0.706957955,-0.772251309 2014-09-01,1.984625727,1.400164386,0.757374435,1.105396484,2.040265161,2.546937922,0.751719925,-0.052493438 2014-10-01,2.014416833,1.517794082,1.065956029,1.240399386,2.118695961,2.628011263,0.848675109,0.196953782 2014-11-01,2.073818317,1.59669431,0.782908705,1.269269116,2.268555906,2.997601918,0.842233913,0.118187787 2014-12-01,2.187427207,1.657466516,0.849595115,1.440202781,2.323649425,2.906765119,0.917114147,0.118421053 2015-01-01,2.211559433,1.860070346,2.195154598,1.311249137,2.513311514,2.738163149,1.290185564,0.488126649 2015-02-01,2.270351117,2.161761104,2.057723143,1.537576687,3.059025227,3.202162499,1.491624568,0.263817438 2015-03-01,2.133441551,1.707634087,1.854569713,1.314629566,2.369241258,2.634569687,1.157850011,-0.303070233 2015-04-01,2.107675845,1.624707574,1.543784935,1.418358374,2.080453917,2.324744124,1.388778668,-0.669203517 2015-05-01,2.157250498,1.826607922,1.740863787,1.640845608,2.271682593,2.598336243,1.541669966,-0.419947507 2015-06-01,2.06968069,1.943966348,1.818906001,1.504074328,2.372315728,2.739444929,1.672081781,0.557991232 2015-07-01,2.109910972,2.223650386,2.451372236,1.758266906,2.431544888,2.954603745,2.324905551,0.079417604 2015-08-01,2.061974096,2.167096618,2.500332491,1.554896594,2.427558941,2.972171066,2.338224427,-0.395726157 2015-09-01,1.91734495,2.056313993,1.833047606,1.378027485,2.425350689,2.861077111,2.356973372,-0.958508403 2015-10-01,1.982506455,2.273179043,2.346736981,1.669005804,2.475295021,2.997662839,2.746194634,-1.03525095 2015-11-01,1.947477342,2.203642032,2.290980908,1.525994926,2.431203637,2.763577466,2.769068634,-1.049317943 2015-12-01,1.931885369,2.259115044,2.672107411,1.597698103,2.457137399,2.799393633,2.802728973,-1.064528847 2016-01-01,1.852167975,1.949679761,1.833660773,1.581895247,2.365919325,2.670233709,2.083606343,-1.496652225 2016-02-01,1.84155787,1.991214401,2.251898403,1.344360107,2.39549419,2.750214073,2.239920358,-1.486646494 2016-03-01,1.951935971,2.270625199,2.305475504,1.672088976,2.737803573,2.687739078,2.570093458,-0.872323553 2016-04-01,1.871561192,2.132347765,2.712975098,1.52291918,2.795790874,2.92535813,1.928094344,-1.05680317 2016-05-01,1.66095588,1.744051501,2.207419018,0.942333684,2.445947864,2.557557558,1.474067334,-0.593041645 2016-06-01,1.725038099,1.654698939,1.995044986,0.85906141,2.473247821,2.391771109,1.51208106,-1.691108469 2016-07-01,1.770522283,1.622029423,1.547464239,1.06071964,2.583626034,2.640625778,1.045674008,-1.46805978 2016-08-01,1.776217676,1.554751093,1.647852602,1.13427919,2.410035539,2.329971683,1.057300531,-1.37730102 2016-09-01,1.898849864,1.683945044,1.683501684,1.445422206,2.492424064,2.508800635,1.107562333,-1.272703169 2016-10-01,1.746204285,1.27722786,1.236635321,1.055851957,2.076116468,1.790647198,0.834445928,-1.509533898 2016-11-01,1.678578178,1.392124237,1.197065259,1.156198717,2.146895295,2.02433138,0.76142132,-0.291622481 2016-12-01,1.638095504,1.311954362,0.807692308,1.132848891,2.06493113,2.084152576,0.799446537,-1.248671626 2017-01-01,1.745858823,1.573690554,1.196141479,1.344907235,2.125034913,2.472959685,1.160462131,-0.666400107 2017-02-01,1.7029968,1.54859762,0.85787452,1.490479562,2.033095829,2.284425707,1.199200533,-0.494123932 2017-03-01,1.58746729,1.43595833,1.216389245,1.291114749,1.840618633,2.303695716,1.039133884,-0.44 2017-04-01,1.586242371,1.202792961,0.727319127,0.998811822,1.626767723,1.787371197,1.041799985,-0.774365821 2017-05-01,1.669956079,1.237197249,0.920127796,1.212481869,1.655583264,1.698306574,1.134966182,-1.471563039 2017-06-01,1.634750765,1.476152081,1.086678599,1.409655583,1.772706316,1.945771969,1.302723178,0.013439054 2017-07-01,1.537652416,1.259314251,0.857984377,1.153432482,1.615460625,1.655259453,1.052739166,-0.026845638 2017-08-01,1.567586622,1.204016594,0.906305846,1.02901984,1.689150369,1.456452083,0.946718383,-0.026856452 2017-09-01,1.392252234,0.92155479,0.815078961,0.675501089,1.361448545,0.865779927,0.79991848,0.147710487 2017-10-01,1.481200675,1.106907376,1.030665479,0.535331906,1.703698608,1.589532348,0.738420798,0.376445281 2017-11-01,1.509737913,0.970269679,0.928516917,0.549369516,1.479702687,1.631746645,0.669160115,-0.678011167 2017-12-01,1.504431472,0.945768642,0.979269999,0.081064151,1.596145503,1.598613251,0.513485345,0.699488835 2018-01-01,1.44478915,0.986048034,0.991357397,0.389662905,1.615880758,1.27620784,0.626871732,0.536696632 2018-02-01,1.527800625,1.092676683,0.837882443,0.227631531,1.628642267,1.672657561,0.855826201,0.993155281 2018-03-01,1.583212874,1.135907331,0.36685642,0.415090181,1.689135426,1.561901112,1.046178788,0.602651667 2018-04-01,1.581317,1.275677,0.747403,0.341899,1.875853,1.736794,1.188124,0.874596 2018-05-01,1.656880,1.580872,0.785108,0.591629,2.330494,1.842699,1.345155,2.125942 2018-06-01,1.633024,1.417327,0.366764,0.443792,2.346599,1.717293,1.195018,0.927170 2018-07-01,1.613871,1.497543,1.142712,0.648970,2.351877,1.528030,1.292101,0.912997 2018-08-01,1.655676,1.621999,0.796964,0.806038,2.300669,1.804000,1.610253,1.007388 2018-09-01,1.726965,1.494290,0.492673,0.861626,2.003437,1.424187,1.723615,0.831322 2018-10-01,1.725824,1.677773,0.151134,1.204510,2.234297,1.827029,1.738999,0.977766 2018-11-01,1.696168,1.706542,0.025205,1.345752,2.269449,1.558047,1.898094,0.870031 2018-12-01,1.786960,,,,,,,
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