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Article

What Can News Shocks Tell Us About the Effects of AI?

April 2025, No. 25-16

By Christoph Görtz, Christopher Gunn and Thomas A. Lubik

Announcements regarding AI can have significant impact on the economy, even if the actual technology isn't enacted for a while.

Key chain with a house key and a house-shaped charm labeled with "USDA loan" laying on a stack of cash.

Blog Post

How Does USDA Funding Flow into the Fifth District?

Regional Matters

April 17, 2025

By Emily Wavering Corcoran and Joseph Mengedoth

A look at where USDA Rural Development funding goes across the Fifth District. Which programs drive total investments, and which states and counties get the largest shares of funding?

Publications

A Better Sahm Rule? Introducing the SOS Recession Indicator

Economics Letters

Vol. 247, February 2025

John O'Trakoun and Adam Scavette

The Relationship Between Inflation and the Distribution of Relative Price Changes

Working Paper Series

December 2024, No. 24-15

Andreas Hornstein, Francisco Ruge-Murcia and Alexander L. Wolman

The authors show that there has been a more general relationship between inflation and the distribution of relative price changes during the extended period of inflation stability in the U.S.

Assortative Matching and Wages: The Role of Selection

Working Paper Series

November 2024, No. 24-14

Katarína Borovičková and Robert Shimer

Results imply that encouraging high-wage firms to hire low-wage workers may be less effective at reducing wage inequality than wage patterns suggest.

Data & Analysis

Fifth District Unemployment Rates

April 18, 2025

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
2015-03-01,5.4, 5.5,7.2,5.3,5.8,6.3,4.6,6.6
2015-04-01,5.4, 5.5,7.1,5.2,5.8,6.2,4.6,6.7
2015-05-01,5.6, 5.4,7,5.1,5.8,6.1,4.5,6.8
2015-06-01,5.3, 5.4,6.9,5.1,5.8,6,4.4,6.7
2015-07-01,5.2, 5.3,6.8,5,5.7,5.8,4.3,6.7
2015-08-01,5.1, 5.2,6.7,5,5.7,5.7,4.2,6.6
2015-09-01,5, 5.1,6.7,4.9,5.6,5.6,4.2,6.5
2015-10-01,5, 5.0,6.6,4.8,5.5,5.5,4.1,6.4
2015-11-01,5.1, 5.0,6.5,4.7,5.4,5.4,4.1,6.3
2015-12-01,5, 4.9,6.5,4.6,5.4,5.4,4.1,6.3
2016-01-01,4.8, 4.9,6.4,4.5,5.3,5.3,4,6.3
2016-02-01,4.9, 4.8,6.3,4.4,5.2,5.3,4,6.3
2016-03-01,5, 4.8,6.2,4.3,5.2,5.2,4,6.3
2016-04-01,5.1, 4.7,6.1,4.2,5.1,5.1,4,6.2
2016-05-01,4.8, 4.7,6.1,4.2,5,5.1,4,6.2
2016-06-01,4.9, 4.6,6.1,4.2,5,5,4,6.1
2016-07-01,4.8, 4.6,6.2,4.2,5,4.9,4,6.1
2016-08-01,4.9, 4.6,6.2,4.2,5.1,4.7,4,6.1
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, 5.5,7.3,6.4,5.7,4.6,4.8,6.2
2021-02-01,6.2, 5.3,7,6.2,5.6,4.4,4.7,6
2021-03-01,6.1, 5.2,7,6.1,5.5,4.3,4.5,5.9
2021-04-01,6.1, 5.1,7,5.9,5.3,4.2,4.4,5.8
2021-05-01,5.8, 4.9,7,5.7,5.2,4.1,4.2,5.6
2021-06-01,5.9, 4.8,7.2,5.6,5.1,4,4,5.4
2021-07-01,5.4, 4.6,7.1,5.3,4.9,3.9,3.8,5.1
2021-08-01,5.1, 4.4,6.9,5,4.7,3.8,3.5,4.8
2021-09-01,4.7, 4.1,6.6,4.6,4.5,3.6,3.3,4.5
2021-10-01,4.5, 3.9,6.5,4.2,4.3,3.5,3.1,4.3
2021-11-01,4.2, 3.7,6.3,3.9,4.1,3.4,2.9,4.1
2021-12-01,3.9, 3.5,6.1,3.5,3.8,3.3,2.8,4
2022-01-01,4, 3.4,5.9,3.5,3.7,3.3,2.7,3.9
2022-02-01,3.8, 3.3,5.5,3.3,3.6,3.2,2.6,3.9
2022-03-01,3.7, 3.2,5.2,3.1,3.5,3.2,2.6,3.8
2022-04-01,3.7, 3.2,4.9,3.1,3.6,3.2,2.6,3.8
2022-05-01,3.6, 3.2,4.7,3,3.6,3.2,2.5,3.9
2022-06-01,3.6, 3.2,4.4,3,3.7,3.2,2.5,3.9
2022-07-01,3.5, 3.2,4.2,3,3.7,3.2,2.6,3.9
2022-08-01,3.6, 3.3,4,3,3.8,3.2,2.7,4
2022-09-01,3.5, 3.3,4.1,2.8,3.8,3.2,2.8,3.9
2022-10-01,3.6, 3.3,4.3,2.8,3.8,3.2,2.9,3.9
2022-11-01,3.6, 3.2,4.5,2.6,3.7,3.2,2.9,3.8
2022-12-01,3.5, 3.2,4.7,2.4,3.6,3.1,2.9,3.6
2023-01-01,3.5, 3.1,4.8,2.3,3.5,3.1,2.9,3.6
2023-02-01,3.6, 3.0,4.9,2.2,3.5,3,2.8,3.5
2023-03-01,3.5, 2.9,4.9,2,3.4,3,2.7,3.5
2023-04-01,3.4, 2.9,4.8,1.9,3.4,2.9,2.6,3.6
2023-05-01,3.6, 2.8,4.8,1.9,3.4,2.8,2.5,3.7
2023-06-01,3.6, 2.8,4.7,1.9,3.4,2.8,2.5,3.8
2023-07-01,3.5, 2.9,4.7,2,3.5,2.8,2.5,3.9
2023-08-01,3.7, 3.0,4.8,2.2,3.5,2.9,2.6,4
2023-09-01,3.8, 3.0,4.8,2.3,3.5,3,2.7,4.1
2023-10-01,3.9, 3.1,4.9,2.4,3.6,3.1,2.8,4.2
2023-11-01,3.7, 3.2,5,2.5,3.6,3.2,2.8,4.2
2023-12-01,3.8, 3.2,5.1,2.7,3.6,3.3,2.9,4.2
2024-01-01,3.7, 3.2,5.1,2.7,3.5,3.4,2.8,4.1
2024-02-01,3.9, 3.3,5.1,2.8,3.5,3.5,2.8,4.1
2024-03-01,3.9, 3.3,5.2,2.9,3.5,3.7,2.8,4.1
2024-04-01,3.9, 3.4,5.2,2.9,3.6,3.9,2.8,4
2024-05-01,4, 3.4,5.2,3,3.6,4.2,2.8,4.1
2024-06-01,4.1, 3.5,5.3,3.1,3.6,4.4,2.8,4.1
2024-07-01,4.2, 3.5,5.3,3.2,3.6,4.5,2.8,4.1
2024-08-01,4.2, 3.6,5.3,3.2,3.7,4.6,2.9,4.1
2024-09-01,4.1, 3.6,5.3,3.2,3.7,4.5,2.9,4.1
2024-10-01,4.1, 3.6,5.3,3.2,3.7,4.5,2.9,4.1
2024-11-01,4.2, 3.6,5.3,3.1,3.7,4.4,2.9,4.1
2024-12-01,4.1, 3.5,5.3,3.1,3.7,4.4,2.9,4.1
2025-01-01,4, 3.5,5.3,3,3.7,4.3,3,4
2025-02-01,4.1, 3.5,5.4,3,3.7,4.2,3.1,3.9
2025-03-01,4.2, 3.5,5.6,3,3.7,4.1,3.2,3.8

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Fifth District Unemployment Rates

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Data & Analysis