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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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We help ensure our financial system is operating safely and effectively, and we help support secure and efficient methods to transfer your funds through our financial system.
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We work with teachers, students and the public to enhance understanding of economics, personal finance and the Federal Reserve.

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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

Closing the Digital Divide

Second/Third Quarter 2020

By Tim Sablik

Digital connections have become more important in a time of social distancing, but rural broadband access still lags behind cities.

Blog Post

State and Local Governments: Economic Shocks and Fiscal Challenges

Regional Matters

October 20, 2020

By John Mullin and Santiago Pinto

The COVID-19 pandemic is forecast to negatively affect state and local government revenues. In the absence of sizable federal transfers, this is likely to disrupt spending on critical services — including education — in ways that may have long-lasting effects.

Publications

Estimating the Effects of Demographics on Interest Rates: A Robust Bayesian Perspective

Working Paper Series

October 2020, No. 20-14

Paul Ho

Lending Relationships and Optimal Monetary Policy

Working Paper Series

September 2020, No. 20-13

Zachary Bethune, Guillaume Rocheteau, Russell Wong and Cathy Zhang

Household Financial Distress and the Burden of 'Aggregate' Shocks

Working Paper Series

September 2020, No. 20-12

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

Data & Analysis

Fifth District Surveys of Manufacturing and Service Sector Activity

October 27, 2020

Manufacturing activity strengthened in October, while the service sector showed signs of improvement.

Month,Manufacturing Composite,Service Sector Revenues
2010-10-01,5.666666508,-2
2010-11-01,8.666666985,.3333333433
2010-12-01,16,7.333333492
2011-01-01,16.33333397,11
2011-02-01,16.33333397,12.33333302
2011-03-01,13.66666698,9.333333015
2011-04-01,10.66666698,11
2011-05-01,6,10
2011-06-01,2.666666746,8
2011-07-01,3.333333254,7
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
2012-03-01,6,13
2012-04-01,7,12.66666698
2012-05-01,7,11.33333302
2012-06-01,5.333333492,7
2012-07-01,-.3333333433,3.333333254
2012-08-01,-4.666666508,1.333333373
2012-09-01,-2.666666746,.6666666865
2012-10-01,-.6666666865,2.333333254
2012-11-01,1.666666627,5
2012-12-01,.3333333433,4
2013-01-01,-4,8.333333015
2013-02-01,-3.666666746,9
2013-03-01,-3,8.333333015
2013-04-01,-.6666666865,1.666666627
2013-05-01,-2,1.666666627
2013-06-01,-1,4.333333492
2013-07-01,1,6.666666508
2013-08-01,4.333333492,6.333333492
2013-09-01,2.666666746,4.666666508
2013-10-01,3.666666746,3.333333254
2013-11-01,4.333333492,1.333333373
2013-12-01,8.333333015,3.333333254
2014-01-01,9.666666985,3.666666746
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
2014-08-01,7.333333492,13.33333302
2014-09-01,11,16.66666603
2014-10-01,16.33333397,19.66666603
2014-11-01,14,22.33333397
2014-12-01,10.33333302,20
2015-01-01,4.333333492,16.66666603
2015-02-01,2.333333254,15.33333302
2015-03-01,-.6666666865,16
2015-04-01,-4.333333492,14.66666698
2015-05-01,-2.666666746,11
2015-06-01,1.666666627,12.66666698
2015-07-01,7,17.66666603
2015-08-01,7,25
2015-09-01,3.333333254,21.33333397
2015-10-01,2,17.66666603
2015-11-01,1,9
2015-12-01,3,10
2016-01-01,2.666666746,9.666666985
2016-02-01,-.3333333433,8
2016-03-01,3.333333254,7.666666508
2016-04-01,5,6.666666508
2016-05-01,8.666666985,8.666666985
2016-06-01,1,5.333333492
2016-07-01,.6666666865,2
2016-08-01,-1.666666627,0
2016-09-01,-1.666666627,3
2016-10-01,-3.333333254,5.666666508
2016-11-01,-.3333333433,9
2016-12-01,4.666666508,8.666666985
2017-01-01,8.333333015,13.33333302
2017-02-01,12.33333302,15.33333302
2017-03-01,15.66666698,15.33333302
2017-04-01,17.66666603,14.66666698
2017-05-01,13.66666698,18.33333397
2017-06-01,11.66666698,21.66666603
2017-07-01,9.666666985,19.33333397
2017-08-01,12.66666698,17.66666603
2017-09-01,15,18
2017-10-01,16,22.66666603
2017-11-01,20.66666603,26.33333397
2017-12-01,21.66666603,27.66666603
2018-01-01,22,26
2018-02-01,20.66666603,22.66666603
2018-03-01,17.66666603,20.66666603
2018-04-01,12.66666698,15.33333302
2018-05-01,10.66666698,13
2018-06-01,13.33333302,13.33333302
2018-07-01,20,20
2018-08-01,21.66666603,24.66666603
2018-09-01,23.66666603,24.33333397
2018-10-01,22.33333397,17.33333397
2018-11-01,18.66666603,10
2018-12-01,9.333333015,7
2019-01-01,3,8.666666985
2019-02-01,4,11
2019-03-01,7.333333492,9
2019-04-01,10,13.33333302
2019-05-01,7,8.666666985
2019-06-01,4.333333492,13.33333302
2019-07-01,-1,10
2019-08-01,-3.666666746,11.33333302
2019-09-01,-6.666666508,8.666666985
2019-10-01,-1.333333373,12.66666698
2019-11-01,0,14.66666698
2019-12-01,2.333333254,18
2020-01-01,4,14
2020-02-01,2,15.33333302
2020-03-01,2.666666746,8.666666985
2020-04-01,-19.33333397,-24
2020-05-01,-27,-45.66666794
2020-06-01,-27.33333397,-54.33333206
2020-07-01,-6,-30.33333397
2020-08-01,9.333333015,-13
2020-09-01,16.33333397,-2
2020-10-01,22.66666603,9