September 2026, No. 26-12
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.
Economic Research
We conduct and publish economic research to inform monetary policy and public understanding.
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October 2026, No. 26-34
Restrictive immigration policies might lower the quality of students studying in the U.S., in addition to lowering the number of students.
Podcast
Oct. 14, 2026
Kyle DeMaria and Urvi Neelakantan talk about their recent research on people who work multiple jobs and what this segment of the labor market says about the overall economy. DeMaria is a regional economist and advisor for workforce pathways and Neelakantan is a senior policy economist, both at the Federal Reserve Bank of Richmond.
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.
May 2026, No. 26-10
Population aging and educational upgrading explain most long-run movements in aggregate trends, while cohort effects drive large gender differences in participation.
Hornstein-Kudlyak-Lange Non-Employment Index
October 8, 2026
The Hornstein-Kudlyak-Lange Non-Employment Index (NEI) was 7.3 percent in September 2026, decreasing by 0.3 percentage point from August 2026. The index decreased by 0.5 percentage point compared to September 2025.
Month,HKL Nonemployment Index,HKL Nonemployment Index Including PTER,Civilian Unemployment Rate (U-3),Unemployed plus Marginally Attached (U-5),Unemployed plus Marginally Attached and PTER (U-6) 1994-01-01,9.986136214,11.04363621,6.6,8,11.7 1994-02-01,9.810209789,10.9634746,6.6,7.9,11.4 1994-03-01,9.703857815,10.9201153,6.5,7.8,11.5 1994-04-01,9.572033081,10.75890099,6.4,7.7,11.3 1994-05-01,9.363075545,10.5845627,6.1,7.3,10.9 1994-06-01,9.352813011,10.56756705,6.1,7.3,11 1994-07-01,9.295816875,10.45843437,6.1,7.4,10.8 1994-08-01,9.245970479,10.36604367,6,7.3,10.6 1994-09-01,9.154303959,10.26364483,5.9,7.2,10.4 1994-10-01,9.080662712,10.22160377,5.8,7,10.4 1994-11-01,8.980110498,10.13198011,5.6,6.8,10.1 1994-12-01,8.900465208,10.01810371,5.5,6.7,10.1 1995-01-01,8.920819896,10.10728643,5.6,6.7,10.1 1995-02-01,8.84993408,9.928902628,5.4,6.6,9.9 1995-03-01,8.887440455,9.9923871,5.4,6.6,9.9 1995-04-01,8.976063844,10.06903038,5.8,6.8,10.1 1995-05-01,9.018055486,10.15293675,5.6,6.8,10.1 1995-06-01,8.954509445,10.0778234,5.6,6.7,10.1 1995-07-01,8.93931011,10.07612094,5.7,6.8,10.1 1995-08-01,8.981360496,10.12742112,5.7,6.8,10.1 1995-09-01,8.970830595,10.12155985,5.6,6.7,10.2 1995-10-01,8.963733893,10.08613336,5.5,6.7,10 1995-11-01,8.950308424,10.08736937,5.6,6.7,10.1 1995-12-01,8.971863622,10.08111828,5.6,6.7,10 1996-01-01,8.94203261,9.97910159,5.6,6.8,9.8 1996-02-01,8.920110926,10.00223579,5.5,6.7,10 1996-03-01,8.853833894,9.951040558,5.5,6.6,9.9 1996-04-01,8.845481714,9.929654649,5.6,6.7,10 1996-05-01,8.863255433,9.943735892,5.6,6.6,9.8 1996-06-01,8.713727728,9.786508581,5.3,6.5,9.7 1996-07-01,8.718408541,9.825967883,5.5,6.5,9.7 1996-08-01,8.629837329,9.729504636,5.1,6.2,9.4 1996-09-01,8.567454826,9.652368202,5.2,6.2,9.5 1996-10-01,8.618484148,9.702162363,5.2,6.2,9.5 1996-11-01,8.698608818,9.706803468,5.4,6.4,9.4 1996-12-01,8.623418047,9.703370177,5.4,6.4,9.6 1997-01-01,8.619466458,9.680814151,5.3,6.3,9.4 1997-02-01,8.620727236,9.654400315,5.2,6.2,9.3 1997-03-01,8.531108947,9.5435287,5.2,6.2,9.1 1997-04-01,8.429475646,9.47389304,5.1,6.1,9.3 1997-05-01,8.422124177,9.419241355,4.9,5.9,8.9 1997-06-01,8.377599166,9.360761521,5,6,8.9 1997-07-01,8.246796033,9.261045926,4.9,5.8,8.7 1997-08-01,8.207811957,9.205788384,4.8,5.8,8.7 1997-09-01,8.284192083,9.26352361,4.9,5.8,8.7 1997-10-01,8.181438761,9.159580064,4.7,5.6,8.5 1997-11-01,8.153762133,9.126749362,4.6,5.6,8.4 1997-12-01,8.179435891,9.12207239,4.7,5.7,8.5 1998-01-01,8.098542708,9.077558359,4.6,5.6,8.4 1998-02-01,8.050772794,8.991665124,4.6,5.5,8.3 1998-03-01,8.099932124,9.039383143,4.7,5.6,8.4 1998-04-01,7.93308853,8.815029001,4.3,5.2,8 1998-05-01,7.946392926,8.862987052,4.4,5.3,8 1998-06-01,8.013136607,8.934882035,4.5,5.4,8.1 1998-07-01,8.071457532,9.019910913,4.5,5.5,8.2 1998-08-01,8.045469755,8.913317261,4.5,5.4,7.9 1998-09-01,7.994305622,8.834048684,4.6,5.5,8 1998-10-01,8.009332512,8.849283772,4.5,5.4,7.9 1998-11-01,7.911647593,8.717246115,4.4,5.3,7.7 1998-12-01,7.886796949,8.711099609,4.4,5.2,7.6 1999-01-01,7.868136788,8.713494212,4.3,5.2,7.6 1999-02-01,7.910812605,8.736933255,4.4,5.2,7.7 1999-03-01,7.859808478,8.715788303,4.2,5,7.5 1999-04-01,8.042567238,8.834021792,4.3,5.2,7.7 1999-05-01,7.877647987,8.706656022,4.2,5,7.4 1999-06-01,7.899819037,8.718659576,4.3,5.1,7.5 1999-07-01,7.846775635,8.67298648,4.3,5.1,7.5 1999-08-01,7.818110343,8.619391458,4.2,5,7.3 1999-09-01,7.833121166,8.62513824,4.2,5,7.4 1999-10-01,7.731117965,8.494657795,4.1,5,7.2 1999-11-01,7.700626835,8.45937105,4.1,4.9,7.2 1999-12-01,7.653376129,8.433991845,4,4.8,7.1 2000-01-01,7.593650803,8.354895643,4,4.8,7 2000-02-01,7.710278055,8.456134357,4.1,4.9,7.1 2000-03-01,7.733310214,8.49382536,4,4.8,7.1 2000-04-01,7.609895672,8.333025401,3.8,4.7,6.9 2000-05-01,7.784146939,8.570330183,4,4.8,7.1 2000-06-01,7.628121497,8.378013708,4,4.7,7 2000-07-01,7.641839431,8.396802385,4,4.8,7 2000-08-01,7.674394042,8.448126685,4.1,4.8,7.1 2000-09-01,7.635100686,8.394759732,3.9,4.7,7 2000-10-01,7.621053342,8.374367616,3.9,4.6,6.8 2000-11-01,7.656394068,8.445700581,3.9,4.7,7.1 2000-12-01,7.639475618,8.389159381,3.9,4.7,6.9 2001-01-01,7.728579067,8.508619054,4.2,5,7.3 2001-02-01,7.762425523,8.523818095,4.2,5.1,7.3 2001-03-01,7.821971968,8.58536912,4.3,5,7.3 2001-04-01,7.973369113,8.721292939,4.4,5.1,7.4 2001-05-01,8.060919666,8.874361244,4.3,5.1,7.5 2001-06-01,8.139983799,9.020369688,4.5,5.3,7.9 2001-07-01,8.095380921,8.936857672,4.6,5.4,7.9 2001-08-01,8.40739464,9.220686362,4.9,5.8,8.2 2001-09-01,8.380975709,9.360070923,5,5.8,8.7 2001-10-01,8.644757632,9.672606484,5.3,6.3,9.3 2001-11-01,8.73230111,9.700423481,5.5,6.4,9.4 2001-12-01,8.841679373,9.849055275,5.7,6.6,9.6 2002-01-01,8.913418206,9.852076386,5.7,6.6,9.4 2002-02-01,8.821844213,9.796878654,5.7,6.5,9.5 2002-03-01,8.806623791,9.751143364,5.7,6.6,9.4 2002-04-01,8.873967292,9.824168682,5.9,6.9,9.7 2002-05-01,8.799487542,9.753338978,5.8,6.8,9.6 2002-06-01,8.786810098,9.723449906,5.8,6.7,9.5 2002-07-01,8.803402808,9.771061909,5.8,6.8,9.6 2002-08-01,8.738976338,9.765054774,5.7,6.7,9.6 2002-09-01,8.704124487,9.695530408,5.7,6.6,9.6 2002-10-01,8.678011337,9.67325922,5.7,6.6,9.6 2002-11-01,8.819287125,9.778458108,5.9,6.8,9.8 2002-12-01,8.750238718,9.728122949,6,6.9,9.8 2003-01-01,8.795541263,9.840621498,5.8,6.8,9.9 2003-02-01,8.821023292,9.900256991,5.9,6.9,10.1 2003-03-01,8.933516491,9.991937352,5.9,6.9,10 2003-04-01,8.887064772,9.960192111,6,7,10.2 2003-05-01,8.962535784,10.00884926,6.1,7.1,10.1 2003-06-01,9.00025329,10.04669358,6.3,7.2,10.3 2003-07-01,8.969789021,10.03354296,6.2,7.1,10.3 2003-08-01,8.945166443,9.982721457,6.1,7.1,10.1 2003-09-01,8.934276238,10.03568608,6.1,7.1,10.4 2003-10-01,8.919302377,9.99535957,6,7,10.2 2003-11-01,8.785450105,9.848183905,5.8,6.8,10.1 2003-12-01,8.772232746,9.839766643,5.7,6.6,9.8 2004-01-01,8.713639446,9.775853791,5.7,6.7,9.8 2004-02-01,8.66520094,9.674228107,5.6,6.6,9.7 2004-03-01,8.791497026,9.859673873,5.8,6.8,10 2004-04-01,8.662778219,9.673664348,5.6,6.6,9.6 2004-05-01,8.656034423,9.693395149,5.6,6.6,9.7 2004-06-01,8.632731164,9.632222899,5.6,6.6,9.6 2004-07-01,8.624929232,9.626212477,5.5,6.5,9.5 2004-08-01,8.598235611,9.627047761,5.4,6.4,9.4 2004-09-01,8.58038426,9.584994729,5.4,6.4,9.4 2004-10-01,8.619824285,9.686392603,5.5,6.5,9.7 2004-11-01,8.571321279,9.562091441,5.4,6.3,9.4 2004-12-01,8.557446127,9.546203176,5.4,6.3,9.3 2005-01-01,8.508102384,9.482313526,5.3,6.3,9.2 2005-02-01,8.568669462,9.511769223,5.4,6.4,9.2 2005-03-01,8.492303528,9.471745812,5.2,6.2,9.1 2005-04-01,8.452710784,9.380449498,5.2,6.1,9 2005-05-01,8.374203891,9.33850799,5.1,6.1,8.9 2005-06-01,8.406603934,9.391235438,5,6,9 2005-07-01,8.318242055,9.292458702,5,5.9,8.8 2005-08-01,8.233661782,9.247008248,4.9,5.9,8.9 2005-09-01,8.378575773,9.413065197,5,6,9 2005-10-01,8.33849055,9.280806159,5,5.9,8.7 2005-11-01,8.401480031,9.308729337,5,6,8.7 2005-12-01,8.355558899,9.257269472,4.9,5.9,8.6 2006-01-01,8.241950837,9.142026479,4.7,5.6,8.4 2006-02-01,8.238543493,9.15664001,4.8,5.6,8.4 2006-03-01,8.136380698,9.011328093,4.7,5.6,8.2 2006-04-01,8.268716529,9.09720753,4.7,5.6,8.1 2006-05-01,8.091795843,8.996064216,4.6,5.5,8.2 2006-06-01,8.084137588,9.025436036,4.6,5.6,8.4 2006-07-01,8.144745426,9.084367695,4.7,5.7,8.5 2006-08-01,8.113835876,9.050905505,4.7,5.7,8.4 2006-09-01,8.095764315,9.011912717,4.5,5.3,8 2006-10-01,8.059845088,9.011454878,4.4,5.3,8.2 2006-11-01,8.1101553,9.003214053,4.5,5.4,8.1 2006-12-01,8.009200175,8.914965622,4.4,5.2,7.9 2007-01-01,8.083786457,9.002397022,4.6,5.5,8.3 2007-02-01,8.05579976,8.963590082,4.5,5.4,8.1 2007-03-01,7.903010028,8.826701724,4.4,5.3,8 2007-04-01,8.180812523,9.085418253,4.5,5.4,8.2 2007-05-01,8.132815589,9.102551731,4.4,5.3,8.2 2007-06-01,8.104671265,9.035475145,4.6,5.4,8.3 2007-07-01,8.121699532,9.07298054,4.7,5.5,8.4 2007-08-01,8.146111433,9.156769806,4.6,5.5,8.4 2007-09-01,8.194610275,9.189891253,4.7,5.5,8.4 2007-10-01,8.189722381,9.131395987,4.7,5.6,8.4 2007-11-01,8.108196685,9.059027302,4.7,5.6,8.5 2007-12-01,8.280193972,9.261742682,5,5.8,8.8 2008-01-01,8.292802609,9.332160763,5,5.9,9.1 2008-02-01,8.282081154,9.325337848,4.9,5.8,9 2008-03-01,8.399813884,9.45282261,5.1,5.9,9.1 2008-04-01,8.428285425,9.514483934,5,5.9,9.2 2008-05-01,8.586035849,9.721190209,5.4,6.3,9.7 2008-06-01,8.638869249,9.822966371,5.6,6.5,10 2008-07-01,8.823356602,10.10886257,5.8,6.7,10.5 2008-08-01,8.968794336,10.2403313,6.1,7.1,10.8 2008-09-01,9.055641123,10.38107106,6.1,7.1,11.1 2008-10-01,9.194091214,10.62305251,6.5,7.5,11.8 2008-11-01,9.445246238,10.98421236,6.8,8,12.7 2008-12-01,9.718950028,11.42032309,7.3,8.4,13.6 2009-01-01,10.14926307,11.88052041,7.8,9,14.1 2009-02-01,10.36880046,12.23014719,8.3,9.5,15.1 2009-03-01,10.56360654,12.50307081,8.7,10,15.8 2009-04-01,10.66051998,12.51700114,9,10.2,15.9 2009-05-01,10.8596002,12.79056445,9.4,10.7,16.5 2009-06-01,10.89805088,12.82535352,9.5,10.7,16.5 2009-07-01,10.73504709,12.66653267,9.5,10.7,16.4 2009-08-01,10.7493694,12.66872788,9.6,10.9,16.7 2009-09-01,10.82108047,12.67954003,9.8,11.1,16.7 2009-10-01,10.93343724,12.83187527,10,11.3,17.1 2009-11-01,10.78808364,12.69061044,9.9,11.3,17.1 2009-12-01,10.85211419,12.75815659,9.9,11.3,17.2 2010-01-01,10.76023175,12.57602738,9.8,11.2,16.6 2010-02-01,10.77064102,12.64869407,9.8,11.2,17 2010-03-01,10.74746901,12.68495599,9.9,11.2,17.1 2010-04-01,10.59560349,12.5146542,9.9,11.4,17.2 2010-05-01,10.48403464,12.34292894,9.6,11,16.7 2010-06-01,10.40520583,12.22660651,9.4,10.9,16.4 2010-07-01,10.469362,12.3080897,9.4,10.9,16.4 2010-08-01,10.54069071,12.38482948,9.5,10.9,16.5 2010-09-01,10.57143177,12.4651606,9.5,11,16.9 2010-10-01,10.52421121,12.38074133,9.4,11,16.6 2010-11-01,10.67022536,12.50620608,9.8,11.3,16.9 2010-12-01,10.47368639,12.33458637,9.3,10.8,16.6 2011-01-01,10.39158288,12.18822809,9.1,10.6,16.1 2011-02-01,10.33730338,12.1088679,9,10.6,16 2011-03-01,10.25348813,12.06272978,9,10.4,16 2011-04-01,10.37032338,12.1815623,9.1,10.6,16.1 2011-05-01,10.30716492,12.10634346,9,10.4,15.9 2011-06-01,10.41359338,12.18756578,9.1,10.7,16.1 2011-07-01,10.39681037,12.16191776,9,10.6,15.9 2011-08-01,10.33287226,12.14458065,9,10.5,16.1 2011-09-01,10.29919618,12.14006821,9,10.5,16.4 2011-10-01,10.25247726,12.05521064,8.8,10.3,15.8 2011-11-01,10.17558958,11.91775967,8.6,10.2,15.6 2011-12-01,10.09130538,11.78607875,8.5,10,15.2 2012-01-01,9.97751545,11.70606818,8.3,9.8,15.1 2012-02-01,9.958144543,11.66377843,8.3,9.8,15 2012-03-01,9.962351528,11.57303268,8.2,9.6,14.6 2012-04-01,9.962847111,11.59815902,8.2,9.6,14.7 2012-05-01,9.924079744,11.60328572,8.2,9.7,14.8 2012-06-01,9.961171049,11.63139523,8.2,9.6,14.7 2012-07-01,9.969833955,11.64722432,8.2,9.6,14.7 2012-08-01,10.02096652,11.64354234,8.1,9.6,14.6 2012-09-01,9.791515275,11.50467208,7.8,9.3,14.8 2012-10-01,9.766917125,11.46195203,7.8,9.2,14.4 2012-11-01,9.823513167,11.48515536,7.7,9.2,14.4 2012-12-01,9.87650119,11.50218507,7.9,9.4,14.4 2013-01-01,9.990572762,11.6500357,8,9.3,14.5 2013-02-01,9.807167384,11.47760783,7.7,9.2,14.3 2013-03-01,9.743952648,11.31546957,7.5,9,13.9 2013-04-01,9.754479572,11.37807367,7.6,9,14 2013-05-01,9.755611081,11.36336905,7.5,8.8,13.9 2013-06-01,9.72915859,11.37871762,7.5,9.1,14.2 2013-07-01,9.571018284,11.21407778,7.3,8.7,13.8 2013-08-01,9.457816592,11.04030863,7.2,8.6,13.6 2013-09-01,9.45690529,11.03557634,7.2,8.6,13.5 2013-10-01,9.534337504,11.18553682,7.2,8.6,13.6 2013-11-01,9.322958067,10.88678203,6.9,8.2,13.1 2013-12-01,9.254808645,10.84192904,6.7,8.1,13.1 2014-01-01,9.220890786,10.69953777,6.6,8,12.6 2014-02-01,9.238890961,10.71835075,6.7,8,12.6 2014-03-01,9.230209225,10.72435765,6.7,8,12.7 2014-04-01,9.059309074,10.5720288,6.2,7.6,12.3 2014-05-01,9.127335091,10.57165371,6.3,7.7,12.3 2014-06-01,9.026149983,10.52340399,6.1,7.3,12 2014-07-01,9.06498514,10.54840895,6.2,7.4,12.1 2014-08-01,9.058637847,10.52319975,6.1,7.4,12 2014-09-01,9.001479057,10.40720873,5.9,7.2,11.7 2014-10-01,8.869272881,10.32525242,5.7,7.1,11.5 2014-11-01,8.933974931,10.3168915,5.8,7.1,11.4 2014-12-01,8.805426075,10.17806473,5.6,6.9,11.2 2015-01-01,8.842810686,10.2062594,5.7,6.9,11.2 2015-02-01,8.791313607,10.1252067,5.5,6.7,10.9 2015-03-01,8.737813959,10.05405812,5.4,6.7,10.9 2015-04-01,8.73698373,10.04815392,5.4,6.7,10.9 2015-05-01,8.693081448,9.99020896,5.6,6.8,10.9 2015-06-01,8.664484077,9.931023767,5.3,6.4,10.4 2015-07-01,8.661990391,9.898095358,5.2,6.3,10.3 2015-08-01,8.436887934,9.75744771,5.1,6.2,10.2 2015-09-01,8.543524914,9.73388294,5,6.2,10 2015-10-01,8.540812549,9.732147455,5,6.2,9.8 2015-11-01,8.510871433,9.732308663,5.1,6.1,10 2015-12-01,8.443109112,9.645257041,5,6.1,9.9 2016-01-01,8.373751732,9.555643392,4.8,6,9.7 2016-02-01,8.373173314,9.555601201,4.9,5.9,9.6 2016-03-01,8.370509021,9.562316926,5,6.1,9.8 2016-04-01,8.426682925,9.602653536,5.1,6.1,9.9 2016-05-01,8.324646863,9.576620872,4.8,5.9,9.9 2016-06-01,8.30988105,9.435055195,4.9,5.9,9.5 2016-07-01,8.322705115,9.475389757,4.8,5.9,9.6 2016-08-01,8.237239061,9.477746068,4.9,5.9,9.6 2016-09-01,8.429153221,9.582212961,5,6.1,9.7 2016-10-01,8.418251513,9.621627575,4.9,5.9,9.6 2016-11-01,8.270681557,9.391693513,4.7,5.9,9.4 2016-12-01,8.268732458,9.368048339,4.7,5.7,9.2 2017-01-01,8.243647114,9.379647523,4.7,5.6,9.2 2017-02-01,8.173473521,9.271910868,4.6,5.6,9 2017-03-01,8.099990579,9.170776947,4.4,5.4,8.8 2017-04-01,8.055754624,9.081762393,4.4,5.4,8.6 2017-05-01,8.034746929,9.036809254,4.4,5.3,8.5 2017-06-01,7.946150004,8.972753956,4.3,5.2,8.5 2017-07-01,7.902565716,8.922280896,4.3,5.2,8.5 2017-08-01,7.951044823,9.032184828,4.4,5.3,8.6 2017-09-01,7.851020066,8.849001567,4.3,5.2,8.3 2017-10-01,7.820745091,8.79332774,4.2,5.1,8.1 2017-11-01,7.849305705,8.786902669,4.2,5.1,8 2017-12-01,7.855810171,8.829690474,4.1,5.1,8.1 2018-01-01,7.822958665,8.804118882,4,4.9,8 2018-02-01,7.793398694,8.786347567,4.1,5,8.1 2018-03-01,7.794416095,8.762119112,4,4.9,8 2018-04-01,7.76534053,8.720748637,4,4.8,7.9 2018-05-01,7.678759828,8.613495658,3.8,4.7,7.8 2018-06-01,7.693608462,8.617610763,4,4.8,7.8 2018-07-01,7.596699092,8.474582582,3.8,4.7,7.5 2018-08-01,7.62346523,8.511932326,3.8,4.7,7.4 2018-09-01,7.594729462,8.477921028,3.7,4.7,7.5 2018-10-01,7.591266502,8.487591533,3.8,4.7,7.5 2018-11-01,7.57561508,8.483989601,3.8,4.7,7.6 2018-12-01,7.639081355,8.546096814,3.9,4.8,7.6 2019-01-01,7.760192425,8.759839093,4,4.9,8 2019-02-01,7.657749631,8.492500492,3.8,4.6,7.2 2019-03-01,7.648903256,8.523282371,3.8,4.7,7.4 2019-04-01,7.546777435,8.452849312,3.7,4.5,7.4 2019-05-01,7.490787866,8.309583683,3.6,4.5,7.1 2019-06-01,7.476160015,8.330172896,3.6,4.5,7.2 2019-07-01,7.547138554,8.301095778,3.7,4.5,6.9 2019-08-01,7.383283657,8.247617134,3.6,4.5,7.2 2019-09-01,7.252452429,8.06727582,3.5,4.2,6.9 2019-10-01,7.220906706,8.067898714,3.6,4.3,6.9 2019-11-01,7.28333188,8.095720603,3.6,4.3,6.8 2019-12-01,7.278810902,8.089099748,3.6,4.3,6.8 2020-01-01,7.385657824,8.207638069,3.6,4.4,7 2020-02-01,7.42260891,8.258538937,3.5,4.4,7 2020-03-01,8.185491273,9.292821215,4.4,5.3,8.8 2020-04-01,15.58478707,17.73893935,14.8,16,22.9 2020-05-01,14.27685928,16.32673896,13.2,14.5,21.1 2020-06-01,12.50250626,14.26031521,11,12.4,18 2020-07-01,11.87694993,13.47513848,10.2,11.3,16.5 2020-08-01,10.55962848,12.01542426,8.4,9.6,14.2 2020-09-01,10.27386318,11.4850123,7.8,8.9,12.8 2020-10-01,9.241363091,10.54183137,6.9,8,12.1 2020-11-01,9.214331164,10.48552962,6.7,7.8,11.9 2020-12-01,9.216003087,10.4076994,6.7,7.9,11.7 2021-01-01,8.988167657,10.09144593,6.4,7.5,11.2 2021-02-01,8.995246829,10.1371727,6.2,7.4,11.1 2021-03-01,8.840240101,9.945221648,6.1,7.2,10.8 2021-04-01,8.812619501,9.830026796,6.1,7.1,10.3 2021-05-01,8.680022156,9.67390702,5.8,6.9,10.1 2021-06-01,8.565074957,9.491373659,5.9,6.9,9.8 2021-07-01,8.337673855,9.199041794,5.4,6.5,9.2 2021-08-01,8.127457436,8.965809098,5.1,6,8.8 2021-09-01,8.006543774,8.849672038,4.7,5.7,8.4 2021-10-01,7.869560737,8.716937518,4.5,5.5,8.2 2021-11-01,7.717120609,8.524552092,4.1,5.1,7.7 2021-12-01,7.617903388,8.385653184,3.9,4.9,7.3 2022-01-01,7.823775864,8.517983624,4,4.9,7.1 2022-02-01,7.633196649,8.402883352,3.9,4.7,7.2 2022-03-01,7.622493835,8.403832524,3.7,4.5,7 2022-04-01,7.628785478,8.398110453,3.7,4.6,7 2022-05-01,7.470996366,8.282136852,3.6,4.5,7.1 2022-06-01,7.486611822,8.22535615,3.6,4.5,6.7 2022-07-01,7.437588246,8.201100222,3.5,4.4,6.8 2022-08-01,7.409953697,8.170524182,3.6,4.4,6.9 2022-09-01,7.446193387,8.166482242,3.5,4.4,6.7 2022-10-01,7.45650374,8.146040251,3.6,4.5,6.7 2022-11-01,7.451236166,8.129313057,3.6,4.5,6.7 2022-12-01,7.371398021,8.119004084,3.5,4.2,6.6 2023-01-01,7.358854062,8.113227239,3.5,4.3,6.7 2023-02-01,7.347294946,8.093837937,3.6,4.4,6.8 2023-03-01,7.370800196,8.130801171,3.5,4.3,6.7 2023-04-01,7.33521278,8.068692515,3.4,4.3,6.6 2023-05-01,7.425976734,8.125274763,3.6,4.5,6.7 2023-06-01,7.392076836,8.22962197,3.6,4.4,6.9 2023-07-01,7.296925053,8.071042345,3.5,4.4,6.7 2023-08-01,7.380656393,8.143406199,3.7,4.6,7.1 2023-09-01,7.431074789,8.190062267,3.7,4.6,7 2023-10-01,7.428446383,8.225026491,3.9,4.7,7.2 2023-11-01,7.433719835,8.149585373,3.7,4.6,7 2023-12-01,7.553601984,8.34962713,3.8,4.7,7.2 2024-01-01,7.54291947,8.373019389,3.7,4.6,7.2 2024-02-01,7.591094726,8.383514738,3.9,4.7,7.3 2024-03-01,7.516026865,8.307963968,3.9,4.8,7.3 2024-04-01,7.533914709,8.370312303,3.9,4.8,7.4 2024-05-01,7.558537061,8.391841614,3.9,4.8,7.4 2024-06-01,7.557418992,8.39000031,4.1,4.9,7.4 2024-07-01,7.66611275,8.54166709,4.2,5.1,7.8 2024-08-01,7.681225418,8.551539086,4.2,5,7.8 2024-09-01,7.590890508,8.457686619,4.1,5,7.7 2024-10-01,7.612884658,8.452891209,4.1,5,7.7 2024-11-01,7.685896302,8.470117555,4.2,5.1,7.7 2024-12-01,7.58055925,8.394276542,4.1,5,7.6 2025-01-01,7.590952988,8.43155672,4,4.9,7.5 2025-02-01,7.701643031,8.575967862,4.2,5.1,8 2025-03-01,7.769935137,8.632973392,4.2,5.1,7.9 2025-04-01,7.737577643,8.598655038,4.2,5.1,7.8 2025-05-01,7.76066115,8.625340462,4.3,5.1,7.8 2025-06-01,7.736275445,8.589427017,4.1,5.1,7.7 2025-07-01,7.735758074,8.619096363,4.3,5.2,7.9 2025-08-01,7.756703014,8.597682676,4.3,5.3,8.1 2025-09-01,7.787337607,8.633340038,4.4,5.4,8.1 2025-10-01,.,.,.,.,. 2025-11-01,7.777417959,8.806088665,4.5,5.5,8.7 2025-12-01,7.737643544,8.705394889,4.4,5.3,8.4 2026-01-01,8.068657248,9.023904703,4.3,5.2,8.1 2026-02-01,7.736117733,8.524256398,4.4,5.3,7.9 2026-03-01,7.52485448,8.294059134,4.3,5.3,8 2026-04-01,7.524861869,8.355853395,4.3,5.3,8.2 2026-05-01,7.809682987,8.683335473,4.3,5.3,8.1 2026-06-01,7.751998079,8.695107469,4.2,5.2,7.9 2026-07-01,7.600091367,8.496919925,4.1,5.1,7.9 2026-08-01,7.55032063,8.334553514,4.1,5.1,7.7 2026-09-01,7.289774883,8.034005659,4.2,5,7.6
Since 2021, the Collaboration of Research Economists (CORE) model has combined frontier research and an innovative delivery method to advance collaboration within the economics profession. Economists from a range of disciplines join with Richmond Fed economists eight times per year for seminars, collaboration, and formal and informal networking — all with an eye toward advancing economic research.
Being a Research Associate at the Richmond Fed
Research Associates help the Richmond Fed's economists with their research and policy memos for briefing the Bank's president on the state of the economy. For recent graduates thinking about applying to a Ph.D. program, this position is an ideal way to learn more about academic economic research.