Research - Federal Reserve Bank of Richmond

Featured

woman looking at Economic Brief on laptop screen

Publication

The Differing Effects of the Business Cycle on Small and Large Banks

Economic Brief

November 2018, No. 18-11

By Borys Grochulski, Daniel Schwam, Aaron Steelman and Yuzhe Zhang

Publication

2017 Educational Attainment Data Are Released

Regional Matters

October 30, 2018

By Joseph Mengedoth

Although changes in educational attainment, employment status, and median earnings were inconsistent across Fifth District jurisdictions in 2017, most saw lower unemployment and higher median earnings.

Events

Seminar

2018 Research Seminars, Leonardo Melosi

Thu., Nov. 15, 2018

10:45 a.m. - 12:15 p.m.

Richmond Office
Richmond, VA

Melosi is a senior economist at the Federal Reserve Bank of Chicago.

Seminar

2018 Research Seminars, David Baqaee

Wed., Nov. 28, 2018

10:45 a.m. - 12:15 p.m.

Richmond Office
Richmond, VA

Baqaee is an assistant professor of economics at UCLA.

Seminar

2018 Research Seminars, Ryan Decker

Wed., Dec. 5, 2018

10:45 a.m. - 12:15 p.m.

Richmond Office
Richmond, VA

Ryan Decker, an economist at the Federal Reserve Board of Governors, presents his latest work at this seminar.

Publications

Contingent Debt and Performance Pricing in an Optimal Capital Structure Model with Financial Distress and Reorganization

Working Paper Series

November 2018, No. 18-17

Borys Grochulski and Russell Wong

Distance and Decline: The Case of Petersburg, Virginia

Working Paper Series

October 2018, No. 18-16

Raymond E. Owens and Santiago Pinto

Asset Pledgeability and Endogenously Leveraged Bubbles

Journal of Economic Theory

September 2018, Vol. 177

Julien Bengui and Toan Phan

Data & Analysis

Hornstein-Kudlyak-Lange Non-Employment Index

November 14, 2018

The NEI was 7.7 percent in October 2018, unchanged from the previous month. It has declined by 0.2 percentage points since October 2017.

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)
1994-01-01,10.04882773,11.11560967,6.6,8.1,11.8
1994-02-01,9.878808703,11.03933642,6.6,7.9,11.4
1994-03-01,9.776793255,10.98751741,6.5,7.7,11.4
1994-04-01,9.6468093,10.82419165,6.4,7.6,11.2
1994-05-01,9.400411171,10.6482228,6.1,7.2,10.8
1994-06-01,9.430086964,10.63715517,6.1,7.3,10.9
1994-07-01,9.369132297,10.52586284,6.1,7.3,10.7
1994-08-01,9.313192669,10.43039752,6,7.2,10.5
1994-09-01,9.226412712,10.33435251,5.9,7.1,10.4
1994-10-01,9.14954845,10.28803116,5.8,6.9,10.3
1994-11-01,9.053952704,10.19948763,5.6,6.7,10.1
1994-12-01,8.968548503,10.08577758,5.5,6.7,10
1995-01-01,8.985998296,10.18000772,5.6,6.8,10.2
1995-02-01,8.917913109,10.00287606,5.4,6.6,9.9
1995-03-01,8.957577383,10.05735091,5.4,6.6,9.9
1995-04-01,9.050166606,10.13520357,5.8,6.7,10
1995-05-01,9.059242184,10.21730409,5.6,6.6,10
1995-06-01,9.029256278,10.14608782,5.6,6.7,10.1
1995-07-01,9.013038182,10.14508555,5.7,6.7,10.1
1995-08-01,9.049606112,10.19363131,5.7,6.7,10
1995-09-01,9.042427316,10.19153576,5.6,6.7,10.1
1995-10-01,9.034527762,10.15497271,5.5,6.6,9.9
1995-11-01,9.024295489,10.1559168,5.6,6.6,10
1995-12-01,9.04148336,10.15042762,5.6,6.7,10
1996-01-01,9.011179933,10.05364897,5.6,6.8,9.8
1996-02-01,8.990603176,10.07790324,5.5,6.7,10
1996-03-01,8.92752825,10.02025529,5.5,6.6,9.8
1996-04-01,8.921406684,9.999872858,5.6,6.6,9.9
1996-05-01,8.911283487,10.00843557,5.6,6.5,9.7
1996-06-01,8.787964968,9.857245906,5.3,6.4,9.6
1996-07-01,8.792022948,9.89675212,5.5,6.5,9.7
1996-08-01,8.704674769,9.80328226,5.1,6.1,9.3
1996-09-01,8.643311748,9.72650307,5.2,6.2,9.4
1996-10-01,8.689253985,9.771848194,5.2,6.2,9.4
1996-11-01,8.773210779,9.77753881,5.4,6.4,9.3
1996-12-01,8.695217455,9.775464575,5.4,6.3,9.5
1997-01-01,8.691257365,9.753697967,5.3,6.4,9.4
1997-02-01,8.691885715,9.729248884,5.2,6.3,9.4
1997-03-01,8.6042051,9.613023848,5.2,6.1,9.1
1997-04-01,8.504377602,9.546334713,5.1,6,9.2
1997-05-01,8.480555598,9.488318364,4.9,5.8,8.8
1997-06-01,8.452357817,9.434364183,5,5.9,8.8
1997-07-01,8.318994872,9.33200547,4.9,5.7,8.6
1997-08-01,8.28189485,9.27952639,4.8,5.7,8.6
1997-09-01,8.3613444,9.339437793,4.9,5.8,8.7
1997-10-01,8.257720108,9.235516232,4.7,5.6,8.4
1997-11-01,8.228764839,9.199008578,4.6,5.5,8.3
1997-12-01,8.251626696,9.195056006,4.7,5.7,8.4
1998-01-01,8.170679751,9.146993323,4.6,5.6,8.4
1998-02-01,8.12230223,9.065324606,4.6,5.6,8.4
1998-03-01,8.172850585,9.109930714,4.7,5.6,8.4
1998-04-01,8.00778505,8.890321219,4.3,5.2,7.9
1998-05-01,8.013696227,8.93553693,4.4,5.2,7.9
1998-06-01,8.084749444,9.00729381,4.5,5.3,8
1998-07-01,8.143800005,9.092466501,4.5,5.4,8.1
1998-08-01,8.116989751,8.985138183,4.5,5.3,7.9
1998-09-01,8.068471286,8.907004114,4.6,5.4,7.9
1998-10-01,8.081917617,8.921559898,4.5,5.3,7.8
1998-11-01,7.98694895,8.791436612,4.4,5.2,7.6
1998-12-01,7.959853388,8.785197746,4.4,5.1,7.6
1999-01-01,7.944528065,8.78436995,4.3,5.2,7.7
1999-02-01,7.98420873,8.811535999,4.4,5.3,7.7
1999-03-01,7.934631165,8.788814524,4.2,5,7.6
1999-04-01,8.118888284,8.912878739,4.3,5.2,7.6
1999-05-01,7.949104456,8.782170669,4.2,5,7.4
1999-06-01,7.973701296,8.793357073,4.3,5.1,7.5
1999-07-01,7.919598436,8.746250025,4.3,5.1,7.5
1999-08-01,7.891227058,8.692987369,4.2,5,7.3
1999-09-01,7.909192953,8.700468655,4.2,5,7.4
1999-10-01,7.804243542,8.566799611,4.1,4.9,7.2
1999-11-01,7.77604229,8.534562695,4.1,4.8,7.1
1999-12-01,7.726610802,8.507946773,4,4.8,7.1
2000-01-01,7.670742976,8.425855536,4,4.8,7.1
2000-02-01,7.78504744,8.531796495,4.1,5,7.2
2000-03-01,7.809538323,8.56916521,4,4.8,7.1
2000-04-01,7.68422879,8.410366626,3.8,4.7,6.9
2000-05-01,7.856720869,8.645845992,4,4.8,7.1
2000-06-01,7.700484435,8.451240749,4,4.7,7
2000-07-01,7.714695869,8.470225821,4,4.8,7
2000-08-01,7.745279569,8.519460961,4.1,4.8,7.1
2000-09-01,7.710817092,8.469953149,3.9,4.7,7
2000-10-01,7.695616847,8.447051251,3.9,4.6,6.8
2000-11-01,7.730440143,8.520255128,3.9,4.7,7.1
2000-12-01,7.714773115,8.465114155,3.9,4.7,6.9
2001-01-01,7.806352051,8.579656184,4.2,5,7.3
2001-02-01,7.837771629,8.600353022,4.2,5.1,7.4
2001-03-01,7.897258784,8.660484659,4.3,5,7.3
2001-04-01,8.049558954,8.801140942,4.4,5.1,7.4
2001-05-01,8.137200498,8.952809533,4.3,5.1,7.5
2001-06-01,8.217733492,9.099078888,4.5,5.3,7.9
2001-07-01,8.172748667,9.014746536,4.6,5.4,7.8
2001-08-01,8.489693821,9.303129067,4.9,5.8,8.1
2001-09-01,8.459152312,9.438201584,5,5.8,8.7
2001-10-01,8.72285501,9.747111976,5.3,6.2,9.3
2001-11-01,8.810924938,9.779538677,5.5,6.4,9.4
2001-12-01,8.921056776,9.928885483,5.7,6.6,9.6
2002-01-01,8.998855362,9.931687863,5.7,6.7,9.5
2002-02-01,8.900950432,9.87733636,5.7,6.6,9.5
2002-03-01,8.885273102,9.830461861,5.7,6.6,9.4
2002-04-01,8.953935532,9.907324212,5.9,6.8,9.7
2002-05-01,8.877334223,9.832431317,5.8,6.7,9.5
2002-06-01,8.867098457,9.804610314,5.8,6.7,9.5
2002-07-01,8.884454681,9.852626767,5.8,6.8,9.6
2002-08-01,8.820237272,9.846616386,5.7,6.7,9.6
2002-09-01,8.784145376,9.775767315,5.7,6.6,9.6
2002-10-01,8.758700451,9.749498442,5.7,6.6,9.6
2002-11-01,8.900193915,9.860085821,5.9,6.8,9.7
2002-12-01,8.83113168,9.809335373,6,6.9,9.8
2003-01-01,8.878370898,9.91979681,5.8,6.9,10
2003-02-01,8.903646488,9.98457211,5.9,6.9,10.2
2003-03-01,9.01680408,10.0758858,5.9,6.9,10
2003-04-01,8.970006388,10.04494542,6,6.9,10.2
2003-05-01,9.045130013,10.09218661,6.1,7,10.1
2003-06-01,9.084463525,10.13162418,6.3,7.2,10.3
2003-07-01,9.053749066,10.11791818,6.2,7.1,10.3
2003-08-01,9.029495666,10.06741174,6.1,7.1,10.1
2003-09-01,9.01649536,10.11827129,6.1,7.1,10.4
2003-10-01,9.004859013,10.07608353,6,7,10.2
2003-11-01,8.868474311,9.931926703,5.8,6.8,10
2003-12-01,8.85621555,9.923693013,5.7,6.6,9.8
2004-01-01,8.797433502,9.858548299,5.7,6.8,9.9
2004-02-01,8.750529711,9.761142597,5.6,6.6,9.7
2004-03-01,8.876296184,9.945165278,5.8,6.8,10
2004-04-01,8.749375707,9.760058893,5.6,6.5,9.6
2004-05-01,8.74256967,9.780424632,5.6,6.6,9.6
2004-06-01,8.719190182,9.719136991,5.6,6.6,9.5
2004-07-01,8.710780126,9.712202812,5.5,6.5,9.5
2004-08-01,8.68095652,9.710300119,5.4,6.4,9.4
2004-09-01,8.665496386,9.670620198,5.4,6.4,9.4
2004-10-01,8.701787331,9.764415041,5.5,6.5,9.7
2004-11-01,8.654286739,9.645786984,5.4,6.3,9.4
2004-12-01,8.641167758,9.630004339,5.4,6.3,9.2
2005-01-01,8.591980402,9.565774245,5.3,6.4,9.3
2005-02-01,8.652157609,9.596902125,5.4,6.4,9.3
2005-03-01,8.576211077,9.556068297,5.2,6.2,9.1
2005-04-01,8.537009466,9.46384716,5.2,6.1,8.9
2005-05-01,8.457244153,9.421813126,5.1,6,8.9
2005-06-01,8.489800649,9.474604235,5,6,9
2005-07-01,8.402294257,9.376568587,5,5.9,8.8
2005-08-01,8.316274927,9.330301488,4.9,5.9,8.9
2005-09-01,8.464506201,9.499605744,5,5.9,9
2005-10-01,8.424021356,9.363456334,5,5.9,8.7
2005-11-01,8.486632531,9.394628325,5,5.9,8.7
2005-12-01,8.442117937,9.344057452,4.9,5.8,8.6
2006-01-01,8.329109301,9.22899272,4.7,5.7,8.4
2006-02-01,8.323317558,9.242602933,4.8,5.7,8.4
2006-03-01,8.220541622,9.095752617,4.7,5.6,8.2
2006-04-01,8.356492332,9.183805016,4.7,5.5,8.1
2006-05-01,8.177173227,9.081701798,4.6,5.5,8.2
2006-06-01,8.170216736,9.111607507,4.6,5.6,8.4
2006-07-01,8.229641581,9.169030644,4.7,5.7,8.5
2006-08-01,8.196779269,9.134615587,4.7,5.7,8.4
2006-09-01,8.183350064,9.10027539,4.5,5.3,8
2006-10-01,8.147675217,9.097339064,4.4,5.3,8.2
2006-11-01,8.196857383,9.090542733,4.5,5.4,8.1
2006-12-01,8.096894167,9.002895011,4.4,5.2,7.9
2007-01-01,8.172495787,9.090627961,4.6,5.6,8.4
2007-02-01,8.144294561,9.052894274,4.5,5.4,8.2
2007-03-01,7.991754124,8.915505439,4.4,5.3,8
2007-04-01,8.272899653,9.176327861,4.5,5.4,8.2
2007-05-01,8.224295899,9.194277369,4.4,5.3,8.2
2007-06-01,8.191132115,9.12249599,4.6,5.5,8.3
2007-07-01,8.210774203,9.161452547,4.7,5.5,8.4
2007-08-01,8.238851385,9.250236945,4.6,5.5,8.4
2007-09-01,8.28410899,9.280025983,4.7,5.5,8.4
2007-10-01,8.280546313,9.221092375,4.7,5.6,8.4
2007-11-01,8.198135421,9.149443222,4.7,5.5,8.4
2007-12-01,8.369712908,9.351493255,5,5.8,8.8
2008-01-01,8.384111885,9.422635245,5,6,9.2
2008-02-01,8.374146451,9.417774351,4.9,5.9,9
2008-03-01,8.492567581,9.545828671,5.1,5.9,9.1
2008-04-01,8.522848636,9.607939507,5,5.8,9.2
2008-05-01,8.675595025,9.810965311,5.4,6.3,9.7
2008-06-01,8.730409623,9.916008508,5.6,6.5,10.1
2008-07-01,8.913760002,10.1986453,5.8,6.7,10.5
2008-08-01,9.059429802,10.33151682,6.1,7.1,10.8
2008-09-01,9.146864261,10.47249947,6.1,7.1,11
2008-10-01,9.285474269,10.71380207,6.5,7.5,11.8
2008-11-01,9.537432377,11.07643971,6.8,8,12.6
2008-12-01,9.810660684,11.511922,7.3,8.4,13.6
2009-01-01,10.24310116,11.97306797,7.8,9.1,14.2
2009-02-01,10.46061094,12.32200597,8.3,9.5,15.2
2009-03-01,10.65470494,12.5944527,8.7,9.9,15.8
2009-04-01,10.75290412,12.60821538,9,10.2,15.9
2009-05-01,10.9525002,12.88346084,9.4,10.6,16.5
2009-06-01,10.99548897,12.92611916,9.5,10.8,16.5
2009-07-01,10.8333829,12.76448536,9.5,10.8,16.4
2009-08-01,10.84517886,12.76418565,9.6,10.9,16.7
2009-09-01,10.91627196,12.77483798,9.8,11,16.7
2009-10-01,11.02905673,12.92733429,10,11.4,17.1
2009-11-01,10.88428939,12.78691643,9.9,11.2,17.1
2009-12-01,10.94895482,12.85486318,9.9,11.3,17.1
2010-01-01,10.85906257,12.67326659,9.8,11.3,16.7
2010-02-01,10.86888416,12.74667028,9.8,11.3,17
2010-03-01,10.84241164,12.78089574,9.9,11.2,17.1
2010-04-01,10.69164336,12.60984449,9.9,11.3,17.1
2010-05-01,10.58053135,12.43904191,9.6,10.9,16.6
2010-06-01,10.50718103,12.33229905,9.4,10.9,16.4
2010-07-01,10.57028703,12.40782938,9.4,11,16.4
2010-08-01,10.63994363,12.48230277,9.5,10.9,16.5
2010-09-01,10.66950607,12.56303046,9.5,10.9,16.8
2010-10-01,10.61907305,12.47772298,9.4,11,16.6
2010-11-01,10.7685721,12.6045294,9.8,11.2,16.9
2010-12-01,10.57303044,12.43347866,9.3,10.9,16.6
2011-01-01,10.49012775,12.28492237,9.1,10.8,16.2
2011-02-01,10.43631488,12.20746679,9,10.6,16
2011-03-01,10.35056809,12.16119561,9,10.4,15.9
2011-04-01,10.47043052,12.28138928,9.1,10.5,16.1
2011-05-01,10.40974435,12.20847903,9,10.3,15.8
2011-06-01,10.5180642,12.29640436,9.1,10.7,16.1
2011-07-01,10.50224622,12.26540767,9,10.6,15.9
2011-08-01,10.4373483,12.24484172,9,10.5,16.1
2011-09-01,10.39762112,12.23702425,9,10.5,16.4
2011-10-01,10.34420136,12.15338895,8.8,10.3,15.8
2011-11-01,10.27641355,12.01788998,8.6,10.1,15.5
2011-12-01,10.19022641,11.88403341,8.5,10,15.2
2012-01-01,10.07956549,11.80587009,8.3,9.9,15.2
2012-02-01,10.05727277,11.7623569,8.3,9.8,15
2012-03-01,10.06186486,11.6746874,8.2,9.6,14.5
2012-04-01,10.06307401,11.69884195,8.2,9.6,14.6
2012-05-01,10.0260551,11.70572698,8.2,9.6,14.7
2012-06-01,10.06150326,11.73681372,8.2,9.6,14.8
2012-07-01,10.07189976,11.74771336,8.2,9.6,14.8
2012-08-01,10.13469639,11.74689489,8.1,9.6,14.6
2012-09-01,9.8953183,11.60641712,7.8,9.3,14.8
2012-10-01,9.856029604,11.56145596,7.8,9.2,14.4
2012-11-01,9.924098067,11.58471304,7.7,9.2,14.4
2012-12-01,9.977763507,11.60223083,7.9,9.4,14.4
2013-01-01,10.08949843,11.74633688,8,9.4,14.6
2013-02-01,9.907410918,11.57732777,7.7,9.2,14.4
2013-03-01,9.845959009,11.41980016,7.5,8.9,13.8
2013-04-01,9.853923649,11.48006158,7.6,8.9,14
2013-05-01,9.856407143,11.46472965,7.5,8.8,13.8
2013-06-01,9.830614132,11.48952408,7.5,9.1,14.2
2013-07-01,9.673794317,11.31633247,7.3,8.7,13.8
2013-08-01,9.582099596,11.14275815,7.2,8.6,13.6
2013-09-01,9.558668489,11.13395149,7.2,8.6,13.5
2013-10-01,9.620676072,11.28781375,7.2,8.5,13.6
2013-11-01,9.426356517,10.98949863,6.9,8.2,13.1
2013-12-01,9.358807326,10.94507132,6.7,8.1,13.1
2014-01-01,9.322361372,10.79781898,6.6,8.1,12.7
2014-02-01,9.341024952,10.82075663,6.7,8,12.7
2014-03-01,9.328700938,10.82549663,6.7,8,12.7
2014-04-01,9.156852981,10.6740615,6.3,7.5,12.3
2014-05-01,9.22843185,10.67372152,6.3,7.5,12.1
2014-06-01,9.126815515,10.63719554,6.1,7.3,12
2014-07-01,9.166665526,10.65066479,6.2,7.5,12.1
2014-08-01,9.200868995,10.62940959,6.2,7.4,11.9
2014-09-01,9.09889244,10.50171941,5.9,7.3,11.7
2014-10-01,8.948672323,10.42329203,5.7,7,11.5
2014-11-01,9.033889083,10.41790471,5.8,7,11.4
2014-12-01,8.907258737,10.28044381,5.6,6.9,11.2
2015-01-01,8.944639032,10.30481582,5.7,7,11.3
2015-02-01,8.893093808,10.22793291,5.5,6.8,11
2015-03-01,8.838912457,10.1575313,5.5,6.7,10.9
2015-04-01,8.833373291,10.15076821,5.4,6.7,10.9
2015-05-01,8.793408626,10.0911328,5.5,6.6,10.8
2015-06-01,8.767127791,10.04835307,5.3,6.4,10.4
2015-07-01,8.765822485,10.00338735,5.2,6.4,10.3
2015-08-01,8.590268587,9.866560143,5.1,6.2,10.2
2015-09-01,8.641863966,9.829542796,5,6.2,10
2015-10-01,8.619256584,9.831020453,5,6.2,9.8
2015-11-01,8.605823115,9.831375168,5,6.1,9.9
2015-12-01,8.541937419,9.746979814,5,6.1,9.9
2016-01-01,8.472270182,9.650556292,4.9,6.2,9.9
2016-02-01,8.469862375,9.652764455,4.9,6,9.7
2016-03-01,8.469018476,9.663383525,5,6.1,9.8
2016-04-01,8.518181172,9.702037059,5,6,9.8
2016-05-01,8.425914144,9.677524594,4.7,5.7,9.8
2016-06-01,8.418440336,9.552372095,4.9,6,9.5
2016-07-01,8.427052967,9.584762659,4.9,6,9.7
2016-08-01,8.402847123,9.595456884,4.9,5.9,9.6
2016-09-01,8.520085612,9.67155726,5,6,9.7
2016-10-01,8.494354214,9.719666999,4.9,5.9,9.6
2016-11-01,8.358400633,9.487511395,4.6,5.8,9.3
2016-12-01,8.367216037,9.469760601,4.7,5.7,9.1
2017-01-01,8.338784811,9.470879653,4.8,5.8,9.4
2017-02-01,8.258022008,9.359439654,4.7,5.7,9.2
2017-03-01,8.191559809,9.263073001,4.5,5.4,8.8
2017-04-01,8.141085339,9.174556114,4.4,5.3,8.6
2017-05-01,8.138767576,9.136675149,4.3,5.2,8.4
2017-06-01,8.064877291,9.091279543,4.3,5.3,8.5
2017-07-01,8.014495088,9.039890599,4.3,5.3,8.5
2017-08-01,8.127383699,9.167499506,4.4,5.4,8.6
2017-09-01,7.943330396,8.941299517,4.2,5.1,8.3
2017-10-01,7.900124008,8.894772003,4.1,5,8
2017-11-01,7.9322105,8.882208995,4.1,5,8
2017-12-01,7.957354838,8.931348512,4.1,5.1,8.1
2018-01-01,7.914271404,8.893636273,4.1,5.1,8.2
2018-02-01,7.861559106,8.862559035,4.1,5.1,8.2
2018-03-01,7.871055924,8.839265096,4.1,4.9,8
2018-04-01,7.842207356,8.802295342,3.9,4.7,7.8
2018-05-01,7.787872656,8.712415772,3.8,4.6,7.6
2018-06-01,7.826209629,8.73715634,4,4.9,7.8
2018-07-01,7.715040305,8.59629271,3.9,4.8,7.5
2018-08-01,7.808163411,8.666673955,3.9,4.7,7.4
2018-09-01,7.6907497,8.575383533,3.7,4.6,7.5
2018-10-01,7.674651842,8.598062517,3.7,4.6,7.4

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