Research

Featured

Event

CORE Week: March 27-31

March 27, 2023

Held eight times a year, this weeklong gathering at the Richmond Fed supports collaboration between our economists and leading researchers from a range of disciplines.

Lots of cars commuting between communities

Podcast

The Daily Commute: Connections Between Communities

Speaking of the Economy

March 15, 2023

Santiago Pinto discusses his research on commuting patterns in the Fifth District and how these patterns may help us better understand the economic connections between rural and urban communities. Pinto is a senior economist and policy advisor at the Federal Reserve Bank of Richmond.

Publications

Sovereign Debt and Credit Default Swaps

Working Paper Series

March 2023

Gaston Chaumont, Grey Gordon, Bruno Sultanum and Elliot Tobin

How do credit default swaps (CDS) affect sovereign debt markets? The answer depends crucially on trading frictions, risk-sharing, arbitrage violations, and spillovers from secondary to primary markets.

Averaging Impulse Responses Using Prediction Pools

Working Paper Series

February 2023, No. 23-04

Paul Ho, Thomas A. Lubik and Christian Matthes

Do Costly Internal Equity Injections Reveal Bank Expectations about Post-Crisis Real Outcomes?

Working Paper Series

January 2023, No. 23-03

Arun Gupta and Horacio Sapriza

Data & Analysis

Regional Economic Snapshot

March 22, 2023

This overview of the Fifth District economy includes timely analysis of labor and housing markets, including growth in payrolls.

Month,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia
2013-01-01,  1.5,  1.3,  1.3,  1.1,  1.7,  1.7,  1.1, -0.3
2013-02-01,  1.5,  1.3,  1.4,  1.1,  1.8,  1.6,  1.1, -0.4
2013-03-01,  1.5,  1.2,  1.2,  0.9,  1.7,  1.4,  1.0, -0.6
2013-04-01,  1.5,  1.3,  2.1,  1.0,  1.7,  1.7,  0.9, -0.6
2013-05-01,  1.6,  1.1,  1.4,  1.1,  1.5,  1.8,  0.9, -1.7
2013-06-01,  1.7,  1.3,  1.5,  1.1,  1.7,  1.9,  0.8,  0.2
2013-07-01,  1.7,  1.4,  1.8,  1.1,  1.8,  2.1,  1.0,  0.1
2013-08-01,  1.7,  1.3,  1.7,  1.0,  1.8,  2.1,  0.8,  0.2
2013-09-01,  1.7,  1.2,  1.8,  0.8,  2.0,  2.3,  0.5, -0.6
2013-10-01,  1.8,  1.1,  0.9,  0.6,  1.9,  2.4,  0.1, -0.5
2013-11-01,  1.8,  1.1,  1.2,  0.9,  1.8,  2.1,  0.3, -0.1
2013-12-01,  1.7,  1.0,  1.2,  0.5,  1.9,  2.4,  0.1, -0.4
2014-01-01,  1.7,  0.9,  0.4,  0.4,  1.8,  2.4,  0.0, -0.7
2014-02-01,  1.6,  0.6,  0.4,  0.3,  1.3,  2.1, -0.3, -1.0
2014-03-01,  1.7,  0.9,  0.5,  0.3,  1.7,  2.7, -0.1, -0.8
2014-04-01,  1.8,  1.3,  0.2,  0.7,  2.1,  2.8,  0.5, -0.3
2014-05-01,  1.8,  1.5,  0.1,  0.9,  2.2,  2.9,  0.9,  1.0
2014-06-01,  1.9,  1.4,  1.1,  0.9,  2.3,  2.7,  0.9, -1.5
2014-07-01,  2.0,  1.3,  0.9,  0.7,  2.3,  2.4,  0.8, -0.9
2014-08-01,  1.9,  1.4,  0.8,  1.1,  2.2,  2.5,  0.7, -0.6
2014-09-01,  2.0,  1.4,  0.6,  1.2,  2.1,  2.6,  0.8,  0.2
2014-10-01,  2.0,  1.5,  1.1,  1.2,  2.2,  2.7,  0.8,  0.4
2014-11-01,  2.0,  1.6,  0.9,  1.2,  2.3,  3.0,  0.8,  0.2
2014-12-01,  2.2,  1.7,  0.9,  1.5,  2.3,  2.9,  1.0,  0.4
2015-01-01,  2.2,  1.9,  2.2,  1.3,  2.5,  2.8,  1.3,  0.4
2015-02-01,  2.3,  2.2,  2.2,  1.5,  3.1,  3.2,  1.5,  0.5
2015-03-01,  2.1,  1.7,  2.0,  1.3,  2.3,  2.6,  1.2, -0.1
2015-04-01,  2.1,  1.6,  1.5,  1.4,  2.0,  2.3,  1.4, -0.4
2015-05-01,  2.2,  1.8,  2.2,  1.6,  2.3,  2.6,  1.5, -1.7
2015-06-01,  2.1,  1.9,  1.6,  1.5,  2.4,  2.8,  1.7,  0.7
2015-07-01,  2.1,  2.2,  2.2,  1.7,  2.4,  3.1,  2.2, -0.1
2015-08-01,  2.1,  2.2,  2.2,  1.5,  2.4,  3.1,  2.4, -0.4
2015-09-01,  1.9,  2.1,  1.8,  1.4,  2.5,  2.9,  2.5, -1.0
2015-10-01,  2.0,  2.3,  2.2,  1.6,  2.5,  3.0,  2.8, -1.2
2015-11-01,  1.9,  2.2,  2.3,  1.5,  2.4,  2.7,  2.8, -1.1
2015-12-01,  1.9,  2.3,  2.6,  1.6,  2.5,  2.8,  2.8, -1.0
2016-01-01,  1.9,  1.9,  1.9,  1.6,  2.4,  2.6,  2.0, -1.5
2016-02-01,  1.8,  1.9,  2.1,  1.3,  2.3,  2.7,  2.1, -1.7
2016-03-01,  1.9,  2.3,  2.2,  1.7,  2.7,  2.7,  2.5, -0.9
2016-04-01,  1.9,  2.2,  2.5,  1.5,  2.9,  2.9,  2.1, -1.1
2016-05-01,  1.7,  1.8,  2.2,  1.0,  2.4,  2.6,  1.6, -0.5
2016-06-01,  1.7,  1.6,  2.0,  0.9,  2.4,  2.4,  1.5, -1.9
2016-07-01,  1.8,  1.6,  1.6,  1.1,  2.4,  2.6,  1.2, -1.7
2016-08-01,  1.8,  1.5,  1.4,  1.2,  2.3,  2.4,  1.1, -1.6
2016-09-01,  1.9,  1.6,  1.5,  1.5,  2.4,  2.5,  1.0, -1.4
2016-10-01,  1.7,  1.3,  1.2,  1.1,  2.0,  1.8,  0.8, -1.6
2016-11-01,  1.7,  1.4,  1.2,  1.2,  2.1,  2.1,  0.8, -0.2
2016-12-01,  1.6,  1.2,  1.0,  1.1,  1.9,  2.0,  0.7, -1.4
2017-01-01,  1.7,  1.4,  1.3,  1.3,  1.7,  2.3,  1.2, -0.6
2017-02-01,  1.7,  1.5,  0.9,  1.6,  1.8,  2.2,  1.3, -0.2
2017-03-01,  1.6,  1.5,  1.2,  1.3,  1.8,  2.4,  1.1, -0.5
2017-04-01,  1.6,  1.2,  1.0,  1.1,  1.5,  1.9,  1.0, -0.7
2017-05-01,  1.7,  1.3,  0.9,  1.2,  1.6,  2.0,  1.2, -1.4
2017-06-01,  1.7,  1.5,  1.0,  1.4,  1.8,  2.2,  1.2,  0.2
2017-07-01,  1.6,  1.4,  0.8,  1.1,  1.7,  1.9,  1.2,  0.3
2017-08-01,  1.6,  1.3,  0.9,  0.9,  1.8,  1.7,  1.1,  0.2
2017-09-01,  1.4,  1.1,  0.7,  0.7,  1.6,  1.4,  1.1,  0.3
2017-10-01,  1.4,  1.4,  1.0,  1.0,  1.8,  2.2,  1.1,  0.6
2017-11-01,  1.5,  1.1,  0.8,  0.8,  1.5,  1.9,  0.9, -1.0
2017-12-01,  1.5,  1.2,  0.8,  0.6,  1.4,  1.8,  1.2,  0.2
2018-01-01,  1.4,  1.5,  1.0,  0.7,  1.9,  2.7,  1.4,  0.5
2018-02-01,  1.5,  1.5,  1.2,  0.8,  1.8,  2.8,  1.2,  0.4
2018-03-01,  1.6,  1.6,  1.0,  1.0,  1.9,  2.6,  1.3,  0.4
2018-04-01,  1.5,  1.7,  1.3,  0.9,  2.0,  3.1,  1.3,  1.0
2018-05-01,  1.6,  1.8,  1.3,  1.0,  2.1,  3.1,  1.4,  1.3
2018-06-01,  1.6,  1.8,  1.3,  1.0,  2.0,  3.1,  1.4,  2.0
2018-07-01,  1.5,  1.7,  1.2,  1.1,  1.9,  2.7,  1.5,  2.0
2018-08-01,  1.6,  1.7,  1.2,  1.1,  1.9,  2.9,  1.4,  2.2
2018-09-01,  1.6,  1.4,  1.2,  0.9,  1.4,  2.7,  1.2,  2.0
2018-10-01,  1.6,  1.6,  0.9,  0.8,  1.9,  2.6,  1.2,  2.0
2018-11-01,  1.5,  1.7,  0.9,  1.0,  2.0,  2.7,  1.5,  1.7
2018-12-01,  1.5,  1.4,  0.7,  0.9,  1.7,  2.4,  1.1,  1.3
2019-01-01,  1.7,  1.6,  0.5,  1.0,  2.4,  1.7,  1.3,  0.9
2019-02-01,  1.4,  1.3,  0.7,  0.8,  2.1,  1.4,  1.1,  0.4
2019-03-01,  1.4,  1.3,  0.7,  0.8,  2.0,  1.5,  1.2,  0.3
2019-04-01,  1.4,  1.3,  0.5,  0.8,  1.9,  1.6,  1.2,  0.3
2019-05-01,  1.3,  1.2,  0.4,  0.7,  1.8,  1.6,  1.1, -0.2
2019-06-01,  1.2,  1.2,  0.5,  0.9,  1.7,  1.5,  1.1, -0.6
2019-07-01,  1.2,  1.1,  0.6,  0.3,  1.8,  1.7,  1.1, -1.0
2019-08-01,  1.2,  1.1,  0.5,  0.3,  1.8,  1.8,  1.1, -0.9
2019-09-01,  1.3,  1.4,  0.6,  0.4,  2.4,  2.2,  1.1, -1.2
2019-10-01,  1.3,  1.2,  0.5,  0.6,  1.7,  1.6,  1.3, -1.6
2019-11-01,  1.4,  1.1,  0.6,  0.5,  1.8,  1.4,  1.2, -1.7
2019-12-01,  1.3,  1.2,  0.7,  0.6,  1.9,  1.5,  1.3, -1.4
2020-01-01,  1.3,  1.1,  1.4,  0.3,  1.5,  1.2,  1.2, -0.5
2020-02-01,  1.5,  1.0,  1.0,  0.4,  1.5,  1.0,  1.2, -0.5
2020-03-01,  0.4,  0.2,  0.4, -0.8,  0.8,  0.3,  0.5, -1.3
2020-04-01,-13.4,-12.0, -9.4,-13.9,-11.1,-13.4,-10.8,-14.9
2020-05-01,-11.7,-10.8,-10.0,-13.1, -9.5,-10.6,-10.4,-14.1
2020-06-01, -8.7, -8.4, -9.9,-11.2, -6.6, -7.4, -8.7, -8.2
2020-07-01, -7.8, -7.3, -9.4, -8.6, -5.8, -7.3, -7.5, -8.5
2020-08-01, -6.8, -6.1, -8.4, -7.9, -4.7, -5.6, -5.8, -7.8
2020-09-01, -6.3, -5.4, -8.7, -7.1, -3.9, -5.2, -5.0, -7.0
2020-10-01, -5.9, -5.0, -9.2, -6.9, -3.1, -4.4, -5.1, -6.2
2020-11-01, -5.9, -4.8, -9.3, -6.9, -2.9, -4.0, -4.9, -5.7
2020-12-01, -6.1, -4.5, -9.7, -6.7, -2.3, -3.5, -4.7, -5.6
2021-01-01, -6.0, -4.5,-10.3, -6.1, -2.5, -3.3, -4.6, -6.4
2021-02-01, -5.8, -4.4,-10.4, -6.3, -2.3, -3.0, -4.6, -5.7
2021-03-01, -4.4, -3.3, -9.8, -4.7, -1.3, -2.3, -3.8, -4.1
2021-04-01, 10.9, 10.2,  0.3, 10.3, 12.3, 12.8,  8.4, 10.8
2021-05-01,  9.0,  9.0,  1.4,  9.4, 10.7,  9.3,  8.1,  9.0
2021-06-01,  5.9,  6.3,  2.1,  7.1,  7.6,  5.7,  6.1,  3.2
2021-07-01,  5.4,  5.8,  2.1,  5.2,  7.2,  6.0,  5.3,  4.4
2021-08-01,  4.6,  4.5,  1.6,  4.7,  5.7,  4.3,  3.8,  3.6
2021-09-01,  4.2,  3.7,  2.4,  3.7,  4.6,  3.9,  2.9,  2.7
2021-10-01,  4.3,  3.9,  3.8,  3.7,  4.7,  4.0,  3.1,  2.7
2021-11-01,  4.5,  3.9,  4.3,  3.9,  4.7,  3.7,  3.1,  2.9
2021-12-01,  5.1,  3.9,  4.9,  4.2,  4.4,  3.5,  3.2,  3.4
2022-01-01,  5.0,  3.6,  4.9,  3.3,  4.2,  3.6,  2.9,  3.6
2022-02-01,  5.2,  4.3,  5.1,  4.1,  4.9,  4.5,  3.5,  3.6
2022-03-01,  4.9,  3.9,  5.4,  3.0,  4.8,  4.2,  3.2,  2.7
2022-04-01,  4.9,  4.0,  5.1,  2.7,  4.8,  4.6,  3.4,  2.9
2022-05-01,  4.8,  3.8,  5.1,  2.6,  4.6,  4.5,  3.2,  3.8
2022-06-01,  4.5,  3.5,  4.0,  2.0,  4.5,  4.5,  3.0,  2.0
2022-07-01,  4.4,  3.5,  4.1,  2.3,  4.2,  4.5,  3.1,  1.3
2022-08-01,  4.2,  3.4,  3.3,  2.0,  4.5,  4.3,  3.0,  1.4
2022-09-01,  4.0,  3.7,  2.8,  2.2,  4.8,  4.7,  3.5,  1.7
2022-10-01,  3.7,  2.9,  2.0,  1.4,  3.8,  3.7,  3.0,  1.3
2022-11-01,  3.4,  2.7,  1.9,  1.2,  3.6,  3.4,  2.7,  1.8
2022-12-01,  3.2,  2.5,  1.7,  0.9,  3.4,  3.1,  2.5,  0.2
2023-01-01,  3.3,  2.8,  1.8,  1.5,  3.6,  3.3,  3.0,  0.5

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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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Featured

CORE Week: March 27-31

The Daily Commute: Connections Between Communities

Publications

Sovereign Debt and Credit Default Swaps

Averaging Impulse Responses Using Prediction Pools

Do Costly Internal Equity Injections Reveal Bank Expectations about Post-Crisis Real Outcomes?

Data & Analysis

Regional Economic Snapshot

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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.

Data & Analysis

Publications

People

Events

Featured

Being a Research Associate at the Richmond Fed

Rural-Urban Comparison Maps

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