Research - Federal Reserve Bank of Richmond

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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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Banking & Supervision
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.
Education
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

Understanding Racial Inequality In Our Region

Aug. 3, 2020

As part of its ongoing effort to better understand the dynamics that drive the Fifth District economy, the Richmond Fed is studying racial inequality and the challenges, both past and present, facing communities of color. Here are links to articles, reports, and other published work on what we have learned so far.

Article

Demographics and Disparities in the Fifth District

Regional Matters

July 24, 2020

By Abigail Crockett and Jessie Romero

Although the Fifth District’s black population tends to have higher employment and educational attainment compared to the nation’s, there are still significant disparities relative to whites.

Publications

Social Security Reform with Heterogeneous Mortality

Working Paper Series

July 2020, No. 20-09

John Bailey Jones and Yue Li

Bubbles and the Value of Innovation

Working Paper Series

July 2020, No. 20-08

Valentin Haddad, Paul Ho and Erik Loualiche

Global Robust Bayesian Analysis in Large Models

Working Paper Series

July 2020, No. 20-07

Paul Ho

Data & Analysis

Fifth District Surveys of Manufacturing and Service Sector Activity

July 28, 2020

Manufacturing activity showed signs of recovery in July, while service sector activity remained tepid.

Month,Manufacturing Composite,Service Sector Revenues
2010-07-01,10.33333302,3.666666746
2010-08-01,7,1
2010-09-01,4.333333492,-1.666666627
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

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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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