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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

Podcast

Taxing Carbon: A Macroeconomist's View

Jan. 20, 2021

James Stock, a professor of political economy at Harvard University, discusses his research on the effects of carbon taxes in the European Union and its implications for enacting similar taxes in the United States. Stock presented this research at the Climate Change Economics conference organized by the Richmond Fed in November 2020.

Publication

How China Shrunk the North Carolina Furniture Industry

Econ Focus

Fourth Quarter 2020

The latest issue of the Richmond Fed's economics magazine looks at the rise and sudden decline of a major regional industry, and its recent rebound. Other articles examine the impact of the COVID-19 pandemic on the nation's meat supply, the circulation of coins in the economy, and housing markets.

Publications

The Fed's Discount Window in "Normal" Times

Working Paper Series

January 2021, No. 21-01

Huberto M. Ennis and Elizabeth Klee

Two-sided Market, R&D, and Payments System Evolution

Journal of Monetary Economics

Vol. 115, November 2020

Bin Grace Li, James McAndrews and Zhu Wang

Bubbly Recessions

American Economic Journal: Macroeconomics

Vol. 12, October 2020

Siddhartha Biswas, Andrew Hanson and Toan Phan

Data & Analysis

Fifth District Surveys of Manufacturing and Service Sector Activity

January 26, 2021

The manufacturing sector showed signs of growth in January, while service sector firms gave mixed reports.

Month,Manufacturing Composite,Service Sector Revenues
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
2020-11-01,21.66666603,12.66666698
2020-12-01,21,7.666666508
2021-01-01,16,.3333333433