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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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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

Article

COVID-19: How Bad Could the U.S. Economy Get?

March 31, 2020

By Thomas A. Lubik and Sonya Ravindranath Waddell

This brief discusses the nature of the economic shock caused by the novel coronavirus pandemic, how it is affecting the U.S. economy, and what sort of policies are most critical to address the current and future economic fallout.

Article

COVID-19 and Households on the Economic Edge

March 27, 2020

By Kartik B. Athreya, Ryan Mather, José Mustre-del-Río and Juan M. Sanchez

U.S. counties with a higher share of households in financial distress are experiencing higher infection rates of the novel coronavirus, according to research by economists from the Richmond, Kansas City, and St. Louis Feds.

Publications

Regressive Welfare Effects of Housing Bubbles

Macroeconomic Dynamics

Forthcoming

Andrew Graczyk and Toan Phan

Investigating Non-neutrality in a State-Dependent Pricing Model with Firm-level Productivity Shocks

International Economic Review

Forthcoming

Michael Dotsey and Alexander L. Wolman

Income Volatility and Portfolio Choices

Working Paper Series

March 2020, No. 20-01

Yongsung Chang, Jay H. Hong, Marios Karabarbounis and Yicheng Wang

Data & Analysis

Employment Growth in the Fifth District

April 3, 2020

For more information on the regional economy, see our latest report on the Fifth District and our economic indicator charts.

Month,United States,Fifth District,District of Columbia,Maryland,North Carolina,South Carolina,Virginia,West Virginia
2010-02-01,-2.7,-2.8,-0.3,-3.0,-3.5,-2.8,-2.5,-2.0
2010-03-01,-2.0,-1.6, 0.9,-1.2,-2.4,-2.0,-1.5,-0.9
2010-04-01,-1.3,-0.6, 2.4,-0.3,-1.5,-0.8,-0.4,-0.2
2010-05-01,-0.6, 0.0, 2.4, 0.0,-0.8, 0.1, 0.1, 1.6
2010-06-01,-0.4, 0.1, 2.4, 0.1,-0.6, 0.3, 0.2, 0.2
2010-07-01,-0.2, 0.4, 1.9, 0.4,-0.2, 0.7, 0.6, 1.1
2010-08-01, 0.0, 0.4, 0.4, 0.4, 0.0, 0.9, 0.5, 0.9
2010-09-01, 0.1, 0.6, 2.4, 0.6,-0.1, 1.0, 0.7, 1.2
2010-10-01, 0.4, 1.1, 2.0, 0.9, 0.9, 1.3, 1.0, 1.6
2010-11-01, 0.5, 1.1, 1.8, 0.9, 1.0, 1.3, 1.0, 1.5
2010-12-01, 0.8, 1.3, 1.8, 1.2, 1.1, 1.8, 1.1, 1.0
2011-01-01, 0.8, 1.3, 2.3, 1.2, 1.0, 1.3, 1.6, 1.0
2011-02-01, 1.0, 2.1, 3.0, 2.7, 1.6, 1.6, 2.3, 1.6
2011-03-01, 1.1, 1.6, 2.4, 1.4, 1.5, 1.7, 1.9, 0.9
2011-04-01, 1.1, 1.3, 2.0, 0.9, 1.3, 1.4, 1.3, 1.3
2011-05-01, 0.8, 0.7, 1.4, 0.5, 0.8, 0.7, 0.6,-0.5
2011-06-01, 1.1, 0.8, 1.4, 0.5, 1.2, 1.0, 0.6, 0.2
2011-07-01, 1.2, 1.0, 1.4, 1.1, 1.3, 1.0, 0.8, 0.4
2011-08-01, 1.3, 1.1, 2.6, 0.8, 1.3, 1.0, 0.9, 0.7
2011-09-01, 1.5, 1.5, 2.3, 1.0, 1.6, 1.3, 1.6, 1.7
2011-10-01, 1.5, 1.1, 1.5, 0.9, 1.0, 1.0, 1.2, 1.5
2011-11-01, 1.5, 1.2, 1.4, 0.9, 1.2, 1.2, 1.3, 1.8
2011-12-01, 1.6, 1.3, 1.5, 1.0, 1.3, 1.1, 1.3, 2.2
2012-01-01, 1.8, 1.6, 1.0, 1.3, 1.9, 2.0, 1.3, 2.6
2012-02-01, 1.9, 1.4, 0.9, 1.2, 1.5, 1.7, 1.3, 2.3
2012-03-01, 1.9, 1.5, 1.0, 1.3, 1.7, 1.8, 1.3, 2.4
2012-04-01, 1.7, 1.3, 0.4, 1.1, 1.6, 1.4, 1.1, 1.9
2012-05-01, 1.7, 1.5, 1.2, 1.1, 1.8, 1.4, 1.1, 3.0
2012-06-01, 1.6, 1.3, 0.6, 1.2, 1.4, 1.7, 1.2, 1.4
2012-07-01, 1.6, 1.0, 0.1, 0.8, 1.4, 1.4, 0.7, 1.0
2012-08-01, 1.7, 1.3, 0.6, 1.2, 1.6, 1.6, 1.1, 0.7
2012-09-01, 1.6, 1.3, 0.5, 1.3, 1.7, 1.7, 0.9, 0.7
2012-10-01, 1.6, 1.5, 1.5, 1.2, 2.0, 1.9, 1.3, 0.4
2012-11-01, 1.6, 1.5, 1.6, 1.2, 2.1, 2.2, 1.2,-0.2
2012-12-01, 1.6, 1.5, 1.5, 1.2, 2.0, 2.1, 1.3,-0.3
2013-01-01, 1.5, 1.3, 1.3, 1.1, 1.7, 1.7, 1.1,-0.2
2013-02-01, 1.5, 1.3, 1.4, 1.1, 1.8, 1.6, 1.1,-0.3
2013-03-01, 1.4, 1.2, 1.2, 0.9, 1.7, 1.4, 1.0,-0.5
2013-04-01, 1.5, 1.3, 2.1, 1.0, 1.7, 1.7, 0.9,-0.5
2013-05-01, 1.6, 1.1, 1.4, 1.1, 1.5, 1.8, 0.9,-1.6
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, 0.2
2013-08-01, 1.7, 1.3, 1.7, 1.0, 1.8, 2.1, 0.8, 0.3
2013-09-01, 1.7, 1.2, 1.8, 0.8, 1.9, 2.3, 0.5,-0.5
2013-10-01, 1.8, 1.1, 0.9, 0.6, 1.9, 2.4, 0.1,-0.4
2013-11-01, 1.8, 1.1, 1.2, 0.9, 1.9, 2.1, 0.3, 0.0
2013-12-01, 1.7, 1.0, 1.2, 0.5, 1.9, 2.4, 0.1,-0.3
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,-0.2,-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, 2.0, 2.8, 0.5,-0.4
2014-05-01, 1.8, 1.5, 0.1, 0.9, 2.2, 2.9, 0.8, 1.0
2014-06-01, 1.9, 1.4, 1.1, 0.8, 2.3, 2.7, 0.8,-1.5
2014-07-01, 2.0, 1.3, 0.9, 0.7, 2.3, 2.4, 0.7,-1.0
2014-08-01, 1.9, 1.4, 0.8, 1.1, 2.2, 2.5, 0.8,-0.6
2014-09-01, 2.0, 1.4, 0.6, 1.2, 2.1, 2.6, 0.7, 0.1
2014-10-01, 2.0, 1.5, 1.1, 1.3, 2.2, 2.7, 0.8, 0.3
2014-11-01, 2.0, 1.6, 0.9, 1.2, 2.3, 3.0, 0.7, 0.2
2014-12-01, 2.2, 1.7, 0.9, 1.5, 2.3, 3.0, 1.0, 0.3
2015-01-01, 2.2, 1.9, 2.2, 1.4, 2.5, 2.8, 1.3, 0.3
2015-02-01, 2.3, 2.2, 2.2, 1.6, 3.1, 3.2, 1.5, 0.4
2015-03-01, 2.1, 1.7, 2.0, 1.3, 2.3, 2.6, 1.2,-0.2
2015-04-01, 2.1, 1.6, 1.5, 1.3, 2.0, 2.3, 1.3,-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, 1.4, 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, 2.4, 3.0, 2.8,-1.2
2015-11-01, 1.9, 2.2, 2.3, 1.6, 2.4, 2.7, 2.8,-1.1
2015-12-01, 1.9, 2.3, 2.6, 1.7, 2.5, 2.8, 2.8,-0.9
2016-01-01, 1.9, 2.0, 1.9, 1.6, 2.4, 2.6, 2.1,-1.4
2016-02-01, 1.8, 2.0, 2.1, 1.3, 2.4, 2.7, 2.2,-1.4
2016-03-01, 2.0, 2.3, 2.2, 1.7, 2.7, 2.7, 2.5,-0.8
2016-04-01, 1.9, 2.2, 2.6, 1.5, 2.8, 3.0, 2.0,-1.1
2016-05-01, 1.7, 1.8, 2.2, 0.9, 2.4, 2.6, 1.5,-0.5
2016-06-01, 1.7, 1.6, 2.0, 1.0, 2.4, 2.4, 1.5,-1.9
2016-07-01, 1.8, 1.6, 1.5, 1.1, 2.4, 2.6, 1.1,-1.6
2016-08-01, 1.8, 1.5, 1.5, 1.1, 2.3, 2.4, 1.1,-1.6
2016-09-01, 1.9, 1.6, 1.6, 1.4, 2.3, 2.5, 1.1,-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, 1.3, 1.2, 2.1, 2.1, 0.9,-0.2
2016-12-01, 1.6, 1.3, 1.1, 1.1, 2.0, 2.0, 0.8,-1.4
2017-01-01, 1.7, 1.5, 1.2, 1.2, 2.0, 2.3, 1.2,-0.7
2017-02-01, 1.7, 1.5, 0.8, 1.4, 1.9, 2.1, 1.2,-0.4
2017-03-01, 1.6, 1.4, 1.2, 1.3, 1.8, 2.3, 1.1,-0.5
2017-04-01, 1.6, 1.2, 0.7, 1.0, 1.5, 1.9, 1.1,-0.7
2017-05-01, 1.7, 1.3, 0.9, 1.2, 1.5, 1.9, 1.2,-1.4
2017-06-01, 1.6, 1.5, 1.1, 1.4, 1.7, 2.2, 1.3, 0.3
2017-07-01, 1.5, 1.4, 0.9, 1.1, 1.6, 1.9, 1.2, 0.3
2017-08-01, 1.6, 1.3, 0.9, 1.0, 1.7, 1.7, 1.0, 0.3
2017-09-01, 1.4, 1.1, 0.9, 0.8, 1.5, 1.3, 1.0, 0.3
2017-10-01, 1.5, 1.4, 1.0, 0.9, 1.7, 2.2, 1.1, 0.6
2017-11-01, 1.5, 1.1, 0.8, 0.8, 1.5, 1.9, 0.9,-0.9
2017-12-01, 1.5, 1.2, 0.7, 0.6, 1.5, 1.9, 1.1, 0.2
2018-01-01, 1.4, 1.5, 1.1, 0.7, 1.7, 2.8, 1.3, 0.5
2018-02-01, 1.6, 1.5, 1.3, 0.9, 1.7, 2.8, 1.3, 0.5
2018-03-01, 1.6, 1.5, 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, 1.1
2018-05-01, 1.6, 1.8, 1.1, 0.9, 2.1, 3.0, 1.4, 2.4
2018-06-01, 1.6, 1.7, 1.2, 0.9, 2.0, 3.0, 1.3, 1.7
2018-07-01, 1.6, 1.7, 1.1, 1.2, 2.0, 2.7, 1.4, 2.0
2018-08-01, 1.6, 1.7, 1.2, 1.1, 2.0, 3.0, 1.3, 2.1
2018-09-01, 1.6, 1.4, 1.0, 0.9, 1.3, 2.8, 1.2, 1.9
2018-10-01, 1.6, 1.6, 1.0, 0.9, 1.9, 2.7, 1.3, 1.8
2018-11-01, 1.5, 1.7, 1.0, 0.9, 2.0, 2.7, 1.5, 1.5
2018-12-01, 1.6, 1.5, 0.8, 1.0, 1.7, 2.6, 1.2, 1.3
2019-01-01, 1.7, 1.6, 0.5, 1.1, 2.4, 1.7, 1.3, 0.8
2019-02-01, 1.4, 1.4, 0.7, 0.8, 2.1, 1.5, 1.2, 0.5
2019-03-01, 1.4, 1.3, 0.6, 0.8, 2.0, 1.5, 1.2, 0.4
2019-04-01, 1.4, 1.3, 0.5, 0.8, 2.1, 1.3, 1.2, 0.2
2019-05-01, 1.3, 1.2, 0.5, 0.8, 1.9, 1.4, 1.1,-1.3
2019-06-01, 1.3, 1.2, 0.6, 0.5, 1.9, 1.2, 1.2,-0.7
2019-07-01, 1.3, 1.1, 0.8, 0.4, 1.8, 1.6, 1.1,-1.3
2019-08-01, 1.3, 1.1, 0.6, 0.3, 1.8, 1.7, 1.2,-1.2
2019-09-01, 1.4, 1.3, 0.7, 0.4, 2.3, 2.1, 1.2,-1.7
2019-10-01, 1.3, 1.0, 0.7, 0.3, 1.5, 1.7, 1.0,-1.6
2019-11-01, 1.4, 1.2, 1.2, 0.5, 1.6, 1.8, 1.4,-1.6
2019-12-01, 1.4, 1.3, 1.0, 0.9, 1.7, 1.8, 1.5,-1.7
2020-01-01, 1.4, 1.1, 1.1, 1.0, 1.1, 1.9, 1.3,-1.3
2020-02-01, 1.6, 1.3, 0.9, 1.2, 1.3, 2.1, 1.6,-1.5

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