A decade ago, Lawrence became one of New England’s first “Working Cities,” joining several small Massachusetts cities with rich but faded industrial pasts in a new community development initiative. On Tuesday, Federal Reserve Bank of Boston President Susan M. Collins visited Lawrence, where the Bank has been involved since the Working Cities Challenge began in 2014. Some say the program sparked significant changes in the former mill city.
The Beige Book, published eight times per year, gathers anecdotal information on current economic conditions from various sources across each Federal Reserve District. This summary provides insights by district and sector.
The national unemployment rate stood at 3.9% in April, aligning with pre-pandemic levels. New England's unemployment rate was even lower at 3.3%. According to MIT economist David Autor, the tight labor markets during the pandemic resulted in rising wages for low-paid workers, reversing a four-decade trend of increasing inequality between low- and high-wage workers. The Biden administration has emphasized that the recovery from the pandemic-induced downturn is one of the most equitable in recent history.
A recent working paper from the Federal Reserve has examined how financial institutions manage potential risks in their credit card portfolios. The study, titled “Managing Risk in Cards Portfolios: Risk Appetite and Limits,” finds that firms typically employ a consistent approach to risk assessment, constantly monitoring potential risks against predetermined limits or thresholds.
Federal Reserve Bank of Boston President Susan M. Collins emphasized the importance of collaboration in addressing wealth disparities, stating, “There’s a lot to be done, and we each bring different ideas, thoughts, and understandings to the table. Unless we work together, we’re not going to be successful in terms of moving things forward.”During a roundtable discussion in Hamden at the Connecticut Community Outreach Revitalization Program, OrLando Yarborough III, director of ConnCAT’s bioscience training programs, highlighted the need for creating career pipelines and...
The Beige Book is published eight times per year, providing a summary of economic activity based on anecdotal information gathered by each Federal Reserve Bank. According to the latest report published on Apr 18, 2024, business activity has expanded at a modest pace, with prices rising slightly and overall employment remaining flat.One notable highlight from the report is the first year-over-year increase in residential home sales since 2022. The report states, "Residential home sales increased by moderate margins from a year earlier, the first such increase in over two...
Boston and New York Fed conference examines the potential impacts of stablecoinsOn April 11, 2024, the Federal Reserve Banks of Boston and New York hosted a virtual Conference on the Financial Stability Implications of Stablecoins. The conference brought together researchers, regulators, and industry participants to explore the implications of the rapid expansion of the stablecoin market on financial stability.In her welcoming remarks, Boston Fed President and CEO Susan M. Collins highlighted the importance of understanding stablecoins, labeling them as a form of...
Federal Reserve Bank of Boston President Susan M. Collins recently visited various locations in New Hampshire to share her economic outlook and engage with local leaders. During her visit to Dartmouth College, Collins discussed economic disparities and the importance of inclusivity in local economies. She emphasized the need for collaborative efforts across different sectors to provide opportunities for all individuals. Collins highlighted the significance of understanding diverse experiences and achieving an inclusive economy to address challenges effectively.Collins...
According to a recent report by economists Pinghui Wu and Lucy McMillan from the Federal Reserve Bank of Boston, working college students who experience job loss are more likely to drop out of school. The study, titled "Credit Access and the College-persistence Decision of Working Students: Policy Implications for New England," reveals that when a working undergraduate aged 18 to 24 faces involuntary job loss, their chances of not returning to school the following academic year increase by 17%.Although only 2% of the students in the study sample were affected by job loss,...
