The Federal Reserve Bank of Philadelphia has initiated the search for its next president and CEO to succeed Patrick T. Harker. A committee comprising eligible members of the Philadelphia Fed’s board of directors will conduct the search, adhering to Federal Reserve policies and the Federal Reserve Act. Only directors not affiliated with regulated banks or financial institutions are eligible to select a Federal Reserve Bank president, whose appointment must be approved by the Federal Reserve’s Board of Governors.

Federal Reserve Bank of Philadelphia President and CEO Patrick T. Harker addressed researchers and economists on the significance of using both historical and current data to comprehend today's economy. Harker introduced the Philadelphia Fed’s Center for the Restoration of Economic Data (CREED), which offers digitized versions of previously inaccessible historical data and innovative methods for timely economic and policy-relevant research.

The Federal Reserve Bank of Philadelphia announced the appointment of Peter Ruggiero, president and CEO of Crayola, to its Economic and Community Advisory Council (ECAC) today. Ruggiero succeeds Rich Wuerthele following his retirement from Crayola.

The Federal Reserve Bank of Philadelphia has introduced a new continuous data release that tracks the rate at which workers transition from one employer to another. This data set, named Fujita, Moscarini, and Postel-Vinay (FMP) Employer-to-Employer (E2E) Transition Probability, offers an up-to-date measure of worker reallocation pace in the U.S. labor market.

The latest Large Bank Credit Card and Mortgage Data released by the Federal Reserve Bank of Philadelphia revealed concerning trends at the end of 2023. According to the report, credit card delinquency rates reached series highs, with more accounts being past due compared to any other quarter since 2012. Mortgage originations also hit a series low, and the 30+ days past due rate increased quarter over quarter.Kelly Antonacci, from the Philadelphia Fed, highlighted that "several Q4 2023 measures surpassed records set since the series began in Q3 2012." The median front-end...

The Federal Reserve Bank of Philadelphia has announced changes to its Community Depository Institutions Advisory Council (CDIAC), appointing a new chair and welcoming two new members in April 2024.Jeffrey Stopko, president and CEO of AmeriServ Financial, Inc., has been appointed as the new chair of the CDIAC for 2024, representing the Third Federal Reserve District. Stopko, who has been a member of the advisory council since 2021, will lead the council in its discussions on economic and business trends facing community depository institutions.Joining the CDIAC are James...

The Federal Reserve Bank of Philadelphia’s Consumer Finance Institute (CFI) has launched the Labor, Income, Finances, and Expectations (LIFE) Survey and today published the first report in the quarterly series, which summarizes the latest survey results.According to Bob Hunt, senior vice president and associate director of CFI, "The LIFE Survey is designed to be agile, so that CFI can gather timely information from consumers even when there are sudden, rapid, or unusual shifts in the economy."The survey, which gathers data every quarter from a large cross-section of...

The Federal Reserve Bank of Philadelphia has appointed new members to its Economic and Community Advisory Council (ECAC). Among the appointees are Laura Ducceschi, Ken Kaiser, Jesse McCree, and Leslie Smallwood-Lewis, who bring a wealth of experience and expertise to the council.Dennis Pullin, president and CEO of Virtua Health, has been named chair of the ECAC, while Loree Jones Brown, chief executive officer of Philabundance, has been named vice chair.The ECAC, established in 2008, is comprised of leaders from various sectors including businesses, nonprofit...