The Federal Reserve Bank of Cleveland, in conjunction with its Center for Inflation Research, is hosting a virtual session titled "The Fed's Dual Mandate: Recent Progress and Challenges." This event is scheduled for Thursday, November 14, 2024, from 1:00 to 1:45 PM EST.
The Federal Reserve continues to focus on financial and payments inclusion, highlighting ongoing research into economic conditions such as inflation, employment, and financial system risks.
Inflation expectations among U.S. business leaders have risen in the fourth quarter of 2024, as reported by the Survey of Firms’ Inflation Expectations (SoFIE), a publication from the Cleveland Fed’s Center for Inflation Research.
The Fourth Federal Reserve District is hosting an online webinar on October 16, 2024, from 3:00 to 4:00 PM ET. The event will focus on the critical issue of broadband access in the United States.
The Cleveland Federal Reserve has released a new simulation model predicting that rent inflation may remain elevated until mid-2026, provided key variables stay constant. The report highlights the disparity in rent increases between new and continuing tenants since the pandemic. While rents for new tenants surged rapidly during the pandemic, those for continuing tenants increased at a slower pace. According to the model, there is still a significant gap between these two groups' rents.
The Federal Reserve Bank of Cleveland has released a report indicating that workers in the lower half of the income distribution who receive unemployment insurance tend to have significantly more savings than those who do not. The study reveals that recipients of unemployment insurance possess 3.7 times more net liquid wealth than nonrecipients in the bottom income quartile and about twice as much in the second income quartile.
The Federal Reserve Bank of Cleveland has announced an upcoming webinar to provide insights into its annual internship program. The event, scheduled for October 7, 2024, from 11:00 AM to 12:00 PM ET, aims to inform college and university students about the opportunities available within the institution.
The Federal Reserve System is set to host the 2024 Minorities in Banking Forum on October 2-3, 2024, at the Federal Reserve Bank of Cleveland, located at 1455 E 6th St, Cleveland, OH 44115. The forum aims to convene mid- to senior-level leaders in the financial services industry with a focus on diversity and inclusion, leadership, and career enhancement.
The Federal Reserve Bank of Cleveland has announced the appointment of Damjan Pfajfar as the new head of its Center for Inflation Research. In his role as vice president, Pfajfar will lead a team of economists focused on studying inflation and will spearhead efforts to enhance the center's resources for researchers, policymakers, and the public.
Small businesses are foundational to the growth and prosperity of local communities and a cornerstone of the American economy. They drive innovation, job creation, and economic growth. According to the Federal Reserve's “2024 Report on Employer Firms: Findings from the 2023 Small Business Credit Survey,” small businesses continue to face challenges including increased operating expenses, attracting and retaining qualified talent, and access to credit.
In the four years since the onset of the pandemic-related recession, industries with above-average pay have generated the majority of net new jobs both regionally and nationally, according to a recent report by the Federal Reserve Bank of Cleveland. The report highlights that high-pay industries accounted for nearly 76 percent of the over five million net new jobs created in the U.S. private sector from February 2020 to February 2024.
Lower-wage Ohioans have experienced significant pay gains since 2019, leading to the lowest level of wage inequality in the state in over two decades, according to a new report from the Federal Reserve Bank of Cleveland. Workers at the 10th percentile of Ohio’s wage distribution saw their hourly pay increase by an average of 3.2 percent annually, adjusted for inflation, from 2019 to 2023. In contrast, those at the 90th percentile experienced an average annual wage increase of 0.8 percent over the same period.
Slowing wage growth in certain parts of the service sector could contribute to reducing inflation in 2024 and 2025, according to a new report from the Cleveland Fed.
The Federal Reserve Bank of Cleveland continues to produce indicators and datasets aimed at informing the public, policymakers, and researchers about economic conditions such as inflation, employment, and financial system risks. Their research addresses economic issues relevant to local communities, the nation, and globally.
During the banking turmoil of 2023, banks sought to reassure uninsured depositors by leveraging recent regulatory changes to provide additional coverage. A new report from the Federal Reserve Bank of Cleveland indicates that the use of reciprocal deposits between banks increased significantly following the failure of Silicon Valley Bank in March 2023.
Inflation expectations among U.S. business leaders decreased in the third quarter of 2024, according to the Survey of Firms’ Inflation Expectations (SoFIE), which is published by the Federal Reserve Bank of Cleveland.
The Cleveland Federal Reserve has released a new report suggesting that the Inflation Reduction Act (IRA) and the CHIPS and Science Act, both passed in August 2022, could potentially narrow the education earnings gap in areas where new manufacturing plants are being built. This potential outcome is based on observations from the US shale boom.
The childcare sector has long faced workforce challenges that affect working parents and the broader economy. With high turnover and constraints on supply fueled by how the industry is financed, providers often struggle to offer care that parents can access.
A recent report from the Federal Reserve Bank of Cleveland indicates that Black and Hispanic households often reside in neighborhoods with lower socio-economic status compared to white households with similar incomes. The study, titled "Neighborhood Sorting, Metros, and Tomorrow’s Labor Force," was conducted by researchers Daniel Carroll and Christopher J. Walker.
