The Federal Reserve Bank of San Francisco has introduced a new online resource, Regional Indicators for Labor Markets and Prices, designed to provide detailed data on labor markets and inflation across the United States. The page offers indicators for all 50 states and the District of Columbia, with a focus on the Federal Reserve’s 12th District, which includes nine western states.
According to the authors, Leila Bengali and Evgeniya Duzhak, both regional policy economists at the San Francisco Fed, understanding regional economic differences is important because “the U.S. economy is big and varies widely, making it important for the Federal Reserve to understand differences across regional economies.” They note that each of the twelve regional Federal Reserve Banks plays a significant role in monetary policy decisions that are informed by local conditions.
The new data page tracks employment growth rates from the Bureau of Labor Statistics (BLS) establishment survey and unemployment rates from the BLS household survey. It also features vacancy-to-unemployment (V–U) ratios as an indicator of labor market tightness. For example, as of November 2024, South Dakota reported a V–U ratio of 2.6—indicating more job vacancies than unemployed workers—while California had a ratio of 0.7.
On price trends, while national inflation is typically measured using the personal consumption expenditures (PCE) price index, this resource relies on consumer price index (CPI) data due to its geographic breakdowns. CPI inflation is available for 23 metro areas nationwide; eight are located within the 12th District.
The methodology used allows users to see how shelter, food, energy, and other goods contribute to overall inflation in specific metropolitan areas. For instance, recent figures showed that although San Francisco and urban Alaska had similar overall inflation rates over a twelve-month period ending late last year, shelter costs played a larger role in San Francisco’s rate compared to Alaska’s.
Earnings growth data is also included by state alongside metro area inflation numbers so users can compare whether wage increases are keeping pace with rising prices. In California during December 2024, statewide earnings grew by about 3.9%, while metro area inflation ranged from 1.1% to 3.4%.
The SF Fed will update these indicators monthly on its Regional Indicators page.
“The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System,” Bengali and Duzhak wrote.
