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Category: Research - Topic: Economics - FOMC



Chicago Fed National Activity Index suggests slower, but still well-above-average growth in August
Posted: September 21, 2020 at 08:30 AM (Monday)

Led by some further moderation in the growth of production-related indicators, the Chicago Fed National Activity Index (CFNAI) declined to +0.79 in August from +2.54 in July. Two of the four broad categories of indicators used to construct the index made positive contributions in August, but all four categories decreased from July. The ...


Philadelphia Fed Outlook reported continued to expand in September
Posted: September 17, 2020 at 08:30 AM (Thursday)

Manufacturing activity in the region continued to expand this month, according to firms responding to the September Manufacturing Business Outlook Survey. The survey's current indicators for general activity, new orders, and shipments remained positive for the fourth consecutive month. The employment index improved in September and remained ...


FOMC target funds rate maintained at 0.00% - 0.25%
Posted: September 16, 2020 at 02:00 PM (Wednesday)

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

The COVID-19 pandemic is causing tremendous human and economic hardship across the United States and around the world. Economic activity and employment have picked up in recent months but remain well below their levels at the beginning of the year. Weaker demand and ...


Empire State Manufacturing Survey Conditions expanded at a solid clip in September 2020
Posted: September 15, 2020 at 08:30 AM (Tuesday)

Business activity expanded at a solid clip in New York State, according to firms responding to the September 2020 Empire State Manufacturing Survey. The headline general business conditions index climbed thirteen points to 17.0. New orders increased modestly, and shipments grew significantly. Unfilled orders continued to decline. Inventories ...


Beige Book: Economic Activity increased, but still remained well below pre-pandemic
Posted: September 2, 2020 at 02:00 PM (Wednesday)

Economic activity increased among most Districts, but gains were generally modest and activity remained well below levels prior to the COVID-19 pandemic. Manufacturing rose in most Districts, which coincided with increased activity at ports and among transportation and distribution firms. Consumer spending continued to pick up, sparked by ...


Texas Fed Manufacturing Activity expanded in August
Posted: August 31, 2020 at 10:00 AM (Monday)

Texas factory activity expanded in August for the third month in a row following a record contraction in the spring after the onset of the COVID-19 pandemic, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, came in at 13.1, down ...


Kansas City Fed Manufacturing Activity Continued to Grow Slightly in August
Posted: August 27, 2020 at 10:00 AM (Thursday)

Tenth District manufacturing activity continued to grow slightly after decreasing sharply in the spring, but still remained well below year-ago levels. Expectations for future activity continued to improve slightly. District firms continued to expect prices for both finished goods and raw materials to expand in the next ...


Richmond Fed's Current Activity Index rose from 10 to 18 in August
Posted: August 25, 2020 at 10:00 AM (Tuesday)

Manufacturing activity in the Fifth District continued to strengthen in August, according to the most recent survey from the Richmond Fed. The composite index rose from 10 in July to 18 in August, as all three components — shipments, new orders, and employment — increased. The index for local business conditions also rose, and many firms ...


Philadelphia Fed NonManufacturing Survey Suggest Activity improvement continued in August
Posted: August 25, 2020 at 08:30 AM (Tuesday)

Firms responding to the August Nonmanufacturing Business Outlook Survey indicated continued improvement in business activity. The indexes for general activity at the firm level and sales/revenues showed positive readings for the third consecutive month, coinciding with the phased reopening of the service economy in the region. Additionally, ...


Chicago Fed National Activity Index suggests slower, but still well-above-average growth in July
Posted: August 24, 2020 at 08:30 AM (Monday)

Led by some moderation in the growth of production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) declined to +1.18 in July from +5.33 in June. Three of the four broad categories of indicators used to construct the index made positive contributions in July, but all four categories decreased from June. ...


Philadelphia Fed Outlook reported continued to expand in August
Posted: August 20, 2020 at 08:30 AM (Thursday)

Manufacturing activity in the region continued to expand this month, according to firms responding to the August Manufacturing Business Outlook Survey. The survey's current indicators for general activity, new orders, and shipments remained positive for the third consecutive month but fell from their readings in July. The employment index ...


Empire State Manufacturing Survey Conditions fell in August 2020
Posted: August 17, 2020 at 08:30 AM (Monday)

Business activity edged slightly higher in New York State, according to firms responding to the August 2020 Empire State Manufacturing Survey. The headline general business conditions index fell fourteen points to 3.7, signaling a slower pace of growth than in July. New orders were little changed, and shipments increased modestly. Unfilled ...


Forecasters See Higher Growth in the Quarter
Posted: August 14, 2020 at 10:00 AM (Friday)

The outlook for the U.S. economy in the current quarter looks brighter now than it did three months ago, according to 35 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will expand at an annual rate of 19.1 percent this quarter, much stronger than the prediction of 10.6 percent from the ...


FOMC target funds rate maintained at 0.00% - 0.25%
Posted: July 29, 2020 at 02:02 PM (Wednesday)

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. Following sharp declines, economic activity and employment have picked up somewhat in recent months but remain well below their levels at the beginning ...


Richmond Fed's Current Activity Index rose from 0 to 10 in July
Posted: July 28, 2020 at 10:00 AM (Tuesday)

Manufacturing in the Fifth District showed signs of recovery in July, according to the most recent survey from the Richmond Fed. The composite index rose from 0 in June to 10 in July, its first positive reading since March, buoyed by increases in all three components. The indexes for shipments and new orders suggested expansion, while the ...


Texas Fed Manufacturing Activity Recovery Continues in July
Posted: July 27, 2020 at 10:30 AM (Monday)

Texas factory activity continued to expand in July following a record contraction in the spring, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, inched up from 13.6 to 16.1, suggesting a slight pickup in the pace of ...


Kansas City Fed Manufacturing Activity Continued to Grow Slightly in July
Posted: July 23, 2020 at 11:00 AM (Thursday)

Tenth District manufacturing activity continued to grow slightly after decreasing sharply in the spring, but still remained well below year-ago levels. Expectations for future activity continued to improve slightly. District firms continued to expect prices for both finished goods and raw materials to expand in the next ...


Chicago Fed National Activity Index suggests economic growth increased further in June
Posted: July 21, 2020 at 08:30 AM (Tuesday)

Led by improvements in production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) increased to +4.11 in June from +3.50 in May. Three of the four broad categories of indicators used to construct the index made positive contributions in June, and two of the four categories increased from May. The ...


Philadelphia Fed NonManufacturing Survey Suggest Activity shows signs of improvement in July
Posted: July 21, 2020 at 08:30 AM (Tuesday)

Nonmanufacturing firms reported signs of improvement in regional nonmanufacturing activity this month, according to results from the Nonmanufacturing Business Outlook Survey. The indexes for general activity at the firm level and sales/revenues showed positive readings for the second consecutive month after a string of negative readings in ...


Philadelphia Fed Outlook continued to expand in July
Posted: July 16, 2020 at 08:30 AM (Thursday)

Manufacturing activity in the region continued to expand this month, according to firms responding to the July Manufacturing Business Outlook Survey. The survey's current indicators for general activity, new orders, and shipments showed positive readings for the second consecutive month, coinciding with the phased reopening of the economy in ...


Beige Book: Economic Activity increased, but remained well below pre-pandemic
Posted: July 15, 2020 at 02:00 PM (Wednesday)

Economic activity increased in almost all Districts, but remained well below where it was prior to the COVID-19 pandemic. Consumer spending picked up as many nonessential businesses were allowed to reopen. Retail sales rose in all Districts, led by a rebound in vehicle sales and sustained growth in the food and beverage and home ...


Empire State Manufacturing Survey Conditions rose in July 2020
Posted: July 15, 2020 at 08:30 AM (Wednesday)

Business activity increased in New York State for the first time in several months, according to firms responding to the July 2020 Empire State Manufacturing Survey. The headline general business conditions index rose to 17.2, its first positive reading since February. New orders and shipments also increased, and unfilled orders were ...


Texas Fed Manufacturing Activity rebounded strongly in June
Posted: June 29, 2020 at 10:30 AM (Monday)

Texas factory activity rebounded strongly in June, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, climbed from -28.0 to 13.6, indicating moderate expansion in output following three months of record or ...


Kansas City Fed Manufacturing Activity Grew Slightly in June
Posted: June 25, 2020 at 11:00 AM (Thursday)

Tenth District manufacturing activity grew slightly after sharply decreasing the past three months, but remained well below year-ago levels. Expectations for future activity rebounded moderately. Month-over-month price indexes increased in June after dropping sharply in previous months. District firms expected prices for both finished goods ...


Richmond Fed's Current Activity Index rose from −27 to 0 in June
Posted: June 23, 2020 at 10:00 AM (Tuesday)

Fifth District manufacturing held fairly steady in June, according to the most recent survey from the Richmond Fed. The composite index rose from −27 in May to 0 in June, as shipments were relatively flat, more firms reported increases in new orders, and firms generally reported continued declines in employment. The index for local ...


Philadelphia Fed NonManufacturing Survey Suggest Activity continued weakness in June
Posted: June 23, 2020 at 08:30 AM (Tuesday)

Nonmanufacturing firms reported continued weakness in regional nonmanufacturing activity this month, according to results from the Nonmanufacturing Business Outlook Survey. Most of the survey’s current indicators improved from readings last month: The indexes for general activity at the firm level and sales/revenues showed positive readings ...


Chicago Fed National Activity Index Suggests Economic Growth Increased Substantially in May
Posted: June 22, 2020 at 08:30 AM (Monday)

Led by improvements in production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) rose to +2.61 in May from –17.89 in April. All four broad categories of indicators used to construct the index made positive contributions in May, and all four categories increased from April. The index’s three-month ...


Philadelphia Fed Outlook reported signs of improvement in June
Posted: June 18, 2020 at 08:30 AM (Thursday)

Manufacturing conditions in the region showed signs of improvement this month, according to firms responding to the June Manufacturing Business Outlook Survey. The survey’s current indicators for general activity, new orders, and shipments returned to positive territory, coinciding with the gradual reopening of the economy in our region and ...


Empire State Manufacturing Survey Conditions steadied in June 2020
Posted: June 15, 2020 at 08:30 AM (Monday)

Business activity steadied in New York State, according to firms responding to the June 2020 Empire State Manufacturing Survey. After breaching record lows in April and May, the headline general business conditions index climbed forty-eight points to -0.2. New orders were unchanged from last month and shipments inched higher. Delivery times ...


FOMC target funds rate maintained at 0.00% - 0.25%
Posted: June 10, 2020 at 02:00 PM (Wednesday)

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health have induced sharp declines in economic activity and a surge in job losses. Weaker demand and ...


Kansas City Fed Manufacturing Activity up somewhat in May
Posted: May 28, 2020 at 11:00 AM (Thursday)

Tenth District manufacturing activity continued to decline, but not as sharply compared to last month’s record low. Expectations for future activity rose, but remained slightly negative. Month-over-month price indexes remained negative again in May. Moving forward, District firms expected prices for finished goods to decline and prices for ...


Richmond Fed's Current Activity Index rose from −53 to −27 in May
Posted: May 27, 2020 at 10:00 AM (Wednesday)

Fifth District manufacturing remained soft in May, according to the most recent survey from the Richmond Fed. The composite index rose from a record low of −53 in April to −27 in May, remaining at its lowest level since 2009. All three components — shipments, new orders and employment — were above their April readings but still in ...


Texas Fed Manufacturing Activity Contraction Continues in May
Posted: May 26, 2020 at 10:30 AM (Tuesday)

Texas factory activity declined again in May, though at a slower pace than in April, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, remained negative but improved from -55.6 to -28.0, suggesting the contraction in output has ...


Chicago Fed National Activity Index Suggests Growth Fell Substantially in April
Posted: May 26, 2020 at 08:30 AM (Tuesday)

Led by declines in production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –16.74 in April from –4.97 in March. All four broad categories of indicators used to construct the index made negative contributions in April, and all four categories decreased from March. The index’s three-month ...


Philadelphia Fed NonManufacturing Survey Suggest Activity weakness continued in May
Posted: May 26, 2020 at 08:30 AM (Tuesday)

Responses to the May Nonmanufacturing Business Outlook Survey suggest continued weakness in nonmanufacturing activity in the region. Despite remaining well below zero, the survey’s current indicators for general activity at the firm level, new orders, sales/revenues, and full-time employment all increased this month after reaching all-time ...


Philadelphia Fed Outlook reported continued weakness in May
Posted: May 21, 2020 at 08:30 AM (Thursday)

Manufacturing firms reported continued weakness in regional manufacturing activity this month, according to results from the Manufacturing Business Outlook Survey. Despite remaining well below zero, the survey’s current indicators for general activity, new orders, shipments, and employment rose this month after reaching long-term low readings ...


Forecasters See Sharply Lower Growth in the Current Quarter, Followed by Recovery
Posted: May 15, 2020 at 10:00 AM (Friday)

With many economic activities halted because of the COVID-19 pandemic, the near-term outlook for the U.S. economy looks much weaker now than it did three months ago, according to 42 forecasters surveyed by the Federal Reserve Bank of Philadelphia. The forecasters predict the economy will contract at an annual rate of 32.2 percent this ...


Empire State Manufacturing Survey Conditions decline sharply in May 2020
Posted: May 15, 2020 at 08:30 AM (Friday)

Business activity continued to deteriorate significantly in New York State, according to firms responding to the May 2020 Empire State Manufacturing Survey. The headline general business conditions index climbed thirty points, but remained well below zero at -48.5. New orders and shipments continued to decline sharply, though not as steeply as ...


FOMC target funds rate maintained at 0.00% - 0.25%
Posted: April 29, 2020 at 02:00 PM (Wednesday)

The Federal Reserve is committed to using its full range of tools to support the U.S. economy in this challenging time, thereby promoting its maximum employment and price stability goals.

The coronavirus outbreak is causing tremendous human and economic hardship across the United States and around the world. The virus and the measures taken to protect public health are inducing sharp declines in economic activity and a surge in job losses. Weaker demand and ...


Texas Fed Manufacturing Activity Declined Further in April
Posted: April 27, 2020 at 10:30 AM (Monday)

Texas factory activity declined further in April, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, pushed further negative from -35.3 to -55.3, suggesting the contraction in output has steepened since ...


Kansas City Fed Manufacturing Activity Decreased Further in April
Posted: April 23, 2020 at 11:00 AM (Thursday)

Tenth District manufacturing activity decreased further to the lowest reading in survey history (since 1994), while expectations for future activity improved but remained slightly negative. Month-over-month price indexes declined again in April, but District firms expected prices to rise slightly in the next ...


Philadelphia Fed NonManufacturing Survey Suggest Activity fell sharply in April
Posted: April 21, 2020 at 08:30 AM (Tuesday)

Nonmanufacturing firms reported continued weakening in regional nonmanufacturing activity this month, according to results from the Nonmanufacturing Business Outlook Survey. The survey’s current indicators for general activity at the firm level, sales/revenues, new orders, and full-time employment once again fell sharply this month to ...


Chicago Fed National Activity Index Suggests Growth Decreased Substantially in March
Posted: April 20, 2020 at 08:30 AM (Monday)

Led by declines in production- and employment-related indicators, the Chicago Fed National Activity Index (CFNAI) fell to –4.19 in March from +0.06 in February. All four broad categories of indicators used to construct the index made negative contributions in March, and three of the four categories decreased from February. The index’s ...


Philadelphia Fed Outlook Reported Activity fell sharply in April
Posted: April 16, 2020 at 08:30 AM (Thursday)

Manufacturing firms reported continued weakening in regional manufacturing activity this month, according to results from the Manufacturing Business Outlook Survey. The survey’s current indicators for general activity, new orders, and shipments once again fell sharply this month to long-term low readings, coinciding with ongoing ...


Beige Book: Economic Activity contracted sharply and abruptly due to COVID-19 pandemic
Posted: April 15, 2020 at 02:00 PM (Wednesday)

Economic activity contracted sharply and abruptly across all regions in the United States as a result of the COVID-19 pandemic. The hardest-hit industries—because of social distancing measures and mandated closures—were leisure and hospitality, and retail aside from essential goods. Most Districts reported declines in manufacturing, but ...


Empire State Manufacturing Survey Conditions plummeted in April 2020
Posted: April 15, 2020 at 08:30 AM (Wednesday)

Business activity plunged in New York State, according to firms responding to the April 2020 Empire State Manufacturing Survey. The headline general business conditions index plummeted fifty-seven points to -78.2, its lowest level in the history of the survey—by a wide margin. New orders and shipments declined at a record pace. Delivery ...


Texas Fed Manufacturing Activity Declined Sharply in March
Posted: March 30, 2020 at 10:30 AM (Monday)

Texas factory activity declined sharply in March, according to business executives responding to the Texas Manufacturing Outlook Survey. The production index, a key measure of state manufacturing conditions, plummeted from 16.4 to -35.3, suggesting a notable contraction in output since ...


Kansas City Fed Manufacturing Activity declined sharply in March
Posted: March 26, 2020 at 10:30 AM (Thursday)

Tenth District manufacturing activity declined sharply compared with a month ago, and expectations for future activity fell to levels last seen in early 2009. Month-over-month price indexes decreased moderately, and District firms expected lower prices in the next 6 months.

Factory Activity Declined Sharply in March
The month-over-month composite index was -17 in March, the lowest composite reading since April 2009, and down considerably from 5 in February and -1 in January. The composite index is an average of the production, new orders, ...


Richmond Fed's Current Activity Index rose from −2 to 2 in March
Posted: March 24, 2020 at 10:00 AM (Tuesday)

Fifth District manufacturing activity remained fairly flat in March, according to the most recent survey from the Federal Reserve Bank of Richmond. The composite index remained close to 0, rising from −2 in February to 2 in March. The indexes for shipments and new orders were above their February values, but the third component — employment ...


Philadelphia Fed NonManufacturing Survey Suggest Activity fell sharply in March
Posted: March 24, 2020 at 08:30 AM (Tuesday)

Nonmanufacturing firms reported a significant weakening in regional nonmanufacturing activity this month, according to results from the Nonmanufacturing Business Outlook Survey. The survey’s indexes for general activity at the firm level, sales/revenues, new orders, and full-time employment all fell sharply and into negative territory this ...



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