It takes each of us to build a more diverse, inclusive workplace. At the Richmond Fed, we work every day to create an environment where people feel respected, valued, engaged and appreciated. These principles are supported throughout our organization and reinforced in many ways, including education, employee resource networks and diversity recruiting.

We look for people with diverse backgrounds, skills and experience—coupled with a commitment to excellence—to help us achieve our public service mission. We embrace diversity by recognizing, valuing and leveraging our differences for the good of our workplace, customers, stakeholders and constituents.

"There is a strength that comes from being out and open about ourselves," said John, who is the chair of PRISM. "Not only do we garner resilience from the knowledge that we are living our best life, we get to share more of ourselves with those around us. Better yet, we can be an example for...

Given the historic job losses experienced during spring 2020, we might have expected wage growth to have slowed considerably during the pandemic. After all, nominal wage growth, as measured by the Atlanta Fed’s Wage Growth Tracker,1 declined in the wake of the Great Recession, falling from 4.5 percent in December 2007 to 1.8 percent in October 2010, and remained sluggish for years. But it has been heartening to see that during the COVID-19 recession, the decline in wage growth has not mirrored the scale of job loss. COVID-19 brought only a muted and brief decline. In February 2020, overall wage growth was 4 percent. It hit its lowest point of the pandemic, 3.6 percent, by the end of the year. Wage growth in early 2021 has stayed near that level, fluctuating between 3.6 percent and 3.7 percent.

What cut the dive so short in comparison to the prior recession? I would point to three factors: the concentrated nature of the downturn, the perception that it would be short...

The COVID-19 pandemic hit meat processing facilities in the United States suddenly and dramatically. Between April 9 and April 27, more than 4,900 COVID-19 cases were reported among 115 different meat and poultry processing facilities. Rising cases and contamination fears led major processors, such as Smithfield, Va.-based Smithfield Foods, to shut down plants in April. During this period, large retailers like Kroger and Costco implemented meat rationing. These developments prompted President Donald Trump to invoke the Defense Production Act on April 28, compelling plants to remain open — and brought the resilience of the meat supply chain under scrutiny.

Alibaba — an e-commerce platform in China similar to Amazon — has created its own payment system (Alipay) to provide currency-like services: facilitating transactions, supporting peer-to-peer transfers and paying interest. Platforms like Facebook and Amazon are also researching creating their own digital currencies, but so far they have relied primarily on existing payment methods. What drives platforms to develop their own digital currency rather than use existing cash and card options? And should central banks and financial regulators worry about platforms issuing their own currency?

June 2, 2021 12:00 p.m. – 2:30 p.m. ET | 11:00 a.m. – 1:30 p.m. CT Virtual video event presented by all 12 District Banks of the Federal Reserve System

Research staff regularly monitors the national economy, helping the Richmond Fed grasp current conditions and their implications for monetary policy. Updated weekly, the following data is part of the information presented during policy discussions and meetings with our board of directors.

“Four students have started the Invest in What’s Next program. Of those, one had planned to drop out of high school after leaving our program and the other had no plans after high school. Now, each of them is investigating colleges and thinking more responsibly about their future."

College enrollment is down. We’ll talk with administrators and educators at community colleges and four-year schools about keeping students engaged in education and helping them find the path to the workforce that’s best for them.

April 27, 2021

Fifth District manufacturing activity improved in April, according to the most recent survey from the Richmond Fed. The composite index held steady at 17, indicating continued growth, as all three component indexes — shipments, new orders, and employment — remained positive. Survey responses indicated supply constraints, with the backlog of orders and vendor lead time indexes registering historic highs. Meanwhile, inventories shrank as the indexes for inventories of finished goods and raw materials reached their lowest values on record. Manufacturers were optimistic that conditions would continue to improve in the coming months.

CDFIs play a central role in ongoing work towards an equitable economic recovery as they help consumers, small businesses and communities access funding. There continues to be an urgent need for comprehensive, up-to-date data on CDFIs. The Federal Reserve 2021 CDFI Survey is part of a continued effort to provide this information.

Are you a CDFI leader? Take the survey now.

Preview the survey.

The Fed and the CDFI Fund intend to use the survey data to inform research and future policymaking. The survey data will also provide important benchmark information on how CDFIs are faring in the COVID-19 crisis and how they are serving low-income and minority populations.

Learn more about the survey effort and submit a response for your CDFI today. The survey is open from March 22–May 14, and will take about 60 minutes to complete. We encourage participation from all CDFIs, regardless of certification status. Please be aware that only one response is...

CDFIs play a central role in ongoing work towards an equitable economic recovery as they help consumers, small businesses and communities access funding. There continues to be an urgent need for comprehensive, up-to-date data on CDFIs. The Federal Reserve 2021 CDFI Survey is part of a continued effort to provide this information.

Are you a CDFI leader? Take the survey now.

Preview the survey.

The Fed and the CDFI Fund intend to use the survey data to inform research and future policymaking. The survey data will also provide important benchmark information on how CDFIs are faring in the COVID-19 crisis and how they are serving low-income and minority populations.

Learn more about the survey effort and submit a response for your CDFI today. The survey is open from March 22–May 14, and will take about 60 minutes to complete. We encourage participation from all CDFIs, regardless of certification status. Please be aware that only one response is...

It takes each of us to build a more diverse, inclusive workplace. At the Richmond Fed, we work every day to create an environment where people feel respected, valued, engaged and appreciated. These principles are supported throughout our organization and reinforced in many ways, including education, employee resource networks and diversity recruiting.

We look for people with diverse backgrounds, skills and experience—coupled with a commitment to excellence—to help us achieve our public service mission. We embrace diversity by recognizing, valuing and leveraging our differences for the good of our workplace, customers, stakeholders and constituents.