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The Federal Reserve has a congressional mandate to promote maximum employment. What is maximum employment? How does the Fed pursue it? And how do we know when the goal is achieved?

Join Terry Fitzgerald, vice president and assistant director of economic analysis at the Federal Reserve Bank of Minneapolis, to learn more about the Federal Reserve’s mandated goal of maximum employment and how the Fed promotes it. This “Conversations with the Fed” event will be held virtually on Thursday, Aug. 19, at 1:00 p.m. CT.

The pandemic recession put enormous stress on the federal-state unemployment insurance (UI) system. A one-month increase in the unemployment rate from 4.4 percent to 14.8 percent, combined with legislation that dramatically expanded the reach of the UI system, sent caseloads to levels never seen before. As tens of millions of workers were submitting applications, policymakers directed UI agencies to fundamentally alter the way the system worked, setting up new programs and making a host of changes to typical operations.

From one perspective, the UI system met this unprecedented challenge. The federal government reports that states made more than $1 trillion in UI payments in the second quarter of 2020, in contrast to less than $50 billion in the prior quarter (both at annualized rates). This spending, combined with direct payments to households, caused personal income to rise instead of fall in the second quarter of 2020, even as workers lost their jobs. The UI...

September 9, 2021 2:00 p.m. – 4:30 p.m. ET | 1:00 p.m. – 3:30 p.m. CT Virtual video event presented by all 12 District Banks of the Federal Reserve System

Physical quality of Twin Cities housing is strong overall, but modest home repair needs are common Housing quality is linked to economic and demographic factors Informed design of home repair programs can expand access to quality housing

Many industries and organizations had to change and develop new strategies during the past year, and the Federal Reserve Bank of Minneapolis was no exception. Starting in March 2020, our Minneapolis and Helena offices implemented a Systemwide effort to conduct examinations remotely for the foreseeable future. In this article, we recap how we’ve worked with banks during COVID-19, made significant changes to examination processes due to the pandemic, and found benefits and challenges of conducting exams entirely off-site. We also offer advice and ask for feedback to help future exams go smoothly.

Our Regional Outreach team surveyed businesses across the Ninth District to gauge recent economic activity and the near-term outlook of firms in different sectors. Join Ron Wirtz, Regional Outreach director, for a live webinar discussing the results from a late July survey of firms and to learn how businesses are faring during the recovery.

David Oppedahl, a Senior Business Economist at the Chicago Fed, explained in the AgLetter that, “At 14 percent, the year-over-year increase in the value of District farmland for the second quarter of 2021 was the largest recorded since 2013’s third quarter. All five District states exhibited double-digit year-over-year gains in their agricultural land values.”

The AgLetter stated that, “Of particular relevance to the District were the June corn, soybean, and hog prices, which were up 90 percent, 74 percent, and 100 percent from a year ago, respectively.”

Racism forms the foundation of inequality in our society, and it threatens our economy and limits economic opportunity for people of color. All 12 District Banks of the Federal Reserve System are partnering to highlight the implications of racism in the United States and identify solutions.

The Reserve Banks will host a series of virtual events to examine the ways in which structural racism manifests in America and advance actions to dismantle structural racism.

Physical quality of Twin Cities housing is strong overall, but modest home repair needs are common Housing quality is linked to economic and demographic factors Informed design of home repair programs can expand access to quality housing

Farm incomes increased broadly in the second quarter; outlook is positive but more moderate Operating expenses for most agricultural operations were up moderately Lenders still concerned about drought impacts, especially for livestock producers

For most Americans, economic security is unattainable without access to credit. The ability to borrow money under reasonable and transparent terms allows people to acquire assets essential to long-term wealth accumulation—by purchasing a home, for example, or pursuing post-secondary education—and helps mitigate the impact of unexpected economic stress, such as a medical emergency, an auto-repair bill, or the loss of a job.

Unfortunately, not everyone has access to credit. A host of programs and policies have recently been developed to address this situation, but it can be difficult to know how to target them and in what places. Our new, interactive data tool illuminates credit conditions in the seven-county Minneapolis-St. Paul metropolitan area and demonstrates how people in some communities have more limited access to credit than others. For example, as of March 2021, adults with credit scores in ZIP Code 55411—a large area of Minneapolis that lies just northwest...

The Federal Reserve has a congressional mandate to promote maximum employment. What is maximum employment? How does the Fed pursue it? And how do we know when the goal is achieved?

Join Terry Fitzgerald, vice president and assistant director of economic analysis at the Federal Reserve Bank of Minneapolis, to learn more about the Federal Reserve’s mandated goal of maximum employment and how the Fed promotes it. This “Conversations with the Fed” event will be held virtually on Thursday, Aug. 19, at 1:00 p.m. CT.

PPPLF supports lenders who provide forgivable PPP loans to the smallest businesses impacted by COVID-19 Nonbank PPP lenders reach small businesses without traditional banking relationships Small business lending companies share their journey through PPP lending

In this issue we explore economic inclusion. Our advisors share thoughts on how it spurs growth. Nobel Laureate Esther Duflo discusses ways to reduce global poverty. Scholars research inclusion in education, immigration, and more. A data dive on two-year college funding shows who benefits and how. ###

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New dashboard tracks core labor market indicators for American Indians and Alaska Natives American Indians and Alaska Natives are often left out of monthly data due to sample size Native American workers face persistently higher unemployment rates than others ###

You can add location information to your Tweets, such as your city or precise location, from the web and via third-party applications. You always have the option to delete your Tweet location history. Learn more

Physical quality of Twin Cities housing is strong overall, but modest home repair needs are common Housing quality is linked to economic and demographic factors Informed design of home repair programs can expand access to quality housing