Kate Archer Kent is host of “The Morning Show” on The Ideas Network. She collaborates with a core production team to create compelling and relevant conversations each weekday morning about Wisconsin news, culture, and politics. The show, airing from 6 a.m. to 9 a.m., encourages participation from callers and social...Read more

Kate Archer Kent is host of “The Morning Show” on The Ideas Network. She collaborates with a core production team to create compelling and relevant conversations each weekday morning about Wisconsin news, culture, and politics. The show, airing from 6 a.m. to 9 a.m., encourages participation from callers and social...Read more

July 13, 2021 12:00 p.m. – 3:00 p.m. ET | 11:00 a.m. – 2:00 p.m. CT Virtual video event presented by all 12 District Banks of the Federal Reserve System

In the early stages of the pandemic, I called for large U.S. banks to raise $200 billion of equity capital as a preventive measure to ensure they would have the financial wherewithal to endure a severe COVID-induced downturn.

Small businesses across America, which had been forced to lay off staff, were telling their landlords they would not pay rent until the crisis had passed. Those landlords were, in turn, telling their banks they would not be making mortgage payments.

At that point of the COVID crisis, we did not know how the accumulated costs would affect the banking sector. Much would turn on how the virus progressed and mutated and how health care systems responded.

Banks did not heed my advice. More than a year later, what actually happened? The COVID crisis was worse than I feared, with 600,000 deaths in the U.S. alone and the deepest economic downturn in recorded history.

Yet the losses in the banking sector were far smaller than my...

How are businesses in the services sector feeling about the current economy and the near future?

Our Regional Outreach team, in partnership with the Minnesota Department of Employment and Economic Development, recently surveyed professional services firms across the Ninth District to better understand how they are faring in the current economy and what they see in the immediate future. Join Joe Mahon, Regional Outreach director, for a live webinar to discuss the latest results from a June survey of services firms and learn how their recovery from the pandemic is progressing.

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The Minneapolis Fed is committed to developing a diverse workforce and providing an inclusive environment where all employees are respected and valued. We believe that we can foster development opportunities for all and reach our full potential by recognizing the unique experiences and identities of each of our colleagues. From economists to cash specialists, we work together to represent you in our economy.

June 2, 2021

Summary of Economic Activity Ninth District economic activity grew at a moderate-to-strong pace since early April. Employment grew moderately, with strong hiring demand outpacing labor availability. Wage pressures were moderate overall, and wholesale price pressures increased briskly while consumer prices increased more moderately. Growth was noted in consumer spending, construction, real estate, manufacturing, agriculture, and energy. Minority- and women-owned businesses in the region reported moderate improvements in business activity.

Employment and Wages Employment grew moderately since the last report, with strong hiring demand outpacing labor availability. Job postings saw strong increases in recent weeks, particularly in South Dakota and Montana. A Minnesota staffing firm with multiple offices said every location had at least 100 job openings. Hiring demand was healthy across all sectors, but was strongest in manufacturing, construction,...

The COVID-19 pandemic is inflicting enormous human and economic costs on the Ninth District, nation, and world. The Federal Reserve Bank of Minneapolis is charged with closely monitoring economic conditions in our region so that local and national policymakers can make informed policy choices.

Given rapidly changing conditions, the Federal Reserve Bank of Minneapolis is monitoring a variety of daily and weekly data sources to more accurately assess economic developments in real time, some of which are displayed below. Please check back for frequent updates and new indicators.

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