• Cleveland Fed researchers use WARN Act data to assess #layoffs in #KY, #OH, #PA and #WV during the current pandemic-induced recession. Read their findings here: Link https://t.co/rSz8stj7uh
    ClevelandFed Thu 06 Aug 2020 22:29

    We use WARN data to assess layoffs in four Midwestern states during the current pandemic-induced recession—Kentucky, Ohio, Pennsylvania, and West Virginia. The data come from the advance layoff notices filed under the Worker Adjustment and Retraining Notification (WARN) Act. We find that the number of workers affected by layoff announcements rose sharply in the second half of March and April, and unexpected changes in economic conditions meant that workers received little advance notice before layoff. Layoff announcements have affected workers across these four states, and workers in mining and leisure and hospitality have been affected the most. Most recently, the number of workers affected by WARN notices has almost returned to prerecession levels.

  • The #FederalReserve published Frequently Asked Questions (FAQs) for nonprofit lending. Read the FAQs for nonprofits here: Link https://t.co/5E1YRCPqdx
    ClevelandFed Thu 06 Aug 2020 21:24
  • Here at the Cleveland Fed, our #culture is award-winning. We’re listed 8th on @DiversityMBAMag’s list of 2020 50 Out Front: Best Places to Work for Women & Diverse Managers. Learn more about the award & see what makes us a best place to work. Link
    ClevelandFed Thu 06 Aug 2020 20:29

    CHICAGO, IL – Diversity MBA Media, a national organization integrating diversity and inclusion with talent management, today publishes its 14th annual list of 50 Out Front: Best Places to Work for Women & Diverse Managers Ranking has named UPMC as the No. 1 company for 2020.  The Pittsburgh-based health-care provider earned the top spot for a second year in a row.

    LOREAL USA is No. 2 and Blue Cross Blue Shield, Michigan won the third spot. (The entire list is below.)

    The companies are ranked using Diversity MBA’s benchmarking metrics, which measure how companies and organizations are investing in intentional strategies to advance women and managers of diverse backgrounds. Overall, the survey shows continued progress for diversity efforts, said Pam McElvane, CEO and publisher of Diversity MBA Magazine.

    “CEO engagement and commitment to community continues to be at an all-time high,” McElvane said. “More and more companies are finding ways to...

  • RT @OhioMuseums: Join our speakers, Khaz Finley and Elle Benak from @CleveFed_LC and Carla Mello from @Ohiohistory for our August 24 webina…
    ClevelandFed Thu 06 Aug 2020 18:34
  • A recent Cleveland Fed survey found individuals' likelihood to wear masks varies based on age, perceived effectiveness and mandates from government authorities. Read the findings in our latest Research [in] Brief: Link
    ClevelandFed Thu 06 Aug 2020 18:14

    Policymakers are exploring ways to reduce the number of novel coronavirus infections without resorting to broad-based economic shutdowns. A variety of evidence suggests that face coverings can help reduce the spread of the virus; however, face coverings’ effectiveness in regard to avoiding another shutdown depends on widespread use, and not everyone is wearing them.

  • Who is hardest hit by this recession, and how are different groups seeing different effects on their work hours? How does this compare to the Great Recession? Find out in the newest edition of our e-newsletter. Read & subscribe: Link @StLouisFed https://t.co/MjoUIfifze
    ClevelandFed Thu 06 Aug 2020 17:29

    “We found that the vast majority of respondents, almost 90 percent, reported having worn a mask the last time they went out in public to an indoor space, even though not all were required by state or local ordinance to do so,” say the authors of an Economic Commentary based on a survey of consumers. While most respondents indicated that they were extremely likely to wear a mask if required by public authorities, the reported likelihood is strongly dependent on the age of the respondents and how effective they considered masks to be.

  • Have you heard about the Fed’s response to the unprecedented crisis caused by the #COVID19 pandemic, but are unsure what it all means? This #infographic is for you. Check it out to learn about the Term Asset-Backed Securities Loan Facility: Link https://t.co/32BvMaHXRz
    ClevelandFed Thu 06 Aug 2020 16:14

    America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.

    The challenge: After lenders lend money to people for uses such as buying a car, paying college tuition, or running a small business, they often bundle the loans they’ve made and sell them to investors. The lenders do this for two reasons: They want to reduce their risk—keeping too many of the same kind of loan is financially risky—and they want to get money so they can make more loans.

    To sell the bundled loans to investors, lenders turn them into asset-backed securities—bonds backed by the value of loans. But COVID-19 disruptions created uncertainty about borrowers’ ability to repay their loans,...

  • ICYMI: #LorettaMester interviewed on @WOSU public radio, Columbus, OH: Link
    ClevelandFed Thu 06 Aug 2020 15:44
  • TODAY: Interested in the Cleveland Fed’s COVID-19 #research? Join our economists as they discuss their research on trends and the impact of #COVID19 at noon ET. Register here: Link https://t.co/slfJbyNkHW
    ClevelandFed Thu 06 Aug 2020 13:09
  • After spiking amid shutdowns, #layoffs ease in four Midwestern states— #KY, #OH, #PA & #WV. Read the findings here: Link https://t.co/a8sR4olim9
    ClevelandFed Thu 06 Aug 2020 00:23

    We use WARN data to assess layoffs in four Midwestern states during the current pandemic-induced recession—Kentucky, Ohio, Pennsylvania, and West Virginia. The data come from the advance layoff notices filed under the Worker Adjustment and Retraining Notification (WARN) Act. We find that the number of workers affected by layoff announcements rose sharply in the second half of March and April, and unexpected changes in economic conditions meant that workers received little advance notice before layoff. Layoff announcements have affected workers across these four states, and workers in mining and leisure and hospitality have been affected the most. Most recently, the number of workers affected by WARN notices has almost returned to prerecession levels.

  • We are honored to be recognized by @DiversityMBAMag as one of the best places to work in #recruitment, succession planning & #accountability. Our #culture is central to everything we do. Learn more about the award &see what makes us a best place to work: Link
    ClevelandFed Wed 05 Aug 2020 22:48

    CHICAGO, IL – Diversity MBA Media, a national organization integrating diversity and inclusion with talent management, publishes its 14th Annual Best in Class Recognition – those that have demonstrated consistent and excellent practices, with metrics aligned with strategy that results in impactful change.

    “It is important to recognize the effort required to drive results for implementing diversity and inclusion strategies and the Top 50 companies we have selected have made significant and laudable efforts toward achieving those goals,” said Pam McElvane, CEO of Diversity MBA Media & publisher of Diversity MBA Magazine. McElvane added: “The intent of the Best in Class categories is to recognize companies and organizations that have outstanding results and have made significant progress in the categories listed.”

    The methodology behind DMBA’s Inclusive Leadership Index is multi-tiered, beginning with the registration of participating organizations...

  • This week we are spotlighting our interns! Meet a few of our virtual summer 2020 interns & hear from them about their experience. https://t.co/iUqUY4tMIX
    ClevelandFed Wed 05 Aug 2020 22:08
  • #LorettaMester: Amid pandemic uncertainties, Federal Reserve is committed to using all its policy tools to provide relief to households & businesses, foster stability in the financial system & support recovery back to maximum employment & price stability Link
    ClevelandFed Wed 05 Aug 2020 21:43

    President and Chief Executive Officer

    Loretta J. Mester participates in the formulation of U.S. monetary policy, and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.

    Read bio…
  • #LorettaMester: Assuming virus gets under control once again & people feel safe enough & businesses confident enough to re-engage in economic activity, economy will move from reopening phase to recovery phase. I anticipate recovery will take some time. Link
    ClevelandFed Wed 05 Aug 2020 21:38

    President and Chief Executive Officer

    Loretta J. Mester participates in the formulation of U.S. monetary policy, and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.

    Read bio…
  • #LorettaMester: Path of economy depends on path of virus. Expanded testing, contact tracing & developments of therapeutics & vaccines will influence path. So will wearing a mask, frequent hand washing, avoiding social gatherings & maintaining distance. Link
    ClevelandFed Wed 05 Aug 2020 21:33

    President and Chief Executive Officer

    Loretta J. Mester participates in the formulation of U.S. monetary policy, and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.

    Read bio…
  • #LorettaMester: Pandemic burden falls unevenly. Net increase in unemployment rate since Feb. higher for Blacks, Hispanics & Asians than whites. Much of the sacrifice borne by most vulnerable: lower-income & minority workers & communities & smaller of small businesses.
    ClevelandFed Wed 05 Aug 2020 21:28
  • #LorettaMester: Whether rise in coronavirus cases & deceleration in economic activity prove to be temporary or more persistent remains to be seen. At very least, they suggest that economy will be in reopening phase for a while longer. Link
    ClevelandFed Wed 05 Aug 2020 21:23

    President and Chief Executive Officer

    Loretta J. Mester participates in the formulation of U.S. monetary policy, and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.

    Read bio…
  • #LorettaMester: Higher-frequency indicators like debit and credit card transactions suggest that economic activity has begun to decelerate since mid-June with the rise in virus cases, adding uncertainty to already uncertain outlook. Link
    ClevelandFed Wed 05 Aug 2020 21:03

    Download: Bio | CV | Press Photo

    As president and chief executive officer of the Federal Reserve Bank of Cleveland, Loretta J. Mester participates in the formulation of U.S. monetary policy, and oversees 1,000 employees in Cleveland, Cincinnati, and Pittsburgh who conduct economic research, supervise banking institutions, and provide payment services to commercial banks and the U.S. government. She assumed her role as president and CEO in June 2014.

    Dr. Mester was born in Baltimore, MD. She graduated summa cum laude with a bachelor of arts degree in mathematics and economics from Barnard College of Columbia University. She earned M.A. and Ph.D. degrees in economics from Princeton University, where she was a National Science Foundation Fellow.

    Prior to being named president and chief executive officer of the Federal Reserve Bank of Cleveland, Dr. Mester had been executive vice president and director of research at the...

  • How have low- and moderate-income communities been affected during the COVID-19 #pandemic? Join a virtual conversation with economists on their #COVID19 #research during a #FedTalk on August 6. Link https://t.co/AvA6nl1cv6
    ClevelandFed Wed 05 Aug 2020 19:43
  • #LorettaMester discusses the economy and monetary policy in keynote address at the Liberal Arts Macroeconomics Virtual Conference, organized by Pomona College, coming up at 5 p.m. ET.
    ClevelandFed Wed 05 Aug 2020 19:03
  • Different #eviction polices mean regions across the country are seeing different trends as policies expire. We looked at eviction filing across 44 cities and counties to measure what’s been happening. Read our latest report now: Link https://t.co/1lt3AFJlzj
    ClevelandFed Wed 05 Aug 2020 18:58

    Summer Scholar

    Rebecca Cowin is a summer scholar in the Community Development Department. She is pursuing a BA in economics with a minor in Spanish at the University of Minnesota.

    Read bio…
  • How can the community use #education & #collaboration to build #resilience? What’s important to keep in mind when moving forward after the #pandemic? Watch the recorded Building a Resilient Workforce event or read the recap: Link https://t.co/BAIKhz98y5
    ClevelandFed Wed 05 Aug 2020 16:08

    The event featured a conversation between Federal Reserve Bank of Cleveland President and CEO Loretta J. Mester, Chair of the Board of Governors of the Federal Reserve System Jerome Powell, and Youngstown-area community leaders, business owners, and local stakeholders:

  • #LorettaMester talks about the economy and Fed actions during #COVID19. Listen live today at 10:06 am on @WOSU public radio, Columbus, OH: Link
    ClevelandFed Wed 05 Aug 2020 12:43
  • NEW #infographic series from the Cleveland Fed: Learn what the Federal Reserve is doing to help our communities during #COVID19. The sixth in the series explains (in plain English!) the Term Asset-Backed Securities Loan Facility. Link https://t.co/mYYAxHTQXe
    ClevelandFed Tue 04 Aug 2020 21:02

    America needs a bridge—a bridge that will get households, communities, and businesses over the unanticipated challenges created by the COVID-19 shutdown. In helping to build that bridge, the Federal Reserve, with authorization from Congress, has created and revived a number of rare lending programs, each providing targeted assistance to the needs of those impacted.

    The challenge: After lenders lend money to people for uses such as buying a car, paying college tuition, or running a small business, they often bundle the loans they’ve made and sell them to investors. The lenders do this for two reasons: They want to reduce their risk—keeping too many of the same kind of loan is financially risky—and they want to get money so they can make more loans.

    To sell the bundled loans to investors, lenders turn them into asset-backed securities—bonds backed by the value of loans. But COVID-19 disruptions created uncertainty about borrowers’ ability to repay their loans,...

  • RT @CleveFed_ComDev: NEW: Community Support Gives Small Businesses Strength in College Hill, Ohio. Read and comment on our latest blog now:…
    ClevelandFed Tue 04 Aug 2020 20:52
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