• We’re planning our Policy Summit 2021: Pathways to Economic Resilience in Our Communities, and we want to hear from YOU! Take this brief survey to share your ideas on topics, speakers, and more: Link And, save the date for June 23-25, 2021. https://t.co/pzjRQHWsNw
    ClevelandFed Fri 04 Sep 2020 18:20
  • New data captures weekly #eviction filing counts for 63 jurisdictions across the US, representing approximately 13% of renter households. View the data here: Link https://t.co/rZBsAgu3B6
    ClevelandFed Fri 04 Sep 2020 17:35

    Note: The visualizations on this page are not compatible with Internet Explorer or older versions of Edge.

    These data updates capture weekly eviction filing counts for 63 jurisdictions across the US, representing approximately 13 percent of renter households in the country. To learn more about our methods and to read an in-depth analysis of policy effects on eviction filings, see Measuring Evictions during the COVID-19 Crisis, published in July 2020. Since the report was published, we continue to make methodological improvements. See below for a list of changes.

    The data shared here is part of an ongoing research project and is subject to revision. To share corrections or observations, please contact Hal Martin (hal.martin@clev.frb.org). Data will be updated regularly. Unless otherwise specified, all dates in this report refer to the year 2020.

    Details of pandemic-related eviction policy vary greatly from place to place. We classify jurisdictions as...

  • 27% of community stakeholders in 4th District who responded to our survey indicate their orgs can operate >12 mos in current environment w/o signs of financial distress. 20% of nat'l respondents indicated the same. See chart below. Full nat’l results: Link https://t.co/ZpGV4oBZ6F
    ClevelandFed Fri 04 Sep 2020 13:50
  • How are consumers responding to #COVID19? How likely is COVID-19 to impact the economy? Check out the weekly update on the Consumers and COVID-19 economic indicator. Link https://t.co/BKU8oNtiUn
    ClevelandFed Thu 03 Sep 2020 21:24
    Background: The Cleveland Fed has been maintaining a survey of consumers for their views on how they are responding to COVID-19, the illness caused by the novel coronavirus of late 2019, and how COVID-19 is likely to impact the economy. Description: We update the results from these surveys on a weekly basis.
  • The median federal funds rate coming from 7 simple #monetarypolicy rules and 3 #economic forecasts rises from -2.53 percent in 2020:Q3 to -1.64 percent in 2022:Q3, according to our latest update. Link https://t.co/qSWP9Tq9z4
    ClevelandFed Thu 03 Sep 2020 20:39
    Description: We show federal funds rates from 7 simple monetary policy rules based on 3 sets of forecasts for economic conditions. Why so many rules? Examining a variety of rules is helpful because there is no agreement on a single “best” rule, and different rules can sometimes generate very different values for the federal funds rate, both for the present and for the future. Why 3 forecasts? Looking across multiple economic forecasts helps to capture some of the uncertainty surrounding the economic outlook and, by extension, the outlook for monetary policy. Download our spreadsheet to customize your own rule and see all the forecasts, rules, and funds rate paths.
  • #Evictions are a serious risk for households facing job loss and economic upheaval during the pandemic. Weekly eviction data for 63 US jurisdictions are now being updated and charted regularly on the Cleveland Fed’s website. Link https://t.co/8DOKsX9g27
    ClevelandFed Thu 03 Sep 2020 20:14

    These data updates capture weekly eviction filing counts for 63 jurisdictions across the US, representing approximately 13 percent of renter households in the country. To learn more about our methods and to read an in-depth analysis of policy effects on eviction filings, see Measuring Evictions during the COVID-19 Crisis, published in July 2020. Since the report was published, we continue to make methodological improvements. See below for a list of changes.

    The data shared here is part of an ongoing research project and is subject to revision. To share corrections or observations, please contact Hal Martin (hal.martin@clev.frb.org). Data will be updated regularly. Unless otherwise specified, all dates in this report refer to the year 2020.

    Details of pandemic-related eviction policy vary greatly from place to place. We classify jurisdictions as having “filing bans” if they have policies that range from preventing a landlord from filing any new eviction cases...

  • Are you a Black undergrad interested in finance, economics, or data science? Attend the @ChicagoFed & @SadieCollective free/virtual #ECPEcon2020 event 9/17-18 to gain insight from @nomadj1s @drlisadcook @jhacova. Connect w/ recruiters. Register: Link https://t.co/vbj0kk9ZLH
    ClevelandFed Thu 03 Sep 2020 19:54
  • Modeling the spread of infectious diseases: Is there a better way? Find out in our latest Economic Commentary. Link
    ClevelandFed Thu 03 Sep 2020 17:09

    Many of the models used to track, forecast, and inform the response to epidemics such as COVID-19 assume that everyone has an equal chance of encountering those who are infected with a disease. But this assumption does not reflect the fact that individuals interact mostly within much narrower groups. We argue that incorporating a network perspective, which accounts for patterns of real-world interactions, into epidemiological models provides useful insights into the spread of infectious diseases.

  • Although the 4th District #labor market is more stable than it was during the spring, a few firms reported that previously furloughed workers have recently been laid off permanently—a sign that the labor market’s #recovery may not be smooth. Link #BeigeBook https://t.co/0ADOf7RZSv
    ClevelandFed Thu 03 Sep 2020 16:24

    The Beige Book, released 8 times a year, contains reports of economic conditions across the United States by region. Reports are based on information gathered primarily through interviews with business people and are prepared by each of the 12 Federal Reserve Banks for their respective Districts.

  • We’re planning our Policy Summit 2021: Pathways to Economic Resilience in Our Communities, and we want to hear from YOU! Take this brief survey to share your ideas on topics, speakers, and more: Link And, save the date for June 23-25, 2021. https://t.co/Y7KFbCjGsL
    ClevelandFed Thu 03 Sep 2020 15:19
  • Are you looking for a new career in #cash, #management, #engineering, or other related fields? Check out our careers website- we are hiring! Link https://t.co/74T43ktTQc
    ClevelandFed Thu 03 Sep 2020 00:23

    Our mission is founded in public service—strengthening the economic performance of the nation and our region and making a difference in the communities we serve. At our Bank, you’ll get the benefits you need and have the work–life balance you want. Your health, finances, and professional achievement matter to us. And our culture is one of inclusion, in which diversity of thought is encouraged and uniqueness embraced.

    Be part of something big. Be part of our future. Make the Federal Reserve Bank of Cleveland your next career move.

  • Cleveland Fed researchers argue that incorporating a network perspective, which accounts for patterns of real-world interactions, into epidemiological models provides useful insights into the spread of infectious diseases. Read our latest research here: Link
    ClevelandFed Wed 02 Sep 2020 23:23

    Many of the models used to track, forecast, and inform the response to epidemics such as COVID-19 assume that everyone has an equal chance of encountering those who are infected with a disease. But this assumption does not reflect the fact that individuals interact mostly within much narrower groups. We argue that incorporating a network perspective, which accounts for patterns of real-world interactions, into epidemiological models provides useful insights into the spread of infectious diseases.

  • The Fourth District’s economy grew modestly and at a pace similar to that of the previous reporting period. However, #sales and activity generally remained below pre-pandemic levels across most sectors. Link #BeigeBook https://t.co/96CNWyNt3O
    ClevelandFed Wed 02 Sep 2020 23:03

    The Beige Book, released 8 times a year, contains reports of economic conditions across the United States by region. Reports are based on information gathered primarily through interviews with business people and are prepared by each of the 12 Federal Reserve Banks for their respective Districts.

  • NEW: Cleveland Fed launches effort to measure #eviction filings in 63 US jurisdictions. Link https://t.co/Mrcxmw1ZEv
    ClevelandFed Wed 02 Sep 2020 22:33

    These data updates capture weekly eviction filing counts for 63 jurisdictions across the US, representing approximately 13 percent of renter households in the country. To learn more about our methods and to read an in-depth analysis of policy effects on eviction filings, see Measuring Evictions during the COVID-19 Crisis, published in July 2020. Since the report was published, we continue to make methodological improvements. See below for a list of changes.

    The data shared here is part of an ongoing research project and is subject to revision. To share corrections or observations, please contact Hal Martin (hal.martin@clev.frb.org). Data will be updated regularly. Unless otherwise specified, all dates in this report refer to the year 2020.

    Details of pandemic-related eviction policy vary greatly from place to place. We classify jurisdictions as having “filing bans” if they have policies that range from preventing a landlord from filing any new eviction cases...

  • Watch the video below to hear from Policy Economist Hal Martin about his recent research on #evictions during #COVID19, and view his research here: Link https://t.co/WB2jyFjHkS
    ClevelandFed Wed 02 Sep 2020 21:13

    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…
  • JUST RELEASED: Improving Epidemic Modeling with Networks Link
    ClevelandFed Wed 02 Sep 2020 20:53

    Many of the models used to track, forecast, and inform the response to epidemics such as COVID-19 assume that everyone has an equal chance of encountering those who are infected with a disease. But this assumption does not reflect the fact that individuals interact mostly within much narrower groups. We argue that incorporating a network perspective, which accounts for patterns of real-world interactions, into epidemiological models provides useful insights into the spread of infectious diseases.

  • In survey of 4th District community stakeholders, 69% of those who responded noted COVID-19 having significant disruption on econ conditions for those they serve, compared to 64% of all survey respondents across US. Our results below; nat’l results: Link https://t.co/DYT6I8aFcz
    ClevelandFed Wed 02 Sep 2020 20:28
  • #LorettaMester: Need to be humble about assessing maximum employment in real time. New strategy statement clarifies that in absence of inflationary pressure or risks to fin. stab., strong employment is not a concern & monetary policy won't react to it. Link
    ClevelandFed Wed 02 Sep 2020 16:33

    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...

  • #LorettaMester: Revised strategy statement: if inflation persists sub-2%, we'll likely aim for inflation moderately >2% for some time. This to help anchor inflation expectations, a main determinant of actual inflation, at levels consistent w/2% inflation Link
    ClevelandFed Wed 02 Sep 2020 16:28

    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...

  • #LorettaMester: CLE Fed survey: consumers more willing to engage in activities, but also belief that pandemic to last longer. In March, 80+ % thought it would last 1 yr. or <. In early Aug., only 1/2 think that; other 1/2 thinks it will be 2 yrs or more. Link
    ClevelandFed Wed 02 Sep 2020 16:23

    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...

  • #LorettaMester: Rise in virus cases seems to have dampened activity as people pulled back out of concern for their safety. Most recent data suggest some leveling off of new cases, so I’ll be watching to see if the pace of economic activity picks up again. Link
    ClevelandFed Wed 02 Sep 2020 16:18

    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...

  • #LorettaMester: Fiscal policy & monetary policy support needed to limit damage to economy & achieve sustainable recovery. Further fiscal support needed to provide a bridge for households, small business & state & local govts until recovery is sustainable. Link
    ClevelandFed Wed 02 Sep 2020 16:13

    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...

  • #LorettaMester discussing U.S. economic outlook & policy and revisions to Fed’s statement on longer run goals and monetary policy strategy in speech at NABE economic measurement virtual seminar. Link
    ClevelandFed Wed 02 Sep 2020 16:08

    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...

  • Advance layoff notices filed under the WARN Act suggest many laid-off workers in #KY, #OH & #WV have received little advance notice since March. Read more in our District Data Brief: Link https://t.co/JIp9Cuqn5V
    ClevelandFed Tue 01 Sep 2020 21:02

    With economic conditions changing so rapidly during the COVID-19 pandemic, the standard layoff indicators that policymakers and analysts use are falling short. These indicators are either not released frequently enough, or they lack geographic or industry information. Some indicators, such as initial unemployment insurance claims, may be less accurate under the current extreme conditions because of processing delays, duplicate claims, and fraud.2

    As detailed in a recent Economic Commentary, we found that anticipated layoff notices filed under the Worker Adjustment and Retraining Notification (WARN) Act provide timely and detailed data during the COVID-19 crisis in Kentucky, Ohio, Pennsylvania, and West Virginia (the Federal Reserve’s Fourth District states). The WARN Act requires employers with 100 or more full-time workers to inform employees with written notices at least 60 days in advance of a potential plant closure or mass layoff. Most states publish their WARN...

  • #LorettaMester to offer an update on the U.S. economy and monetary policy in keynote address at NABE Foundation's 17th Economic Measurement (virtual) Seminar tomorrow. Speech posted at noon, Wednesday, Sept. 2 at Link
    ClevelandFed Tue 01 Sep 2020 18:32

    Rubén Hernández-Murillo Pawel Krolikowski

    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. Read More

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