Pawel Krolikowski Kristoph Naggert

Vehicle production has fallen since the beginning of the pandemic recession. We investigate reasons for this decline. Manufacturers in this industry cite insufficient materials, including a lack of semiconductors, as increasingly responsible. Demand seems to be less of an issue. In fact, demand has been strong, and together with accelerating prices and sharply declining inventories, it suggests an insufficient supply of new cars. Our best guess is that the materials shortages and their effects on new car prices will subside within the next six to nine months. Read More

Senior Vice President

Mark Schweitzer is senior vice president at the Federal Reserve Bank of Cleveland. He advises and informs the Cleveland Reserve Bank’s president and board of directors on regional economic developments and economic policy issues.

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Cleveland Fed Digest delivers Cleveland Fed work right to your inbox once a month. Read, download, and explore just some of what the Cleveland Fed offers the public, from economic research and special reports on housing, banking, and labor markets to community development analyses and graphics that examine issues and illustrate trends. Of course, you can also check out all of our published work anytime right here on clevelandfed.org. If you’re not yet a subscriber to Cleveland Fed Digest, share your email address with us to receive the e-newsletter each month. Sign up to receive other content regularly from the Cleveland Fed here. We welcome your feedback, too! Contact digest@clev.frb.org with questions or comments.

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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.

Senior Vice President

Mark Schweitzer is senior vice president at the Federal Reserve Bank of Cleveland. He advises and informs the Cleveland Reserve Bank’s president and board of directors on regional economic developments and economic policy issues.

Read bio…

Smith was among 18.1 million Americans who became temporarily unemployed during April 2020. For families and individuals like Smith—facing unemployment or a loss of income during the pandemic—eviction has been a real possibility. At the same time, rental market policies at the local, state, and national levels have varied from place to place and have changed over time since the pandemic hit the United States, leading to inconsistent outcomes for both tenants and landlords.

Businesses with no employees other than the owner often turned to personal funds in response to financial challenges during the pandemic. These nonemployers were less likely than employer firms to seek pandemic-related emergency funding and less likely to be approved.

The Federal Reserve Bank of Cleveland today announced that it has begun the search for the Bank’s new first vice president and chief operating officer.

The first vice president and chief operating officer is the second-ranking official of the Cleveland Reserve Bank, with responsibility for overseeing a broad range of services to financial institutions, the U.S. Treasury, and other stakeholders. The position also directs the Bank’s operations and risk management, has executive oversight of the Transforming Tax Collections program, and is accountable for fostering a corporate culture that embraces diversity, equity, inclusion, and opportunity.

Gregory L. Stefani, who has served as first vice president and chief operating officer with the Cleveland Fed since 2011, announced in May that he plans to retire from the Bank by January 31, 2022.

Dwight Smith, chair of the Bank’s board of directors, said, “As Greg demonstrated during his exemplary tenure, the position...

Research Economist

Peter Zimmerman's research interests are in financial market infrastructure and banking. Recently, he has focused on fintech and issues around cryptocurrencies as payments instruments.

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Do your students like scavenger hunts? With our Savvy Spender Scavenger Hunt challenge, they can have fun and learn budgeting skills at the same time. The goal is to find the best prices on tools and supplies to help get a community garden up and growing. Let's see how savvy they can be!

Vehicle production has fallen since the beginning of the pandemic recession. We investigate reasons for this decline. Manufacturers in this industry cite insufficient materials, including a lack of semiconductors, as increasingly responsible. Demand seems to be less of an issue. In fact, demand has been strong, and together with accelerating prices and sharply declining inventories, it suggests an insufficient supply of new cars. Our best guess is that the materials shortages and their effects on new car prices will subside within the next six to nine months.

Description: We calculate the median PCE inflation rate based on data released in the Bureau of Economic Analysis’ monthly Personal Income and Outlays report. Median PCE inflation is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes. Benefits: By omitting outliers (small and large price changes) and focusing on the interior of the distribution of price changes, the median PCE inflation rate can provide a better signal of the underlying inflation trend than either the all-items PCE price index or the PCE price index excluding food and energy (also known as the core PCE price index).

Businesses with no employees other than the owner often turned to personal funds in response to financial challenges during the pandemic. These nonemployers were less likely than employer firms to seek pandemic-related emergency funding and less likely to be approved.

Join us August 3 for a research seminar focused on issues related to the employment experiences of low-income workers during the pandemic and how to improve the financial security of these workers.

Are there well-paying jobs for people without a four-year college degree? If so, what (and where) are these jobs? The Cleveland Fed, in partnership with Atlanta and Philadelphia Feds, finds out. Read more.

Engagement is a key part of what we do at the Federal Reserve Bank of Cleveland. To recommend a candidate to serve on one of the Federal Reserve Bank of Cleveland’s boards of directors, advisory councils, or other forms of engagement with the Federal Reserve Bank of Cleveland, complete and submit this form. Self-recommendations are also welcome.

If you have a question about our Bank’s recruitment process, please contact us.

Description: We calculate the median PCE inflation rate based on data released in the Bureau of Economic Analysis’ monthly Personal Income and Outlays report. Median PCE inflation is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes. Benefits: By omitting outliers (small and large price changes) and focusing on the interior of the distribution of price changes, the median PCE inflation rate can provide a better signal of the underlying inflation trend than either the all-items PCE price index or the PCE price index excluding food and energy (also known as the core PCE price index).

Description: We calculate the median PCE inflation rate based on data released in the Bureau of Economic Analysis’ monthly Personal Income and Outlays report. Median PCE inflation is the one-month inflation rate of the component whose expenditure weight is in the 50th percentile of price changes. Benefits: By omitting outliers (small and large price changes) and focusing on the interior of the distribution of price changes, the median PCE inflation rate can provide a better signal of the underlying inflation trend than either the all-items PCE price index or the PCE price index excluding food and energy (also known as the core PCE price index).

Cleveland Fed Digest delivers Cleveland Fed work right to your inbox once a month. Read, download, and explore just some of what the Cleveland Fed offers the public, from economic research and special reports on housing, banking, and labor markets to community development analyses and graphics that examine issues and illustrate trends. Of course, you can also check out all of our published work anytime right here on clevelandfed.org. If you’re not yet a subscriber to Cleveland Fed Digest, share your email address with us to receive the e-newsletter each month. Sign up to receive other content regularly from the Cleveland Fed here. We welcome your feedback, too! Contact digest@clev.frb.org with questions or comments.

Rest assured, we do not sell or share your email address, and you may unsubscribe at any time.