• RT @RichmondFed: #TheCFOSurvey tracks business sentiment each quarter, and experts from the Richmond and @AtlantaFed and @DukeFuqua will an…
    Atlanta Fed Sat 30 May 2020 12:24
  • Will the “new normal” become the status quo? A new macroblog post looks at trends in working from home in the wake of the coronavirus pandemic and what they indicate about tomorrow’s workplace. Link https://t.co/UJ90p7Y8FM
    Atlanta Fed Fri 29 May 2020 21:44

    The coronavirus and efforts to mitigate its impact are having a transformative impact on many aspects of economic life, intensifying trends like shopping online rather than visiting brick-and-mortar stores and increasing the incidence of working from home. Indeed, many tech giants have already made working from home a permanent option for employees.

    Working from home, or telecommuting, is not a new phenomenon. According to a survey by the U.S. Bureau of Labor Statistics (BLS), around 8 percent of all employees worked from home at least one day a week before the arrival of COVID-19. However, only 2.5 percent worked from home full-time in the 2017–18 survey period.

    Working from home has surged in the wake of social distancing and other efforts to contain the virus, and this surge brings up a good question: How many jobs can be done at home? Some careful research by Jonathan Dingel and Brent Neiman indicates that nearly 40 percent of U.S. jobs can be done at home....

  • May 29: We’ve updated our Taylor Rule Utility data by incorporating #BEAdata in addition to nowcasts from the @ClevelandFed and @AtlantaFed: Link #ATLFedResearch https://t.co/JfqBN5TcmD
    Atlanta Fed Fri 29 May 2020 17:09

    The Taylor rule is an equation John Taylor introduced in a 1993 paper that prescribes a value for the federal funds rate—the short-term interest rate targeted by the Federal Open Market Committee (FOMC)—based on the values of inflation and economic slack such as the output gap or unemployment gap. Since 1993, alternative versions of Taylor's original equation have been used and called "simple (monetary) policy rules" (see here and here), "modified Taylor rules," or just "Taylor rules." We use the last term in this web page.

    This web page allows users to generate fed funds rate prescriptions for their own Taylor rules based on a generalization of Taylor’s original formula:

  • On May 29, the #GDPNow model nowcast of real GDP growth in Q22020 is -51.2%. Link #ATLFedResearch On June 5 we will stop supporting the GDPNow app. Download our EconomyNow app to continue to get the latest GDP nowcast and more. Atlanta Fed Fri 29 May 2020 15:49

    The growth rate of real gross domestic product (GDP) is a key indicator of economic activity, but the official estimate is released with a delay. Our GDPNow forecasting model provides a "nowcast" of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one used by the U.S. Bureau of Economic Analysis.

    GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available data for the current measured quarter. There are no subjective adjustments made to GDPNow—the estimate is based solely on the mathematical results of the model. In particular, it does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released. It does not anticipate the impact of COVID-19 on forthcoming economic reports beyond the standard internal dynamics of the...

  • RT @BostonFed: The #BostonFed today released additional Main Street Lending Program information for potential lenders and borrowers includi…
    Atlanta Fed Fri 29 May 2020 13:43
  • Every sector is feeling the economic effects of the coronavirus. Utilities, for example, have reported a decreased demand for power. Read Economy Matters for highlights of the Beige Book summary of economic conditions in the Southeast. Link https://t.co/wHZbl4ctm1
    Atlanta Fed Fri 29 May 2020 12:28

    May 27, 2020

    The Federal Reserve Bank of Atlanta’s new Beige Book report details the coronavirus pandemic’s far-reaching economic toll across the Southeast. Contacts in the Sixth Federal Reserve District said economic activity continued to decline from April to early May.

    Almost no sector was spared. Pay cuts and reduced hours were widespread. Tourism and hospitality contacts reported revenue per available room, a lodging industry metric, at historic lows in April. Most passenger flights were suspended, energy firms reported shutting oil and gas wells, and refineries used all-time low levels of capacity. Manufacturers cut production amid declining new orders.

    However, amid the gloom was nuance and, maybe, even a glimmer of positive news. For example, many small business contacts said they secured loans through the federal Paycheck Protection Program, which allowed some firms to avoid layoffs. And most contacts were furloughing staff with...

  • With unemployment sharply up nationwide, some homeowners are struggling not to fall behind on mortgage payments. A new macroblog post considers past events to suggest possible approaches to preventing foreclosures. Link https://t.co/8O1jbukr2P
    Atlanta Fed Thu 28 May 2020 21:08

    The COVID-19 pandemic has led to a large number of furloughs, layoffs, reductions in hours worked, and wage cuts. Anticipating that many homeowners would consequently have problems paying their monthly mortgage bill, the U.S. Department of Housing and Urban Development ordered all mortgage servicers of federally backed debt to provide forbearance to any homeowners affected by the crisis. In addition, bank regulators encouraged lenders to forbear and restructure mortgages for borrowers affected by the shutdown, actions that staved off an immediate wave of foreclosures. At the end of the forbearance window, borrowers will likely be offered a series of repayment schemes: starting with a period of catch-up payments, then moving to extended terms on their mortgage or possibly even rate reductions. However, if the borrower has not returned to work, paying for what is effectively a new mortgage obviously poses a challenge. Options such as creating a modified repayment plan,...

  • This Policy Hub article provides initial evidence of the effectiveness of some of the Federal Reserve’s facilities in calming the municipal bond market after the COVID-19 pandemic struck. Link https://t.co/zokzTe4DEu
    Atlanta Fed Thu 28 May 2020 18:43

    The COVID-19 pandemic has caused tremendous hardship all over the world. In response, the Federal Reserve has moved quickly and aggressively to support the economy in the United States. In this article, we present some initial evidence for the effectiveness of some of the facilities in calming the municipal bond market, particularly the short-term variable-rate demand obligation (VRDO) market. We discuss the important role of liquidity backstops in mitigating runs and stabilizing financial markets in general based on insights from our study on the runs on VRDO and auction-rate securities (ARS) in 2008 during the financial crisis.

  • On May 28, the #GDPNow model nowcast of real GDP growth in Q22020 is -40.4%. Please note that it does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released. Link #ATLFedResearch
    Atlanta Fed Thu 28 May 2020 16:38

    The growth rate of real gross domestic product (GDP) is a key indicator of economic activity, but the official estimate is released with a delay. Our GDPNow forecasting model provides a "nowcast" of the official estimate prior to its release by estimating GDP growth using a methodology similar to the one used by the U.S. Bureau of Economic Analysis.

    GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available data for the current measured quarter. There are no subjective adjustments made to GDPNow—the estimate is based solely on the mathematical results of the model. In particular, it does not capture the impact of COVID-19 beyond its impact on GDP source data and relevant economic reports that have already been released. It does not anticipate the impact of COVID-19 on forthcoming economic reports beyond the standard internal dynamics of the...

  • The pandemic has profoundly affected employment. Economy Matters introduces the updated state-level Jobs Calculator, using it to show what it would take to return to pre-pandemic employment numbers in Georgia and the Southeast. Link Atlanta Fed Wed 27 May 2020 23:01
    May 27, 2020

    Unemployment rates jumped from March to April across the country, including in the Southeast. The U.S. Bureau of Labor Statistics' State Employment and Unemployment Summary for April illustrates some of the varying effects of the COVID-19 pandemic on labor markets across Sixth District states. Mississippi's rate was highest, at 15.4 percent, while Tennessee experienced the sharpest increase, up 11.4 percentage points. Georgia had both the lowest rate in April for the region, 11.9 percent, and the smallest increase, up 7.3 percentage points from March.

    The jump in unemployment rates occurred despite a decline in the size of the region's labor force. In Alabama, the rate of participation in the labor force shrank by almost 1 percent from March to April, and participation dropped 5.3 and 5.2 percentage points in Louisiana and Florida, respectively, compared to a 2.5 percentage point drop nationally.

    These outsized changes in unemployment and...

  • May 27: What do U.S. businesses think about their economic futures? Check out the #data now: Link #ATLFedResearch https://t.co/maThpWwcoF
    Atlanta Fed Wed 27 May 2020 14:21

    Dave Altig is executive vice president and director of research at the Federal Reserve Bank of Atlanta. In addition to advising the Bank president on monetary policy and related matters, Dr. Altig oversees the Bank's regional executives and the Bank's research department. He also serves as a member of the Bank's management and discount committees. He leads the Atlanta Fed's macroblog, which provides commentary on economic topics, including monetary policy, macroeconomic developments, and the Southeast economy.

  • The Atlanta Fed’s Supervision, Regulation, and Credit Division seeks an assistant vice president to participate in policymaking and strategic planning across the division. Apply: Link. Job 264276 https://t.co/WNyZ22XgE3
    Atlanta Fed Tue 26 May 2020 18:15
  • The time of the Atlanta Fed president is always in demand, especially during the #coronavirus pandemic. This Economy Matters article looks at changes in how @RaphaelBostic is reaching the public in the social-distancing era. Link https://t.co/BvmdVOqTB7
    Atlanta Fed Sun 24 May 2020 14:13

    May 19, 2020

    Raphael Bostic has been all over the place without leaving Atlanta. He’s rarely left his house, in fact.

    Since the coronavirus pandemic began restricting travel in early March, the president and chief executive officer of the Federal Reserve Bank of Atlanta has spoken with thousands of businesspeople, civic and community leaders, students, academics, and journalists in Birmingham, Fort Lauderdale, Nashville, Jacksonville, Atlanta, Los Angeles, Washington, and points in between. Some weeks, he’s done three webcasts.

    Bostic emphasizes the importance of policymakers keeping the public informed amid severe economic stress with no clear end in sight. Consequently, regional Federal Reserve Bank presidents across the country often appear online.

    “It’s important to be out speaking now because there is so much uncertainty,” Bostic said. “I’ve found that people are very hungry for any information they can get, even if some questions...

  • Tune in to @WSBTV tomorrow at 7 p.m. ET to see a special look inside our building and operations. It’ll be broadcast on Channel 2 and can also be streamed online through WSB Now. Link https://t.co/HPcPC7jCNK
    Atlanta Fed Sat 23 May 2020 21:23
  • 211 is a free, confidential referral and information helpline and website that connects people of all ages and from all communities to the essential health and human services they need, 24 hours a day, seven days a week. To learn more, visit Link. https://t.co/fjMqiE8dtM
    Atlanta Fed Sat 23 May 2020 14:07

    Every day thousands of people across North America turn to 211 for information and support—whether financial, domestic, health or disaster-related. 211 is a free, confidential referral and information helpline and website that connects people of all ages and from all communities to the essential health and human services they need, 24 hours a day, seven days a week.

    211 can be accessed by phone or computer. A toll-free call to 211 connects you to a community resource specialist in your area who can put you in touch with local organizations that provide critical services that can improve—and save—lives.

    You’ll find information about: 

  • RT @RichmondFed: #TheCFOsurvey questions cover topics important to understanding economic conditions, such as evolving expectations for hir…
    Atlanta Fed Sat 23 May 2020 13:52
  • People who shop and pay bills remotely are doing it more frequently, so why is the average value of some card payments declining? Read Take On Payments for a discussion of payments study data. Link https://t.co/B5u1dqCJdf
    Atlanta Fed Fri 22 May 2020 21:37

    Take On Payments, a blog sponsored by the Retail Payments Risk Forum of the Federal Reserve Bank of Atlanta, is intended to foster dialogue on emerging risks in retail payment systems and enhance collaborative efforts to improve risk detection and mitigation. We encourage your active participation in Take on Payments and look forward to collaborating with you.

  • May 22: We've updated our state-level Jobs Calculator to reflect April data from @BLS_gov. How many jobs does it take in your state? View the #AtlantaFed's data: Link #ATLFedResearch https://t.co/Vpmw7vYg30
    Atlanta Fed Fri 22 May 2020 16:31
    Q: Unemployment was 3.5 percent in February 2020, before the effect of COVID-19 substantially impacted the data. How many jobs would have to be added each month, on average, over the next 12 months for the U.S. to be at that number once again?”
  • ICYMI: @RaphaelBostic joined a call with the Georgia Grantmakers Alliance on May 14 to discuss #COVID19 and share insights from a national Federal Reserve survey of nearly 4,000 organizations that work in low-income communities. Link
    Atlanta Fed Fri 22 May 2020 16:01
  • RT @dealbook: A co-author of an analysis of the coronavirus epidemic’s effects on the labor market, done by the Federal Reserve Bank of Atl…
    Atlanta Fed Fri 22 May 2020 12:31
  • Buyer traffic still appears to be the part of the housing market business most adversely affected by the COVID-19 crisis. Read Real Estate Research for more highlights of the recent Southeast Housing Market Poll. Link https://t.co/FIITmy5Ei2
    Atlanta Fed Thu 21 May 2020 21:21

    To continue to monitor how the COVID-19 crisis is affecting housing in the Atlanta Fed's district, we conducted a Southeast Housing Market Poll from April 24 to May 1. Respondents included homebuilders and residential sales agents (referred to here as brokers).

    What are builders and brokers seeing? The majority of Southeast brokers and builders indicated that home sales came in below their plan for the period, down from both the month-ago and the year-ago levels.

  • RT @CNBCClosingBell: Georgia was one of the first states to reopen back on April 24th. What does the state's recovery look like so far? "I…
    Atlanta Fed Thu 21 May 2020 20:21
  • RT @CNBC: Georgia reopening has been 'a mixed bag,' Atlanta Fed President Bostic says Link
    Atlanta Fed Thu 21 May 2020 20:21
    Atlanta Fed President Raphael Bostic called the state's reopening a "mixed bag" of some who are ready to "get back to where they were pre-crisis" and others who are still afraid to go out.Georgia was one of the first states to reopen and lately has seen a decline in coronavirus cases.
  • Read our 2019 annual report, which discusses the importance of safety in payments innovation. Link https://t.co/PPYzvzMRbC
    Atlanta Fed Thu 21 May 2020 15:35

    Listen to fintechs talk about their experiences getting started in the industry and how they are seeking guidance, and to Atlanta Fed experts describe the work we are doing to help guide fintechs.

  • RT @JAXChamber: Visit our YouTube channel to watch the video recap of this morning's webinar with President & CEO of @AtlantaFed @RaphaelBo…
    Atlanta Fed Thu 21 May 2020 13:05
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