• If you missed our live webinar on how we can rebuild local economies and create stronger communities as we recover from #COVID19, listen to an archive of the event at Link #Reinventing2020 https://t.co/DNoPNW2gFO
    Philadelphia Fed Fri 29 May 2020 18:39

    The Connecting Communities® webinar series is a Federal Reserve System initiative intended to provide a national audience with timely insights and information on emerging and important community and economic development topics. The webinar series complements existing Federal Reserve Community Development outreach initiatives that are conducted through the 12 Reserve Bank regional offices and at the Federal Reserve Board of Governors in Washington, D.C.

    Why is the Fed engaged in community development? The Fed understands that stable communities promote stable regions and, thus, a more robust economy overall. Through applied research, public programs, outreach and technical assistance, the Fed's community development departments help promote economic growth and financial stability in communities across the country, especially those in low- and moderate-income areas. Regional Reserve Banks, while connected in this shared mission, are uniquely poised to develop programs that...

  • The #FederalReserve is hosting a webinar on Friday, May 29 at 11 a.m. EDT for potential borrowers in the Main Street Lending Program. Join us to ask questions and hear from Federal Reserve senior officials. Register: Link MSLP info: Link https://t.co/FrYYuWsnrq
    Philadelphia Fed Fri 29 May 2020 13:48

    This webinar is an opportunity for potential borrowers in the Main Street Lending Program to learn more about the program and ask questions to senior officials from the Federal Reserve. The Main Street Lending Program supports small and medium-sized U.S. businesses and their employees during this period of financial strain by giving these businesses access to additional credit. The program is intended to help companies that were in sound financial condition prior to the onset of the COVID-19 pandemic maintain operations and payroll until conditions normalize. Small and medium-sized businesses are integral to the U.S. economy and create jobs for a large share of the U.S. workforce.

    To allow as many potential borrowers to participate as possible, we ask each business to register no more than two representatives for the live session. A recording of the session will be available shortly after the call. We strongly encourage participants to use the...

  • A new report from Tom Akana of the Consumer Finance Institute shares results from a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security. Learn more: Link https://t.co/9yxd4vrnvL
    Philadelphia Fed Thu 28 May 2020 17:03
  • ACT NOW: Join us today at 3 p.m. ET for a webinar on local solutions to strengthen our communities in the wake of #COVID19: Link #Reinventing2020 https://t.co/0lZUHNQEg3
    Philadelphia Fed Thu 28 May 2020 14:02

    This webinar will elevate necessary policies and practices to mitigate the negative impacts of COVID-19 on low- and moderate-income (LMI) communities. Leading experts will explore the importance of community agency to rebuilding economies and creating an infrastructure for growth based on local assets, education, and skills. They will also address challenges to this process, which include confronting systemic and structural barriers that have created disparities, especially for LMI populations and communities of color. By leading with equity in three pillars of our economy – housing, jobs, and wealth – we can transform policies and practices that are essential to creating stronger households and communities.

    Keynote Opening Remarks:

  • Join Phila Fed Pres Patrick Harker, @HBoushey, @andreperryedu & Raghuram Rajan for a webinar, 5/28 at 3 p.m. ET. Learn about local solutions to create inclusive growth in the wake of #COVID19: Link #Reinventing2020 https://t.co/lifSee0MXd
    Philadelphia Fed Wed 27 May 2020 17:46

    This webinar will elevate necessary policies and practices to mitigate the negative impacts of COVID-19 on low- and moderate-income (LMI) communities. Leading experts will explore the importance of community agency to rebuilding economies and creating an infrastructure for growth based on local assets, education, and skills. They will also address challenges to this process, which include confronting systemic and structural barriers that have created disparities, especially for LMI populations and communities of color. By leading with equity in three pillars of our economy – housing, jobs, and wealth – we can transform policies and practices that are essential to creating stronger households and communities.

    Keynote Opening Remarks:

  • RT @andrewvandam: Love this map from the fantastic folks at the Philly Fed. In the era of the coronavirus, no scale is safe. https://t.co/…
    Philadelphia Fed Wed 27 May 2020 15:21
  • RT @BostonFed: Register: Join us on Friday, May 29 at 11 a.m. EDT for a webinar on the #FederalReserve’s Main Street Lending Program. Poten…
    Philadelphia Fed Wed 27 May 2020 14:11
  • RT @BostonFed: Information about the Main Street Lending Program is available at Link and includes term sheets, frequent…
    Philadelphia Fed Wed 27 May 2020 14:11
  • Our Consumer Credit Explorer, the only source of comprehensive, regional data on consumer credit conditions available to the public, has been updated with data through the 4th quarter of 2019. Find out more at Link
    Philadelphia Fed Wed 27 May 2020 13:46

    The Consumer Credit Explorer utilizes data from the Federal Reserve Bank of New York/Equifax Consumer Credit Panel. When using estimates or figures from this tool, we request that you include the following citation:

    Federal Reserve Bank of New York/Equifax Consumer Credit Panel, tabulated by the Federal Reserve Banks of Philadelphia and Minneapolis and accessed via the Consumer Credit Explorer (date accessed: )

    Note: Some area/target population combinations may not display because the sample size is too small. For areas with small target populations, large, single-quarter fluctuations may reflect periodic issues with the reporting of data by lenders. Users should interpret with caution.

  • The people feeling the pandemic’s economic impacts the most are those who were already struggling. Join us on 5/28 at 3 p.m. ET for a webinar creating more equitable communities as we recover from #COVID19: Link #Reinventing2020 https://t.co/CoXg7hFQzs
    Philadelphia Fed Tue 26 May 2020 18:10

    This webinar will elevate necessary policies and practices to mitigate the negative impacts of COVID-19 on low- and moderate-income (LMI) communities. Leading experts will explore the importance of community agency to rebuilding economies and creating an infrastructure for growth based on local assets, education, and skills. They will also address challenges to this process, which include confronting systemic and structural barriers that have created disparities, especially for LMI populations and communities of color. By leading with equity in three pillars of our economy – housing, jobs, and wealth – we can transform policies and practices that are essential to creating stronger households and communities.

    Keynote Opening Remarks:

  • Borrowers living in zip codes characterized by large #studentloan balances generally don’t suffer from higher delinquency rates in Philadelphia, according to a new report from @anna_tranfaglia. Learn more: Link https://t.co/0Ia90xg6DK
    Philadelphia Fed Tue 26 May 2020 14:10

    Student Loan Debt in Philadelphia

    This report provides an in-depth analysis of the geographic distribution of student loan debt — and distress — in Philadelphia. It reveals that borrowers living in different zip codes have drastically different experiences with respect to how much they owe, the degree to which they struggle with repayment, and the extent to which they become delinquent. This report also discusses the implications of student loan debt for individual borrowers and the economy as a whole.

    How Are Cities Leveraging Opportunity Zones for Community Development? — Philadelphia as a Case Study

    Enacted as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job creation in economically distressed communities by providing tax benefits to investors who make eligible investments into these areas. Using Philadelphia as a case study, our research finds that gentrifying areas were much more...

  • Join Phila Fed Pres Patrick Harker, @HBoushey, @andreperryedu & Raghuram Rajan for a webinar, 5/28 at 3 p.m. ET. Learn about local solutions to create inclusive growth in the wake of #COVID19: Link #Reinventing2020 https://t.co/oEoWqs200w
    Philadelphia Fed Fri 22 May 2020 15:31

    This webinar will elevate necessary policies and practices to mitigate the negative impacts of COVID-19 on low- and moderate-income (LMI) communities. Leading experts will explore the importance of community agency to rebuilding economies and creating an infrastructure for growth based on local assets, education, and skills. They will also address challenges to this process, which include confronting systemic and structural barriers that have created disparities, especially for LMI populations and communities of color. By leading with equity in three pillars of our economy – housing, jobs, and wealth – we can transform policies and practices that are essential to creating stronger households and communities.

    Keynote Opening Remarks:

  • RT @FedFRASER: May 21, 1974: @philadelphiafed president David Eastburn discusses the shape of life and the search for truth in this @Villan…
    Philadelphia Fed Fri 22 May 2020 14:21
  • A new report from Tom Akana of the Consumer Finance Institute shares results from a national survey of consumers investigating COVID-19 impacts on job status, income, and personal financial security. Learn more: Link https://t.co/UE7dso9Izq
    Philadelphia Fed Thu 21 May 2020 18:51
  • In Philadelphia, borrowers who experience the highest #studentloan delinquency rates live in the lowest-income zip codes. Read the new, in-depth analysis by @anna_tranfaglia at Link https://t.co/i52tguSjBZ
    Philadelphia Fed Thu 21 May 2020 16:06

    Student Loan Debt in Philadelphia

    This report provides an in-depth analysis of the geographic distribution of student loan debt — and distress — in Philadelphia. It reveals that borrowers living in different zip codes have drastically different experiences with respect to how much they owe, the degree to which they struggle with repayment, and the extent to which they become delinquent. This report also discusses the implications of student loan debt for individual borrowers and the economy as a whole.

    How Are Cities Leveraging Opportunity Zones for Community Development? — Philadelphia as a Case Study

    Enacted as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job creation in economically distressed communities by providing tax benefits to investors who make eligible investments into these areas. Using Philadelphia as a case study, our research finds that gentrifying areas were much more...

  • You won’t want to miss our webinar, Reinventing Our Communities: Planning for Equity in Recovery – Lessons We’re Learning from #COVID19. Sign up now: Link #Reinventing2020 https://t.co/P0JI1C8kN5
    Philadelphia Fed Thu 21 May 2020 14:50

    This webinar will elevate necessary policies and practices to mitigate the negative impacts of COVID-19 on low- and moderate-income (LMI) communities. Leading experts will explore the importance of community agency to rebuilding economies and creating an infrastructure for growth based on local assets, education, and skills. They will also address challenges to this process, which include confronting systemic and structural barriers that have created disparities, especially for LMI populations and communities of color. By leading with equity in three pillars of our economy – housing, jobs, and wealth – we can transform policies and practices that are essential to creating stronger households and communities.

    Keynote Opening Remarks:

  • After reaching a 40-year low in April, the diffusion index for current general activity rose 13 points to -43.1 in May. Despite the current weakened conditions, the respondents remained optimistic about growth over the next six months.
    Philadelphia Fed Thu 21 May 2020 12:35
  • Manufacturing firms reported continued weakness in regional manufacturing activity this month, according to results from the Manufacturing Business Outlook Survey. Link https://t.co/OYuSFcX7YM
    Philadelphia Fed Thu 21 May 2020 12:35

    Manufacturing firms reported continued weakness in regional manufacturing activity this month, according to results from the Manufacturing Business Outlook Survey. Despite remaining well below zero, the survey’s current indicators for general activity, new orders, shipments, and employment rose this month after reaching long-term low readings in April. The firms expect the current slump in manufacturing activity to last less than six months, as the broadest indicator of future activity strengthened further from last month’s reading; furthermore, the firms continue to expect overall growth in new orders, shipments, and employment over the next six months.

  • As we think about equitable paths to recovery from #COVID19, join us for a webinar on May 28 at 3 p.m. ET to learn how we can rebuild local economies and create stronger communities: Link #Reinventing2020 https://t.co/jmmN2cMtdA
    Philadelphia Fed Wed 20 May 2020 18:35

    This webinar will elevate necessary policies and practices to mitigate the negative impacts of COVID-19 on low- and moderate-income (LMI) communities. Leading experts will explore the importance of community agency to rebuilding economies and creating an infrastructure for growth based on local assets, education, and skills. They will also address challenges to this process, which include confronting systemic and structural barriers that have created disparities, especially for LMI populations and communities of color. By leading with equity in three pillars of our economy – housing, jobs, and wealth – we can transform policies and practices that are essential to creating stronger households and communities.

    Keynote Opening Remarks:

  • An article in the @PhillyInquirer by @erinarvedlund looks at our new report on #studentdebt in Philadelphia. Read the full report at Link Link
    Philadelphia Fed Tue 19 May 2020 18:19

    Student Loan Debt in Philadelphia

    This report provides an in-depth analysis of the geographic distribution of student loan debt — and distress — in Philadelphia. It reveals that borrowers living in different zip codes have drastically different experiences with respect to how much they owe, the degree to which they struggle with repayment, and the extent to which they become delinquent. This report also discusses the implications of student loan debt for individual borrowers and the economy as a whole.

    How Are Cities Leveraging Opportunity Zones for Community Development? — Philadelphia as a Case Study

    Enacted as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job creation in economically distressed communities by providing tax benefits to investors who make eligible investments into these areas. Using Philadelphia as a case study, our research finds that gentrifying areas were much more...

  • New research finds that approximately 25 percent of adults in Philadelphia hold #studentdebt. Combined, they owed $11.6 billion in December 2018. Read the report by @anna_tranfaglia at Link https://t.co/Bocf7M2CzY
    Philadelphia Fed Tue 19 May 2020 15:04

    Student Loan Debt in Philadelphia

    This report provides an in-depth analysis of the geographic distribution of student loan debt — and distress — in Philadelphia. It reveals that borrowers living in different zip codes have drastically different experiences with respect to how much they owe, the degree to which they struggle with repayment, and the extent to which they become delinquent. This report also discusses the implications of student loan debt for individual borrowers and the economy as a whole.

    How Are Cities Leveraging Opportunity Zones for Community Development? — Philadelphia as a Case Study

    Enacted as part of the Tax Cuts and Jobs Act of 2017, Opportunity Zones are designed to spur economic development and job creation in economically distressed communities by providing tax benefits to investors who make eligible investments into these areas. Using Philadelphia as a case study, our research finds that gentrifying areas were much more...

  • Who has been claiming unemployment insurance? See monthly data on gender, race, and ethnicity of unemployment claimants on the Atlanta Fed’s Unemployment Claims Monitor. Link https://t.co/UExCqDQlcu
    Philadelphia Fed Fri 15 May 2020 18:05

    The Unemployment Claims Monitor provides data on initial and continued claims for unemployment insurance as well as claimants' demographic data. We also report data on claimants in the Short-Time Compensation (Workshare), Extended Benefits, State Additional Benefits, Federal Employee, and Ex-Service Member programs. We will update the tool every Thursday morning to reflect the U.S. Department of Labor's most recent weekly unemployment insurance claims report and the most recent data available in the U.S. Department of Labor's ETA 539 "Weekly Claims and Extended Benefits Trigger Data" file. See "About the Data," located below the tool, for detailed definitions of these categories of claims and data sources.

    Unemployment insurance claims have typically been available only to traditional W-2 employees who work for a wage, also known as "covered" employees. The Unemployment Claims Monitor also presents data on Pandemic Emergency Unemployment Compensation and Pandemic...

  • Register to learn about findings from @federalreserve survey on financial security and economic precautions for the #COVID19 pandemic Link #ConnectingCommunities #CommunityDevelopment
    Philadelphia Fed Wed 13 May 2020 17:08

    Join experts from the Federal Reserve Board of Governors as they share key findings from the seventh annual Survey of Household Economics and Decisionmaking (SHED). Since 2013, the goal of the survey has been to gather and share a wide range of information about the financial challenges and opportunities facing individuals and households in the United States. The annual Report on the Well-Being of U.S. Households, which describes the SHED results, will be released shortly before the webinar.

    The seventh round of the survey includes a special supplemental survey of individuals and household regarding their financial well-being in response to the COVID-19 pandemic. The supplemental survey was fielded during the first week of April and provides a unique first look at household conditions as the economy contracted in response to the pandemic.  

    The 2019 survey findings provide a picture of how US households were situated in the months leading up...

  • Philadelphia Fed President Patrick Harker will appear on @WDEL radio today at 10:00 a.m. to discuss his forecast for the national and regional economy. Tune in to 101.7 FM, 1150 AM, or stream at Link. https://t.co/5YuRnAc02n
    Philadelphia Fed Wed 13 May 2020 13:18
  • Do you need details about unemployment claims? Visit the Atlanta Fed’s new data tool, the Unemployment Claims Monitor, to learn which industries and states had high levels of claims. Link https://t.co/nLp1x0hb6f
    Philadelphia Fed Tue 12 May 2020 18:02

    The Unemployment Claims Monitor provides data on initial and continued claims for unemployment insurance as well as claimants' demographic data. We also report data on claimants in the Short-Time Compensation (Workshare), Extended Benefits, State Additional Benefits, Federal Employee, and Ex-Service Member programs. We will update the tool every Thursday morning to reflect the U.S. Department of Labor's most recent weekly unemployment insurance claims report and the most recent data available in the U.S. Department of Labor's ETA 539 "Weekly Claims and Extended Benefits Trigger Data" file. See "About the Data," located below the tool, for detailed definitions of these categories of claims and data sources.

    Unemployment insurance claims have typically been available only to traditional W-2 employees who work for a wage, also known as "covered" employees. Pandemic Unemployment Assistance, a new program created by the CARES Act, expanded coverage to include other...

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