Presented by Patrick T. Harker, President and Chief Executive Officer Federal Reserve Bank of Philadelphia

The Center City Proprietors Association Philadelphia, PA (virtual) July 15, 2020

PDF version (271 KB, 6 pages)

Good afternoon, everybody, and thanks to Suzette for that very kind introduction. It’s great to be here among such an impressive group of people who care deeply about our city.

Given that today’s lunch is virtual, I won’t do the standard thing and urge you to try the salmon and tip the waiters. But I still have to do another standard thing, which is to give you my usual Fed disclaimer: The views I express today are my own and do not necessarily reflect those of anyone else on the Federal Open Market Committee or in the Federal Reserve System.

The New Abnormal

We’re now about four months into the coronavirus crisis and the onset of what I don’t want to call the “new normal.” None of this — including the fact that we’re...

Presented by Patrick T. Harker, President and Chief Executive Officer Federal Reserve Bank of Philadelphia

The Center City Proprietors Association Philadelphia, PA (virtual) July 15, 2020

PDF version (271 KB, 6 pages)

Good afternoon, everybody, and thanks to Suzette for that very kind introduction. It’s great to be here among such an impressive group of people who care deeply about our city.

Given that today’s lunch is virtual, I won’t do the standard thing and urge you to try the salmon and tip the waiters. But I still have to do another standard thing, which is to give you my usual Fed disclaimer: The views I express today are my own and do not necessarily reflect those of anyone else on the Federal Open Market Committee or in the Federal Reserve System.

The New Abnormal

We’re now about four months into the coronavirus crisis and the onset of what I don’t want to call the “new normal.” None of this — including the fact that we’re...

Manufacturing activity in the region continued to expand this month, according to firms responding to the July Manufacturing Business Outlook Survey. The survey’s current indicators for general activity, new orders, and shipments showed positive readings for the second consecutive month, coinciding with the phased reopening of the economy in our region. The employment index reached positive territory for the first time since March. Although future indicators for general activity, new orders, and shipments declined from last month’s readings, the indexes remained elevated, suggesting that the firms expect overall growth over the next six months.

Join us for a session focused on the Federal Reserve’s response to the pandemic and the important role small businesses play in communities. The session will feature reflections from Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, and Claire Kramer Mills, assistant vice president and director of community development analysis at the Federal Reserve Bank of New York.

The virtual event will also feature key findings from the Federal Reserve System’s COVID-19 Community Impact Survey on low- to moderate-income (LMI) communities and the entities serving them, which was most recently conducted in June. The survey gathers information on the effects of COVID-19 on the nation’s LMI communities and its associated report summarizes responses from representatives from nonprofits, financial institutions, government agencies and other community organizations.

Speakers:

Join us for a session focused on the Federal Reserve’s response to the pandemic and the important role small businesses play in communities. The session will feature reflections from Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, and Claire Kramer Mills, assistant vice president and director of community development analysis at the Federal Reserve Bank of New York.

The virtual event will also feature key findings from the Federal Reserve System’s COVID-19 Community Impact Survey on low- to moderate-income (LMI) communities and the entities serving them, which was most recently conducted in June. The survey gathers information on the effects of COVID-19 on the nation’s LMI communities and its associated report summarizes responses from representatives from nonprofits, financial institutions, government agencies and other community organizations.

Speakers:

Join us for a session focused on the Federal Reserve’s response to the pandemic and the important role small businesses play in communities. The session will feature reflections from Patrick T. Harker, president and CEO of the Federal Reserve Bank of Philadelphia, and Claire Kramer Mills, assistant vice president and director of community development analysis at the Federal Reserve Bank of New York.

The virtual event will also feature key findings from the Federal Reserve System’s COVID-19 Community Impact Survey on low- to moderate-income (LMI) communities and the entities serving them, which was most recently conducted in June. The survey gathers information on the effects of COVID-19 on the nation’s LMI communities and its associated report summarizes responses from representatives from nonprofits, financial institutions, government agencies and other community organizations.

Speakers:

The Federal Reserve's community development function promotes the economic resilience and mobility of low- to moderate-income and underserved households and communities across the country. The spread of COVID-19 is having an impact on communities nationwide. To best respond to this crisis, information is needed about the scope and scale of the pandemic’s challenges. Throughout 2020, all 12 Reserve Banks and the Fed Board of Governors are surveying representatives of nonprofit organizations, financial institutions, government agencies, and other community organizations to understand the effects of COVID-19 on low- to moderate-income communities and the entities serving them. The results of each survey will be released as a downloadable report.

The Federal Reserve's community development function promotes the economic resilience and mobility of low- to moderate-income and underserved households and communities across the country. The spread of COVID-19 is having an impact on communities nationwide. To best respond to this crisis, information is needed about the scope and scale of the pandemic’s challenges. Throughout 2020, all 12 Reserve Banks and the Fed Board of Governors are surveying representatives of nonprofit organizations, financial institutions, government agencies, and other community organizations to understand the effects of COVID-19 on low- to moderate-income communities and the entities serving them. The results of each survey will be released as a downloadable report.