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.

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:

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...

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...

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...

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...

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...

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

Delaware State Chamber of Commerce May 12, 2020, Wilmington, DE (via conference call)

PDF version (247 KB, 7 pages)

Good morning. As you probably know, I used to be the president of the University of Delaware, so it’s great to be back! At least virtually …

Before we begin, let me dispense with the 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.

It’s no secret that we find ourselves in the midst of a crisis like none of us have experienced in our lifetimes. The coronavirus that arrived on our shores just a few months ago has already killed tens of thousands of Americans, ended a years-long streak of solid economic growth, and caused tens of millions of our fellow citizens to lose their jobs.

It’s...

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...

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

Chicago Council on Global Affairs Chicago, IL (via Zoom) May 7, 2020

PDF version (293 KB, 6 pages)

Good afternoon. Thank you for having me here today … in some form …

Before we begin, let me dispense with the 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.

It’s no secret that we find ourselves in the midst of a crisis like none of us have experienced in our lifetimes. The coronavirus that arrived on our shores just a few months ago has already killed tens of thousands of Americans, ended a years-long streak of solid economic growth, and caused tens of millions of our fellow citizens to lose their jobs.

It’s amazing to think how different my remarks would have been had I given them just two months...

By Ashley Putnam, April 2020

Download this paper 

The COVID-19 pandemic has already had tremendous impact on neighborhoods, businesses, and workers. In the span of two weeks, over 12 million Americans applied for unemployment benefits. Without a doubt, the effects of social distancing and business closures, among other steps to slow the spread of the virus, have rippled through the economy. That said, these disruptions are having a disproportionately large effect on communities that were already struggling: workers living paycheck to paycheck, small businesses that are surviving on tight margins, and renters wondering how they will make ends meet.

The Economic Growth & Mobility Project (EGMP) is a strategic initiative of the Federal Reserve Bank of Philadelphia dedicated to promoting access to opportunity for all. In launching this project three years ago, we understood that the economic insecurity for some of us is a problem for all of us. That...

By Eileen Divringi and Davin Reed*, April 2020

Download this paper 

The COVID-19 pandemic is affecting many people’s health and economic security. Official numbers show that over 26 million people filed for unemployment insurance (UI) during the first five weeks of the crisis.1 Recent studies have found that less educated, lower-income, and minority workers are at greatest risk of pandemic-related job loss, given the occupations and industries in which they work.2

This brief studies the economic impact of the pandemic through a different lens: that of place. We look in detail at the neighborhoods where residents are most at risk of job loss; at the initial economic, housing, and demographic characteristics of these residents; and at the impact of potential job loss on their economic and housing situation. We do so for the city of Philadelphia, the Philadelphia Federal Reserve District, and the nation as a whole.

Understanding these...

Help us get to 100% of our membership goal to support the reporters covering our region, the producers bringing you great local programs and the educators who teach all our children.

By Ashley Putnam, April 2020

Download this paper 

The COVID-19 pandemic has already had tremendous impact on neighborhoods, businesses, and workers. In the span of two weeks, over 12 million Americans applied for unemployment benefits. Without a doubt, the effects of social distancing and business closures, among other steps to slow the spread of the virus, have rippled through the economy. That said, these disruptions are having a disproportionately large effect on communities that were already struggling: workers living paycheck to paycheck, small businesses that are surviving on tight margins, and renters wondering how they will make ends meet.

The Economic Growth & Mobility Project (EGMP) is a strategic initiative of the Federal Reserve Bank of Philadelphia dedicated to promoting access to opportunity for all. In launching this project three years ago, we understood that the economic insecurity for some of us is a problem for all of us. That...

April 16, 2020 — We are facing a challenge unlike any other in our lifetimes. Coronavirus has spread worldwide, with the United States now having the greatest number of confirmed deaths due to COVID-19. Our hearts are with those who are ill and especially the people who have lost their lives and the families who grieve for them. The health-care workers who are on the frontlines battling this disease are nothing short of heroes. Their bravery and generosity inspire us all.

To reduce the spread of the virus, we as a country took a series of necessary but painful measures. States and cities issued stay-at-home orders to protect their residents, businesses closed, and millions of Americans became unemployed or furloughed. For many American families and businesses, the financial impact of the virus has been devastating.

Our nation’s response to this growing financial crisis is multifaceted. Congress enacted direct relief to Americans through the CARES Act. The...

Manufacturing firms reported continued weakening in regional manufacturing activity this month, according to results from the Manufacturing Business Outlook Survey. The survey’s current indicators for general activity, new orders, and shipments once again fell sharply this month to long-term low readings, coinciding with ongoing developments related to the coronavirus pandemic. The indexes for employment and the average workweek, which had both remained positive last month, fell into negative territory this month. The firms expect the current letup 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.