$3 Trillion a Year and Growing: Potential Economic Gains from Equity

Systemic inequities that limit the full potential of women and people of color bear real economic costs for every American. In a new SF Fed working paper coauthored with President Mary C. Daly, we find that labor market disparities by gender and race cost the U.S. $2.6 trillion in foregone GDP in 2019, and we estimate that these annual costs will continue to grow.

From the President

A Statement from President Mary C. Daly

A sign in my office says “Oakland Stands Against Hate.” It’s sad that I have to use it so often. Today, I stand in solidarity with the Asian American and Pacific Islander community against xenophobia, racism, and violence. Hate lives when good people stay quiet. Use your voice.

Economic Letter

Where Is the U.S. COVID-19 Pandemic Headed?

Consumer spending and business operations across the United States have been highly dependent on local conditions related to the pandemic. Estimates from a new econometric model indicate that population immunity acquired from prior infections is the primary driver of recent declines in new cases. This factor should continue to exert strong downward pressure on new cases in the weeks ahead.

Confronting Inequity: A Framework for Change

The San Francisco Fed is taking concrete and measurable actions to increase racial equity in our organization and communities. Read about our new Framework for Change to see how we are holding ourselves accountable.

Work for the Fed

We like to say we work for the Fed, not at the Fed. That's because the SF Fed is not just another employer or government agency. Here, you have the opportunity to become part of an important public service institution whose work touches lives across the globe.