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To promote low inflation, full employment and financial stability, and provide services to financial institutions and the Treasury

SF Fed Blog

Pacific Exchange Best of 2018

The Federal Reserve Bank of San Francisco’s Pacific Exchange Blog covers issues important to banking in Asia and the Pacific Rim. Here’s a roundup of our five most popular posts of 2018.

Read more on SF Fed Blog

Economic Letter

Nonmanufacturing as an Engine of Growth

Posted January 22, 2019

In official statistics, manufacturing is the top contributor to U.S. productivity growth. However, such numbers tend to understate growth among nonmanufacturing. Accounting for such missing growth shows nonmanufacturing plays a larger role in sectors such as retail trade and services. These findings suggest that nonmanufacturing may be an increasingly important engine of U.S. growth.

View past Economic Letters

In the News

From the President

A Strong Economy—But We Can Aim Higher

November 12, 2018

Remarks made to the Regional Economic Development for Eastern Idaho
Idaho Falls, Idaho


Economic Outlook

January 14, 2019

Galina Hale, research advisor at the Federal Reserve Bank of San Francisco, stated her views on the current economy and the outlook as of January 10, 2019.

From the Board

Beige Book

January 16, 2019

Summary of Commentary on Current Economic Conditions by Federal Reserve District

"I'm at the center trying to make everything work so that the bank fulfills its strategic commitment to be diverse and inclusive," explains Lynn Reddrick.

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