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What’s Behind the Recent Rise in Core Inflation?
As the COVID-19 pandemic disrupted the economy last spring, inflation fell dramatically. One year later, the opposite is occurring with inflation surpassing 3%. Health care and used cars are the main drivers for the recent spike in prices and their increases are expected to be short-lived.
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Weighing the Role of Supply Bottlenecks in Core PCE Inflation
Heightened demand and associated supply bottlenecks related to business disruptions during the pandemic have pushed up prices for some products. Goods prices have been the most directly affected, but they represent a smaller share of total U.S. consumer spending than services, mitigating the overall inflation risk.
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Mothers in a Pandemic Labor Market
COVID-19 disrupted all aspects of life, leading to steep declines in labor force participation across genders, races, and ethnic groups. Mothers experienced sharper and longer-lasting declines than fathers, and participation rates for Black mothers and Hispanic mothers were among the most affected.
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SF Fed Launches Tool to Forecast COVID-19 Infections by County
Using the latest data on social distancing behavior, weather, vaccinations, and confirmed COVID-19 cases per capita, our Economic Research team’s new data page forecasts changes in COVID-19 infection rates across U.S. counties. Economist Dan Wilson explains how this new tool uses recent statistics to help project future infection growth.
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How Bad Is the U.S. 2020 Fire Season?
The U.S. 2020 fire season has been intense so far, especially in California and Oregon. Assessing the spread of wildfires through mid-November shows it is comparable to the two most damaging fire seasons in recent memory. However, learning the cost of actual damages will take time.
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Help Shape the Future of the Community Reinvestment Act
The Board of Governors of the Federal Reserve System recently issued an Advance Notice of Proposed Rulemaking on how we can modernize the regulations that implement the Community Reinvestment Act (CRA). To ensure that the final proposal for modernizing the CRA meets community needs, the Board is seeking public comment. It’s time to make your voice heard.
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Did Increased Unemployment Payments Cause People to Reject Job Offers?
The additional $600 in Pandemic Unemployment Compensation payments relieved the financial burden of those most in need without dissuading a return to work. A job is worth much more than temporary unemployment insurance payments.
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Strengthening Financial Health in Times of Crisis
COVID-19 makes it clearer than ever that inclusion in the financial system is critical for households and businesses to access timely relief funds. Distributing funds at scale, however, presents numerous challenges, including issues related to technology and communication. To explore what it takes to have an inclusive financial system, Laura Choi sat down with Leigh Phillips, CEO of SaverLife, for a conversation on leveraging fintech, data, and strategic partnerships to strengthen financial health in times of crisis.
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Overcrowding in the Bay Area: Where the Housing Crisis meets COVID-19
The issue of overcrowded housing has known health consequences and is particularly concerning in the context of the COVID-19 pandemic. To better understand the issue of crowding, we examined trends in people moving to more crowded conditions in the Bay Area using data from the Federal Reserve Bank of New York Consumer Credit Panel / Equifax Data. Here’s what we found.
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Comparing News Sentiment in the Time of COVID-19 to the 2008 Financial Crisis
The Daily News Sentiment Index can be used to assess how sentiment responded to the COVID-19 crisis compared to the 2008 financial crisis. News sentiment declined at a similar pace and scale during both crises but recovered more quickly in the financial crisis.