The FED Said The coronavirus (COVID-19) pandemic has had a shockingly large and swift impact on the U.S. economy since mid-March. And the initial coordinated federal response to the virus was, perhaps, equally swift, as Congress passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act by the end of March. Further evidence of the speed of […] Read more
The FED Said The coronavirus and efforts to mitigate its impact are having a transformative impact on many aspects of economic life, intensifying trends like shopping online rather than visiting brick-and-mortar stores and increasing the incidence of working from home. Indeed, many tech giants have already made working from home a permanent option for employees. Working from home, or telecommuting, is […] Read more
The FED Said Economic activity in the Southeast dropped sharply from the middle of February through March as the COVID-19 pandemic spurred business shutdowns and job losses, according to the Federal Reserve’s latest Beige Book report on regional economic conditions. Across the Federal Reserve Bank of Atlanta’s coverage area, which includes the states of Alabama, Florida, Georgia, […] Read more
The FED Said These are unprecedented times for our country. COVID-19 is affecting the economy, the banking system, and our daily lives. Our thoughts are with all those who are suffering, as well as those assisting them. Just like you, the well-being of our families, employees, and the public is our paramount concern. To this […] Read more
The FED Said These are unprecedented times for our country. COVID-19 is affecting the economy, the banking system, and our daily lives. Our thoughts are with all those who are suffering, as well as those assisting them. Just like you, the well-being of our families, employees, and the public is our paramount concern. To this […] Read more
The FED Said Workforce CurrentsStuart AndreasonMarch 18, 2020 As coronavirus 2019 (COVID-19) spreads around the world and across the United States, many policymakers and public health officials are encouraging employers to tell workers to work remotely or to stay home when they or their family members are sick. There are significant questions, though, about how […] Read more
The FED Said What is LIBOR? Globally, the London Interbank Offered Rate (LIBOR) has been used extensively as the benchmark rate for many financial transactions, from derivatives to loans to businesses and consumers. Estimates of U.S. Dollar (USD) denominated LIBOR exposure run as high as $200 trillion. Why is LIBOR going away? Since its inception […] Read more
The FED Said Across the Southeast, the small business landscape is a tapestry of different stories that tell different experiences. Businesses with fewer than 500 employees entered 2019 with the tailwind of a strong 2018, as consumer spending picked up, corporate profits climbed, and the U.S. economy grew nearly 3 percent, as measured by […] Read more
The FED Said Investing in America’s Workforce: Improving Outcomes for Workers and Employers Data show there is a sizable share of workers who have low skill and education levels. In 2016, 23.4 million adults aged 18 to 64 did not hold a high school degree or its equivalent—almost 12 percent of this age segment of […] Read more
The FED Said Summary of Economic Activity – Southeast On balance, economic activity in the Sixth District expanded at a modest pace since the previous report, and the outlook among contacts remained positive. Labor market tightness continued to limit growth in some sectors. Wage pressures persisted for lower-skilled positions, and some contacts expect higher wages […] Read more
The FED Said A recent macroblog post used Atlanta Fed Wage Growth Tracker data to observe that the hourly wage of the lowest-paid workers has rebounded in recent years after declining for a decade. The chart below depicts this finding, showing the median hourly wage of the lowest-paid 25 percent of workers in the Tracker sample relative to the median […] Read more
The FED Said On November 25, Fed chair Jay Powell gave a speech titled “Building on the Gains from the Long Expansion,” in which he observed that Recent years’ data paint a hopeful picture of more people in their prime years in the workforce and wages rising for low- and middle-income workers. In making this […] Read more
Federal Reserve Bank of Atlanta The FED Said Summary of Economic Activity Sixth District business contacts indicated that economic activity expanded modestly since the previous report, and the outlook among contacts remained positive. Tightness in the labor market continued to constrain growth in many sectors. Contacts noted that wage pressures continued to increase for lower-skilled […] Read more
The FED Said Overall Economic Activity Economic activity expanded modestly from October through mid-November, similar to the pace of growth seen over the prior reporting period. Most Districts reported stable to moderately growing consumer spending, and increases in auto sales and tourism were seen across several Districts. In manufacturing, more Districts reported an expansion in […] Read more
The FED Said You’ve heard of “the 1 percent.” Veronika Penciakova has been pondering the economic significance of the 0.1 percent. That figure does not refer to the ultra-wealthy. Rather, it represents the tiny fraction of U.S. companies that are financed by venture capital. Despite their small number—some 8,000 firms received venture capital in 2018—those […] Read more