Economic activity in the Twelfth District edged down slightly during the July to mid-August reporting period. Employment levels were down slightly as employers laid off workers and did not fill ...

Recent surges in trade policy uncertainty highlight the fragility of global supply chains, prompting businesses to consider ...

In accordance with the provisions of Section 4 of the Federal Reserve Act and the announcement on July 16, 2025, the Federal Reserve Bank of San Francisco is conducting an election of Directors to ...

Although revisions to monthly payroll employment data issued in August were large, they were within the historical range. Evidence continues to suggest that the incoming data are not generally subject ...

The growth suggests that the economy is in a reasonable place, but we also want to make sure that policy is in a place that ...

Extreme heat decreases labor productivity in sectors like construction, where much work occurs outdoors. Because construction is an important component of investment, lost productivity today will slow ...

In January 2012, the Federal Open Market Committee (FOMC) announced an explicit inflation target to the public for the first time in its history, stating, “the Committee judges that inflation at the ...

The unemployment rate has risen over half a percentage point since the second quarter of 2023. Individual survey data underlying the unemployment rate can help in assessing which labor market ...

The labor force participation (LFP) rate for prime-age workers surged from early 2021 through early 2023, especially for women. This helped reduce the large shortfall of available workers relative to ...

In its fifth iteration, the Diary of Consumer Payment Choice data show that cash continues to be used extensively for small-value purchases - representing nearly half of all payments under $10 and 42 ...

The extent to which either supply or demand factors drive inflation has important implications for economic policy. I propose a framework to decompose inflation into supply- and demand-driven ...

Labor force participation in the United States has dropped a percentage point since the pandemic began. Analyzing how participation has evolved for various groups of the population suggests that more ...