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Friday, March 27, 2015

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  • Philadelphia Fed Special ReportsMonetary Policy Report Explores Rules for Benchmarking

    The Bank has released an updated "Monetary Policy Report: Using Rules for Benchmarking," which highlights ongoing work to benchmark the stance of monetary policy using a range of robust policy rules. Read the report. PDF

  • Nonmanufacturing Business Outlook SurveyRegional Activity in Nonmanufacturing Industries Expands in March

    Activity in the region's nonmanufacturing sectors continued to expand in March, according to firms responding to this month's Nonmanufacturing Business Outlook Survey. The diffusion index for current activity at the firm level decreased but remained high, at 44.2, in March. Read the report.

  • Tri-State TrackingTri-State Tracking Updated

    The Philadelphia Fed has updated its monthly Tri-State Tracking series that provides statewide summaries of economic conditions using monthly and quarterly data of employment, housing, and personal income. Read the reports for Delaware PDF , New Jersey PDF , and Pennsylvania PDF.

  • Manufacturing Business Outlook SurveyManufacturing Activity Increased in March

    Manufacturing activity in the region increased at a modest pace in March, according to firms responding to the latest Manufacturing Business Outlook Survey. The diffusion index of current activity, at 5.0, was virtually unchanged from its reading of 5.2 in February. In the special questions, manufacturers were asked about their capital expenditure projections for 2015. Read the report. Listen to the audio conference. YouTube

  • Board of GovernorsFederal Reserve Issues FOMC Statement

    The Federal Open Market Committee (FOMC) judges that an increase in the target range for the federal funds rate remains unlikely at the April FOMC meeting. The Committee anticipates that it will be appropriate to raise the target range for the federal funds rate when it has seen further improvement in the labor market and is reasonably confident that inflation will move back to its 2 percent objective over the medium term. Read the statement External Link . Read the Summary of Economic Projections PDF . Watch the press conference External Link .

  • Patrick T. HarkerPhiladelphia Fed Names Patrick T. Harker as Its Next President and CEO

    The board of directors of the Philadelphia Fed has announced that Patrick T. Harker, 56, currently president of the University of Delaware and a member of the Philadelphia Fed's board of directors, has been named the Bank's 11th president and CEO, effective July 1, 2015. Harker, who has served as a nonbanking Class B director of the Philadelphia Fed for the past three years, will succeed Charles I. Plosser, who retired effective March 1, 2015. Read the press release.

  • Community Outlook SurveySurvey: Financial Conditions Stabilize as Job Availability Improves for Low- and Moderate-Income Residents

    Responses from 61 service providers to low- and moderate-income households in the region suggest that economic conditions for their clients were stabilizing in the fourth quarter of 2014 relative to the third quarter, according to the Bank’s Fourth Quarter 2014 Community Outlook Survey. This stabilization coincides with the largest reported improvement in job availability since the survey began in 2011. Read the survey.

  • Nonmanufacturing Business Outlook SurveyRegional Activity in Nonmanufacturing Industries Improves in February

    Activity in the region's nonmanufacturing sectors increased in February, according to firms responding to this month's Nonmanufacturing Business Outlook Survey. The diffusion index for current activity at the firm level increased from 8.8 in January to 51.0 this month, its highest reading since June 2014. Read the report.

  • Business ReviewRead the Latest Business Review

    Articles offer postcrisis perspectives: How will stricter rules affect foreign banks operating in the U.S.? What was Fannie Mae and Freddie Mac's role in the housing bubble and what lies ahead for them? How much did real estate speculation contribute to the housing bust? Download the entire issue. PDF

  • Survey of Professional ForecastersForecasters See Unchanged Outlook for Growth, Brighter Outlook for Labor Markets

    The outlook for growth over the next three years has changed little from the survey of three months ago, according to 39 participants in the First Quarter Survey of Professional Forecasters. A brighter outlook for the labor market accompanies the nearly stable outlook for growth. Read the report.

  • Federal Reserve Bank of PhiladelphiaPhiladelphia Fed Updates Rental Housing Affordability Study

    Citing the most recent data available, this issue of Cascade Focus analyzes rental housing affordability trends in the Third Federal Reserve District between 2007 and 2012. The report provides a brief summary of conditions and trends in the Third District and includes in-depth fact sheets for the Third Federal Reserve District, Pennsylvania, New Jersey, Delaware, 14 metropolitan statistical areas, and the City of Philadelphia. Read the study.

  • The Federal Reserve Bank of PhiladelphiaThe Federal Reserve Bank of Philadelphia helps formulate and implement monetary policy, supervises banks and bank holding companies, and provides financial services to depository institutions and the federal government. One of the 12 regional Banks that, together with the Board of Governors in Washington, D.C., make up the Federal Reserve System, the Philadelphia Federal Reserve Bank serves eastern Pennsylvania, southern New Jersey, and Delaware. Learn more about us.

The EconomyLast update: March 27, 2015, 10:00 a.m. ET

Business Outlook
Coincident Indexes
Leading Indexes
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State Coincident Indexes
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State Coincident Indexes

Combine four state-level indicators to summarize current economic conditions in a single statistic.

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State Leading Indexes
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State Leading Indexes

Predict the six-month growth rate of the state's coincident index.

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Aruoba-Diebold-Scotti Business Conditions Index: Plot Since Last Peak
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Aruoba-Diebold-Scotti Business Conditions Index

Designed to track real macroeconomic activity at high frequency. Last updated on March 27, 2015.

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