January 17, 2020 — Fed President Patrick T. Harker said he expects the U.S. economy to grow around 2 percent in 2020, indicating no change from his outlook of recent months. Speaking at the 2020 Economic Leadership Forum hosted by the New Jersey Bankers Association, Harker discussed his view of the labor markets and inflation as well as recent developments in the Fed’s balance sheet normalization process and efforts to modernize the Community Reinvestment Act. Read the press release. Read the speech.
January 17, 2020 — Responses to the Philadelphia Fed's annual economic outlook survey of members of the Chamber of Commerce for Greater Philadelphia were mostly optimistic about regional business conditions in 2020. For more information, view the press release.
January 16, 2020 — Manufacturing activity in the region increased this month, according to results from the January Manufacturing Business Outlook Survey. The diffusion index for current general activity increased nearly 15 points this month, from a revised reading of 2.4 in December to 17.0. The survey’s future activity indexes remained at relatively high readings, suggesting continued optimism about growth for the next six months. Read the report.
January 15, 2020 — On balance, business activity in the Third District slowed to a slight pace of growth during the current Beige Book period. Labor markets remained tight throughout the District – slowing employment growth and raising wage pressure. Still, price increases remained modest. Most firms expressed cautious optimism. Read the national summary. Read the Philadelphia summary.
January 15, 2020 — Philadelphia Fed President Patrick T. Harker discussed “where we were, where we are, and where we’re going” in the Fed’s effort toward monetary policy normalization during opening remarks to a roundtable at the Official Monetary and Financial Institutions Forum in New York City. Harker said the Fed is reviewing its strategies, tools, and communication practices to reflect the changes in the U.S. economy since the Great Recession. Read the speech.