What is the contribution of changes in female labor supply to the decline of employment in routine jobs observed in the U.S.

The change in the average U.S. tariff rate in 2025 was the largest in the modern era. One way to assess the effects of such a ...

Recessions are periods where the labor market deteriorates rapidly. Supporting business conditions to prevent such ...

Highlights from 2025 around the Twelfth District. Discover how the SF Fed engages, listens to communities, and learns from ...

As we approach the end of the year, here’s a top five list of our most widely read FRBSF Economic Letter topics in 2025, ...

Recent shifts in immigration flows have lowered the estimates of net international migration into the United States. New data indicate that net migration will be close to half a million people in 2025 ...

In this paper we exploit 150 years of tariff policy in the US and abroad to estimate the short-run effects of tariff shocks on macro aggregates. A careful review of the major changes in US tariff ...

The U.S. economy has remained remarkably resilient this year, navigating uncertainty, changes in government policy, including tariffs, immigration, deregulation, and taxes, an AI-driven technology ...

Recent surges in trade policy uncertainty highlight the fragility of global supply chains, prompting businesses to consider reshoring—moving production from abroad to domestic locations. Reshoring can ...

Note: This data page will no longer be updated. The latest estimates of pandemic-era excess savings are as of September 2024. Past data will continue to be available on this site. Pandemic-Era Excess ...

After a prolonged decline, U.S. inflation-adjusted interest rates have increased somewhat since the pandemic—possibly implying a higher new normal. As central banks attempt to tame the post-pandemic ...

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 ...