Federal Reserve Bank of Boston

The Federal Reserve Banks of Boston and Minneapolis and the Federal Reserve Board of Governors Division of Supervision and Regulation invite you to attend two virtual fireside chats on Thursday, Sept. 26.? The chats – featuring Federal Reserve leaders Michael S. Barr, Susan M. Collins, Adriana D. Kugler, and Neel Kashkari – will focus on the intersection between bank supervision and financial inclusion.? Visit https://bit.ly/3XPfhYz to learn more and watch the livestreams.

Federal Reserve issues #FOMC statement: https://lnkd.in/eZDQVU6J Federal Reserve Board and Federal Open Market Committee release economic projections from the September 17-18 FOMC meeting: https://lnkd.in/eavPh3yg

New England is aging, and retirements are straining the local workforce. Can immigration help with workforce woes? Around the region, immigrants are filling workforce gaps. And although they’re a small percentage of the population in northern New England, they’ve made significant contributions to its population growth. But change isn’t always easy, including in one of the oldest regions in the country. A new Boston Fed In Focus feature tells this story through the eyes of the researchers studying it and the locals living it: https://bit.ly/3zdaxml

Check use has been in decline for decades. So why is check fraud on the rise? On Six Hundred Atlantic, Boston Fed payments fraud expert Mike Timoney discusses what makes this paper payment method vulnerable. https://bit.ly/4fu4hGS

Applications are now open for the Research Assistant program at the Boston Fed! RAs work with economists on a variety of research projects and support analysis of the regional, national, and global economies. They also learn more about monetary policy, bank regulation, payments systems, and financial markets. The two-year program is designed for recent college graduates with a background in economics, math, statistics, or related fields. Learn more and apply: https://bit.ly/3zgfJpk

As we begin to put summer behind us, I’m reflecting on conversations I’ve had over the last few months with business and community leaders across New England.? One of the most important – and enjoyable! – aspects of my job is spending time listening to people who are directly engaged in different aspects of our regional economy. It’s always a pleasure to learn more about how different organizations and businesses are coming together to tackle local economic issues and improve their communities. I’d like to thank all of those who have welcomed me (most recently in Massachusetts, Maine, and Rhode Island) and shared their perspectives. I look forward to continuing to visit all corners of the Fed’s First District as we work together to promote a vibrant and inclusive economy that works for all. You can read more about my recent discussions on bostonfed.org. Lawrence, Massachusetts: https://bit.ly/3XvgkNL Biddeford, Bangor, and Millinocket, Maine: https://bit.ly/3LCEwX3 Cranston, Providence, and Newport, Rhode Island: https://bit.ly/3WEG9c3

Springfield was struggling economically when Boston Fed researchers took a closer look there in the late 2000s. The story in the Massachusetts city was similar to other former U.S. manufacturing centers that had seen their industrial bases disappear by the later 20th century. The question for Bank researchers was, “Are cities like Springfield simply fated to decline?” And the answer they got was, “No.” The Bank’s research found that cities like Springfield rebounded best when they built networks of collaboration between sectors that may not normally interact, like business and social services. This became the basis of the Boston Fed-led community development initiative known as Working Places, which has since expanded to 30 New England communities and is marking its 10th anniversary this year. As part of the initiative, leaders from across Springfield came together to form Springfield WORKS/Working Cities Challenge with the goal of improving local labor force participation. That involved offering residents things like skills training and access to workforce reentry tools. Last year, Boston Fed President and CEO Susan M. Collins met with the team to hear about local economic issues, as well as their progress and challenges. Read more about the Springfield Working Cities Challenge and the Bank’s Working Places initiative: https://lnkd.in/eZWRaHcB

The latest Beige Book indicates there’s been a modest increase in economic activity but a slowdown in job creation in the Federal Reserve’s First District, which includes almost all of New England. The Beige Book is published eight times per year and includes information from each Federal Reserve Bank. It shares information on current economic conditions in each District from Bank and Branch directors, as well as from interviews with key business contacts and other sources. Read the full report: https://bit.ly/3ZeU4Zb

Unemployment in New England was 3.4% in July 2024. That’s below the national rate of 4.3%, but it represents a year-over-year increase of 0.3 percentage point for the region. Learn more in the latest New England Economic Conditions report, written by Boston Fed economist Osborne Jackson: https://bit.ly/3MyA6kB

Results from the 2024 Community Perspectives Survey report that entities serving low- and moderate-income communities met the needs of their residents, but inflation and demand for services remain key challenges. Nearly 80% of these entities reported an increase in demand for services, and 84% reported increased expenses compared to 2023. They also identified funding and fundraising as their top challenges overall. For more findings like these, check out the 2024 Community Perspectives Survey: Insights from the Field. https://bit.ly/4e707mJ