U.S. households accumulated significantly more wealth following the pandemic onset than would have been expected without the pandemic shock. Overall excess household wealth—measured as households’ inflation-adjusted net worth beyond pre-pandemic projections—peaked in late 2021 at $13 trillion, then rapidly fell to zero in late 2022, where it broadly remained through the third quarter of 2023. This rise and fall can be attributed mainly to financial assets, particularly equity holdings. ...| Federal Reserve Bank of San Francisco
U.S. households built up savings at unprecedented rates following the strong fiscal response and lower consumer spending related to the pandemic. Despite recent rapid drawdowns of those funds, estimates suggest a substantial stock of excess savings remains in the aggregate economy. Since 2020, households across all income levels have held a historically large share of savings in cash or other easily accessible forms. Estimates suggest that those funds could be available to support personal sp...| Federal Reserve Bank of San Francisco
Brief summaries of SF Fed economic research that explain in reader-friendly terms what our work means for the people we serve.| Federal Reserve Bank of San Francisco
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| Federal Reserve Bank of San Francisco
U.S. household savings rose and fell at unprecedented rates since the onset of the pandemic recession. Comprehensive data revisions by the Bureau of Economic Analysis show that households continue to hold significantly more savings than previously estimated. Our updated estimates suggest that more than $400 billion of accumulated excess savings remains in the aggregate economy, and those funds are likely to continue being drawn down into the first half of 2024.| Federal Reserve Bank of San Francisco
Economic activity in the Twelfth District slowed slightly during the April to mid-May reporting period. Employment levels were generally stable amid some layoffs and attrition without replacement. Wages were up slightly, and prices across industries rose modestly. Retail sales and demand for consumer and business services softened somewhat. Manufacturing activity declined slightly and conditions in agriculture and resource-related sectors weakened somewhat. Conditions in residential and comme...| Federal Reserve Bank of San Francisco
Held annually across Idaho's rural landscapes, The Idaho Rural Success Summit is designed by and for the thriving rural communities of Idaho.| Federal Reserve Bank of San Francisco
Learn more about the Idaho region of the Federal Reserve Bank of San Francisco, including the latest news, events, and publications.| Federal Reserve Bank of San Francisco
As a Regional Executive, Stephen DeLay traveled to various cities in Northern California to gather insights from business leaders on local economic conditions. These engagements provide valuable context to guide the Fed’s monetary policy efforts.| Federal Reserve Bank of San Francisco
The SF Fed is looking for exceptional college graduates to join the Economic Research team as Research Associates.| Federal Reserve Bank of San Francisco
Economic activity in the Twelfth District slowed slightly during the mid-February through March reporting period. The step-down in economic activity was broad based, reported across many industries and different geographies. Employment levels fell somewhat, and employers across industries and geographies reported recent and planned layoffs. Wages grew slightly. Overall prices rose modestly, and price pressures intensified for a wide range of imported goods and materials. Demand for retail and...| Federal Reserve Bank of San Francisco
The SF Fed regularly gathers regional information from across the western United States for the Beige Book, formally known as the Summary of Commentary on Current Economic Conditions. The Beige Book collects anecdotal information on regional economic conditions from Bank and Branch directors, business contacts, economists, and other sources, summarized by District and sector. Along with economic data and analysis, the Beige Book helps Fed economists and staff identify emerging trends in the e...| Federal Reserve Bank of San Francisco
Here’s a snapshot of a recent outreach visit to California’s San Joaquin Valley from Stephen Delay, Regional Executive of the SF Fed’s San Francisco branch.| Federal Reserve Bank of San Francisco
The SF Fed seeks out real-time information on economic conditions around the Twelfth District by engaging with and learning from businesses, community organizations, and local leaders. Here’s a snapshot of a recent visit to Kern County from Qiana Charles, Regional Executive of the SF Fed’s Los Angeles branch.| Federal Reserve Bank of San Francisco
The zero lower bound is the concept that the federal funds rate would not be cut below zero percent. This lower bound constraint can limit the effectiveness of monetary policy when rates are at or near the zero lower bound, especially during recessions. In our Economic Letter, The Zero Lower Bound Remains a Medium-Term Risk, […]| San Francisco Fed
Here’s a snapshot of a recent outreach visit in Alaska from Mary C. Daly, President and CEO at the Federal Reserve Bank of San Francisco.| San Francisco Fed
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 to greater fluctuations than in the past, according to updated SF Fed analysis.| Federal Reserve Bank of San Francisco
In a recent webinar, small business development centers shared how they and the small businesses they serve have incorporated GenAI into their work and the lessons they’ve learned.| Federal Reserve Bank of San Francisco
In-depth articles offering insights from our experts' research, public engagement, and events across the 12th district and the nation.| Federal Reserve Bank of San Francisco
A new data interactive and a recent webinar from the SF Fed Community Engagement and Analysis team shed light on homeownership trends in the 12th District.| Federal Reserve Bank of San Francisco
The COVID-19 pandemic is causing severe disruptions to daily life and economic activity. Reliable assessments of the economic fallout in this rapidly evolving situation require timely data. Existing sentiment indexes are useful indicators of current and future spending but are only available with a lag or have a short history. A new Daily News Sentiment Index provides a way to measure sentiment in real time from 1980 to today. Compared with survey-based measures of consumer sentiment, this in...| Federal Reserve Bank of San Francisco
Inflation has remained at levels well above the Federal Reserve’s inflation goal of 2% for over a year. Separating the underlying data from the personal consumption expenditures price index into supply- versus demand-driven categories reveals that supply factors explain about half of the run-up in current inflation levels. Demand factors are responsible for about one-third, with the remainder resulting from ambiguous factors. While supply disruptions are widely expected to ease this year, t...| Federal Reserve Bank of San Francisco
After eight years of economic recovery, inflation remains below the FOMC’s target. Dissecting the underlying price data by spending category reveals that low inflation largely reflects prices that are relatively insensitive to overall economic conditions. Notably, modest increases in health-care prices, which have been held down by mandated cuts to the growth of Medicare payments, have helped moderate overall inflation. Further slow growth in health-care prices is likely to remain a drag on...| Federal Reserve Bank of San Francisco
Cyclical and Acyclical Core PCE Inflation updates data on the contributions to core personal consumption expenditures from cyclical and acyclical components,| Federal Reserve Bank of San Francisco
Explore the extensive work of the SF Fed: Information, research, and insights on specific topics and subtopics impacting our economy.| Federal Reserve Bank of San Francisco
To better understand how stakeholders across the Twelfth District are navigating the economic impacts of increasing wildfire smoke and their actions to build resilience to these impacts, the SF Fed hosted a webinar in August with industry, small business, and community leaders. Here are our top takeaways.| Federal Reserve Bank of San Francisco
SF Fed Director of Research Sylvain Leduc describes his recent community engagement tour of California’s Inland Empire.| Federal Reserve Bank of San Francisco
The members of the SF Fed’s Advisory Councils provide valuable perspectives from around the Twelfth District. In this edition of Advisory Council Observations, we share what we learned at our most recent council meetings.| Federal Reserve Bank of San Francisco
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We are the SF Fed, public servants with a mission to advance the nation’s monetary, financial, and payment systems to build a stronger economy for all Americans.| Federal Reserve Bank of San Francisco
New data suggest that net migration into the United States has dropped sharply in 2025 from its historical highs, falling well below previous estimates.| San Francisco Fed
In 2024, the San Francisco Fed and the Federal Reserve System Innovation Office launched the EmergingTech Economic Research Network (EERN) to support a better| Federal Reserve Bank of San Francisco
The COVID-19 pandemic upended housing markets. This blog post launches an interactive chart that accompanies our research paper on pandemic homebuyers.| Federal Reserve Bank of San Francisco
As they finish two years of working with the SF Fed Economic Research Department, several research associates will continue their academic careers through graduate studies.| Federal Reserve Bank of San Francisco
As a community-engaged bank, the SF Fed seeks out real-time information on economic conditions by engaging with and learning from businesses, community organizations, and local leaders. These conversations are one of the many inputs into the decisions and monetary policymaking at the Federal Reserve as we pursue our mission. Here’s a snapshot of a recent outreach in Honolulu, […]| San Francisco Fed
Leilani Barnett, senior outreach manager at the Federal Reserve Bank of San Francisco, shares insights from the 4th annual Idaho Rural Success Summit, highlighting how rural communities in Idaho are leveraging partnerships and resources to unlock their economic potential.| Federal Reserve Bank of San Francisco
Qiana Charles, Regional Executive of the San Francisco Federal Reserve Bank, Los Angeles Branch, learned about the agricultural landscape in Kern County.| Federal Reserve Bank of San Francisco
Our research associates who have been working with professional economists in Economic Research over the past two years are preparing to take their next steps, pursuing new paths and opportunities.| Federal Reserve Bank of San Francisco
Emerging technologies catalyze changes in our workplaces, homes, and communities – and as a result, in our economy. Today, a new wave of emerging technology,| Federal Reserve Bank of San Francisco
Price differences across U.S. states and regions widened during the pandemic years. In our Economic Letter, “The Changing Disparity in Prices Across States,”| Federal Reserve Bank of San Francisco
How are generative artificial intelligence (GenAI) tools being integrated into consumer product companies? Do they improve product development, marketing| Federal Reserve Bank of San Francisco
Chi Elder, Regional Engagement Officer - Southern California of the SF Fed's Los Angeles Branch, visited San Diego to learn more about how technology impacts the regional economy and landscape with her colleagues, Mike Fernandez and Qiana Charles.| Federal Reserve Bank of San Francisco
The members of the SF Fed’s Advisory Councils provide valuable perspectives from around the Twelfth District. In this edition of Advisory Council Observations, we share what we learned at our most recent council meetings.| Federal Reserve Bank of San Francisco
How much variation in labor market conditions and inflation rates is there at the sub-national level? Our Regional Indicators page maps out labor market, price, and earnings data across the country.| Federal Reserve Bank of San Francisco
Supply- and Demand-Driven PCE Inflation updates data on the contributions to personal consumption expenditures (PCE) inflation from supply-driven versus| Federal Reserve Bank of San Francisco
U.S. household savings rose and fell at unprecedented rates following the onset of the pandemic recession. Updated estimates suggest that these excess savings have been fully spent. However, consumer spending shows no signs of losing steam, raising questions about its future path.| Federal Reserve Bank of San Francisco
The Daily News Sentiment Index is a high frequency measure of U.S. economic sentiment based on lexical analysis of economics-related news articles.| Federal Reserve Bank of San Francisco