Watch our Economic Letter video with Adam Shapiro, Vice President, Economic Research, to learn more about our measurements of ...

U.S. labor productivity initially surged in 2020 during the COVID-19 pandemic, despite the massive economic upheaval. As the ...

Regional data provide indicators measuring characteristics of the dual mandate across the nation. This page provides data on labor market conditions, prices, and earnings for the 50 states and the ...

U.S. net international migration (NIM) grew at historically high rates over the past several years. An update of earlier San Francisco Fed analysis (Duzhak 2024), using new and revised data on the ...

This SF Fed Blog updates estimates first published in our FRBSF Economic Letter “Recent Spike in Immigration and Easing Labor Markets by economist Evgeniya Duzhak. The Federal Reserve Bank of San ...

Inflation still lies somewhat above the Federal Reserve’s 2% goal after slowing significantly since its spring 2022 peak.

The Phillips curve plays a central role in the macroeconomics literature. However, there is little consensus on the forcing variable that drives inflation in the model, i.e., on the appropriate ...

Our new data page, CPI Inflation Contributions from Goods and Services, details the evolution of inflation using the consumer ...

Understanding how inflation is evolving and what is driving it requires looking beyond the headline number. To get a fuller picture of this evolution using the consumer price index, the SF Fed has ...