Richmond Metro Area Economic Overview Retail Merchants Association Ann Battle Macheras November 11, 2011.

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Presentation transcript:

Richmond Metro Area Economic Overview Retail Merchants Association Ann Battle Macheras November 11, 2011

Overview Richmond Area Economic Trends Labor Market Indicators Industry Trends Housing Market Indicators Retail Sector Business Activity Index

Richmond MSA Nonfarm Payroll Employment Source: Bureau of Labor Statistics/Haver Analytics

Richmond Payroll Employment by Industry Source: Bureau of Labor Statistics/Haver Analytics

Richmond MSA Unemployment Rate Source: Bureau of Labor Statistics/Haver Analytics

Richmond Single Family Building Permits Source: US Census Bureau/Haver Analytics

Richmond House Prices—CoreLogic Source: CoreLogic

Fifth District Survey of Service Activity Survey released monthly—since 1998 Approximately 100 respondents per month Respond by indicating an ‘increase’, ‘decrease’, or ‘unchanged’. Index value is percentage reporting increase minus the percentage reporting decrease Source: Federal Reserve Bank of Richmond

Fifth District Retail Source: Federal Reserve Bank of Richmond Monthly Values August: -32 September: -10 October: -8

Fifth District Retail Source: Federal Reserve Bank of Richmond Rev. Emp. August: September: October: -8 -9

Some Observations The economy continues to expand, but the pace is slower than we would like Job growth has been very soft and unemployment remains stubbornly high State and local government will serve as a drag on employment growth Stress continues in the housing market with limited recovery so far Relative to previous recessions, we might expect this recovery to remain at a slow pace of growth

The views and opinions expressed herein are those of the author. They do not represent an official position of the Federal Reserve Bank of Richmond or the Federal Reserve System. Questions? … and thank you!