Federal Reserve Bank of New York

Runs have plagued the banking system for centuries and returned to prominence with the bank failures in early 2023. In today's post, the authors—building on research from their recently published Staff Report—use data on wholesale and retail payments to understand the bank run of March 2023. Which banks were run on? How were they different from other banks? And how did they respond to the run? The authors find that the run was concentrated on only two days and was driven mainly by a relatively small number of large depositors. https://nyfed.org/3P9remV

Earlier this week, we partnered with the New York City Department of Education Civics for All program to host a professional development training for New York City public school teachers. Participating teachers toured the Museum and Learning Center and learned about our economic education resources. Educators, join us at our next professional development in January. Learn more: https://nyfed.org/3yjDiaQ

Business activity contracted slightly in the region’s service sector in December, according to firms responding to our Business Leaders Survey. The survey’s headline business activity index moved down five points to -5.2. The business climate index remained firmly negative at -23.7, suggesting the business climate remains worse than normal. Employment was little changed, and wages increased at about the same pace as last month. Supply availability improved somewhat. Explore the data: https://nyfed.org/2N495qs

Business activity held steady in New York State in December, according to firms responding to our Empire State Manufacturing Survey. After rising sharply last month, the headline general business conditions index retreated thirty-one points to 0.2. Explore the data: https://nyfed.org/3g5LUIg

The New York Fed Staff Nowcast for 2024:Q4 is 1.9%, with the 50% probability interval at [0.8, 2.9] and the 68% interval at [0.2, 3.4]. The Staff Nowcast is 2.3% for 2025:Q1. Explore the data: https://nyfed.org/3BhADWl

Do you enjoy telling compelling stories through data visualizations and dashboards? Do you have strong data querying and analytical software skills? If so, consider joining us as a Data Analytics Specialist. The Group Support and Enterprise Service team is dedicated to extending our Corporate Group’s ability to provide innovative, value-adding solutions that strength our operations in support of our Mission to make the U.S. stronger and the financial system more stable. As a Data Analytics Specialist on the team, you’ll contribute to this consequential work by conducting strategic technology research to identify innovative data and analytics solutions, fearlessly championing transformative ideas by pushing technological boundaries, participating in the design and creation of emerging and ongoing data products, and more. Learn more and apply: https://lnkd.in/eHCcgrDW

Our Corporate Group sets out to deliver impactful solutions that foster our ability to deliver on our mission of making the economy stronger and the financial system more stable. As a Position Management Business Finance Partner in the Group, you’ll be the central point of contact responsible for developing a program to support our position management process. Using your strategic, analytical, and business acumen skills, you’ll own the end-to-end staffing monitoring process, introduce and maintain a strong internal control environment, and develop and lead training. Using your strategic, analytical, and business acumen skills, you’ll own the end-to-end staffing monitoring process, introduce and maintain a strong internal control environment, and develop and lead training. Learn more and apply: https://bit.ly/4grgbAU

We're proud to highlight New York Fed employee Timothy C. Nash, Jr.'s volunteer work with the Neighborhood Entrepreneur Law Project at the City Bar Justice Center. His pro bono legal assistance exemplifies his commitment to supporting small business owners and advancing access to justice. Learn more: https://lnkd.in/gYJYvRyG

Last month, we hosted an in-person event focused on creating and improving markets to deliver investments to under-resourced communities. The event focused on examples of effective channels for investing in the health, climate resilience, and household financial well-being of communities. Speakers highlighted strategies that connect new sources of capital to community needs; scale existing sources of capital for communities; and connect previously unlinked buyers and sellers. Watch the full event recording here: https://nyfed.org/3UbbXF6

We’re excited to start our search for the Head of Data & Statistics here at the New York Fed. This strong leader will be responsible for leading a group of more than 100 data analysts, specialists, and strategists who are experts in the collection and quality assurance of mission-critical data that supports monetary policy, financial institution supervision, and financial stability. They’ll bring a visionary mindset and collaborative approach to the Group’s executive team, ensuring the Group can effectively and collaboratively carry out its work to support the strength of the U.S. economy and the stability global financial system. Outstanding people leaders with extensive understanding of financial and data analysis can learn more and apply here: https://bit.ly/49wzbf7