Two industries in the Cleveland Fed’s region seem to be bucking the downward trend in manufacturing production, say Fed researchers
The real output of many manufacturing industries in the Federal Reserve Bank of Cleveland’s District—Ohio, western Pennsylvania, the northern panhandle of West Virginia, and eastern Kentucky—declined or remained steady from 1997 to 2014. But for two industries, real output increased notably, according to Bank researchers Rubén Hernández-Murillo and Sarah Mattson.
“At a time when no other manufacturing industry in the District grew at an average annual pace larger than 1 percent, petroleum and coal products grew at an average annual pace of 7.8 percent, and computer and electronic products grew at an average annual pace of 10.4 percent,” say the researchers.
Hernandez-Murillo and Mattson note that these significant increases in output were not mirrored by correspondingly large increases in the share of manufacturing employment that these industries contributed to the District, implying large increases in labor productivity in both industries.
For more details, read Rosie the Refiner? Two Manufacturing Industries’ Rising District Importance.
Federal Reserve Bank of Cleveland
The Federal Reserve Bank of Cleveland is one of 12 regional Reserve Banks that along with the Board of Governors in Washington DC comprise the Federal Reserve System. Part of the US central bank, the Cleveland Fed participates in the formulation of our nation’s monetary policy, supervises banking organizations, provides payment and other services to financial institutions and to the US Treasury, and performs many activities that support Federal Reserve operations System-wide. In addition, the Bank supports the well-being of communities across the Fourth Federal Reserve District through a wide array of research, outreach, and educational activities.
The Cleveland Fed, with branches in Cincinnati and Pittsburgh, serves an area that comprises Ohio, western Pennsylvania, eastern Kentucky, and the northern panhandle of West Virginia.
Doug Campbell, email@example.com, 513.455.4479