Issue #29 | October 15, 2019
Recently, from the Cleveland Fed
When prices drop thanks to trade, which households benefit most?
When asked if it's good or bad that the United States has become more open to trade over the past two decades, Americans' responses are mixed. Trade affects households in two major ways: job losses and gains and reduced prices of goods and services. Two researchers examine how trade can affect households and find that one type of household benefits more when prices drop. See which.
At a time when they're making less dough on loans, banks have made more from these
At one time or another, we've all likely paid them: ATM fees, loan origination fees, card charges, and more. They roll into one source of revenue called “service charges,” a moneymaker for banks that has grown significantly since 2001. There's evidence that banks have increased their revenues from such service charges to make up for money they aren't making on loans in today's low interest rate environment. See the Commentary and four charts.
A few questions for you, small business owners
How many employees does your small business have? How did the prices you pay for products, services, and wages change over the past 12 months? Answer these (please!) and more in the Federal Reserve's annual Small Business Credit Survey. Your responses make it possible for us to inform policymakers about current business conditions in reports like these.
The economy regains momentum in Lexington
The Lexington, Kentucky, metro area's economic health showed mixed signals toward the end of 2018, but newer data suggest conditions improved in the first half of 2019. Which numbers went up, you ask? See the analysis and nine charts in our latest Metro Mix.
Inclusion summit connects businesses with others
More than 100 business owners, community and nonprofit leaders, and bankers participated in workshops on access to capital, managing third–party risk in financial institutions, and more at the inaugural Business Inclusion Summit. Hosted by the Financial Services Collaborative for Economic Inclusion in Ohio, which includes members from the Federal Reserve Bank of Cleveland and area banks, the event aimed to build and further connections between businesses, businesses and financial institutions, and businesses and business resource organizations. The summit is one tangible example of the Cleveland Fed's supplier diversity mission. Read more here.
Graphic of the Month
With no bachelor's degree and no recent work experience, Jaime Pearson worried she would be stuck in a low–paying job that wouldn't capitalize on her skills. Not so. There are jobs out there that pay a decent wage and don't require a four–year degree. The Federal Reserve calls them “opportunity occupations.” A Fed team traveled to the Toledo region to meet Jaime, who's working one such job.
By the Numbers
On the Calendar
FedTalk: What Is Behind the Persistence of the Racial Wealth Gap? (Cleveland, OH)
5:30 to 7:30 pm, Federal Reserve Bank of Cleveland
February 27, 2020
Women in Economics Symposium (Cleveland, OH)
March 9–12, 2020
2020 National Interagency Community Reinvestment Conference (Denver, CO)
From around the Federal Reserve System
How do you build credit if you can‘t get credit because you have no credit?
Millions of Americans have no credit record, making them “credit invisible,” and millions more are considered “unscoreable” by the nation‘s credit reporting agencies because of insufficient or old information. Lacking usable credit scores affects more than 45 million Americans, resulting in limited access to mainstream credit products such as credit cards and traditional mortgages. So how do you build credit if you have no credit? Secured credit cards–cards that require money down to cover the credit line—are one avenue. Find out how.
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