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Issue #1 | March 28, 2017

Recently, from the Cleveland Fed

  • Leave the nest, but don't go too far?

    Leave the nest, but don’t go too far?

    Researchers find the earnings of young adults who live near their parents recover faster after a job loss than do the earnings of young adults who live farther away. See the study and 8 charts.

  • Housing markets continue to improve—but not everywhere

    Housing markets continue to improve—but not everywhere

    A Cleveland Fed index shows that places hardest hit during the housing crisis aren’t enjoying the same recovery as others. Public investment remains vital for revitalization efforts such as the reuse of vacant lots. Read our story and explore the interactive maps.

  • Labor market slack level: Almost none

    Labor market slack level: Almost none

    Researchers conclude there’s very little labor market slack almost 7 years after the end of the Great Recession in the 4 states in the Fourth Federal Reserve District. Dig into the Economic Commentary.

Graphic of the Month

The Smallest of Small Businesses

Nonemployer firms, or those staffed by only their owner(s), comprise 80 percent of US businesses. Do you know the unique characteristics they have and the challenges they face?

By the Numbers

Ask the Expert


April is Financial Literacy Month. What’s a financial lesson you or someone you know learned firsthand?


April reminds me of the money lessons I’ve learned throughout my life. My grandfather paid for everything with cash. He always said, “Think about it; save for it; pay for it; owe no one.” My mother wrote checks and paid the bills on the same day each month. She kept her money in a neighborhood bank that we visited often (do they still have those red lollipops?). She balanced a budget that she managed to stretch far enough to take care of our large family. She saved some. She spent some. She gave some away. My husband and I? We pay bills online. My now-adult children never go into a bank. Their phones are their tools for everything—including ignoring my calls. We save for what we want. We spend within our means—usually. We share what we have—always.

Financial services tools and technologies change over time, so I think it’s important to focus on things like math, critical thinking, and learning throughout your lifetime. These skills and the lessons we pick up along the way empower our financial futures even as our world changes. The more access and opportunity we have to learn and understand money—or anything else—the better equipped we will be to make our own best choices.

Kelly Banks

Kelly Banks

Kelly leads the Learning Center and Money Museum at the Federal Reserve Bank of Cleveland. The center and museum are open and free to the public, offering tours and hands-on, interactive exhibits for learning about personal finance, the history of money, and economics.Editor’s note: Kelly Banks retired from the Bank in 2018.

On the Calendar

  • InterAgency Collaboration Roundtable

    May 3 & 4

    7th Annual InterAgency Collaboration Roundtable (Washington DC)

  • 2017 Policy Summit on Housing, Human Capital, and Inequality

    June 22 & 23

    2017 Policy Summit on Housing, Human Capital, and Inequality (Cleveland, OH)

Visiting Cleveland this spring?

Explore our Learning Center and Money Museum for free.
It’s open Monday–Thursday, 9:30 am–2:30 pm.

From around the Federal Reserve System

What do Lakewood, St. Paul, and Dallas have in common?

They are among a group of peer cities with similar resilience scores, according to a tool developed by the Chicago Fed. Peer cities experience similar trends or challenges.​ See how your city measures up.

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