Federal Reserve Bank of Cleveland
Coverage of Federal Reserve Bank of Cleveland in the Nexus archive.
- Ohio lost jobs in May, and had 58,000 fewer in the workforce than last year
Ohio lost 2,400 jobs in May, with 58,000 fewer workers in the labor force compared to last year despite a growing working-age population. Unemployment fell to 3.7%, but concerns persist over declining labor participation and rising inflation, which hit 4.2%, a three-year high.
- Spending among Ohio consumers slows as gas threatens to go even higher
Rising gas prices linked to the U.S.-Israel strikes on Iran are slowing consumer spending in Ohio, with the Cleveland Fed's Beige Book noting increased fuel costs and inflation are dampening retail sales. Consumer sentiment in May hit its lowest level since at least the 1970s, with lower-income groups and those without college degrees experiencing the strongest declines.
- Hammack Says Fed May Need to Act Soon Against High Inflation
Federal Reserve Bank of Cleveland President Beth Hammack suggests the Fed may need to take action soon to address high inflation. She emphasizes the urgency of responding to inflationary pressures.
- Fed’s Hammack Says Baseline Is Rates on Hold for a ‘Good While’
Beth Hammack, president of the Federal Reserve Bank of Cleveland, indicated interest rates would remain unchanged for a 'good while.' Three Fed officials opposed recent rate cuts, arguing inflation remains too high.