Federal Reserve Bank of Philadelphia

Money in Motion will be closed Friday, June 19 in observance of Juneteenth. We'll reopen Monday, June 22.

Learn more about visiting Money in Motion at the Philadelphia Fed. https://bit.ly/4eeCYSq

Manufacturing activity in the region expanded overall, according to the firms responding to the June Manufacturing Business Outlook Survey. The diffusion index for current general activity rebounded, rising from -0.4 in May to 10.3 this month. The shipments index moved higher, and the indicators for new orders and employment returned to positive territory, although most firms continued to report no changes in employment overall. The prices paid index rose this month, while the prices received index moved down. The survey’s broad indicators for future activity continued to suggest expectations for growth over the next six months. https://bit.ly/3Qtx1b2

Registration is open for our Rural Economic Development Summit, which will focus on data center development and digital infrastructure in rural communities. https://bit.ly/42MaYiD

Data centers can drive significant infrastructure improvements in rural areas — from broadband expansion connecting residents to the digital economy to electrical grid upgrades that enhance reliability and capacity. Understanding how these facilities impact local economic opportunities will help rural communities make informed decisions about their economies and local development.

Join us to hear opening remarks from State Senator Gene Yaw and State Representative Eddie Day Pashinski, who serve as the chairman and vice chairman of the Center for Rural Pennsylvania, respectively.

Sessions and speakers:

The Economic Significance of Data Center Development
• Zachary Adams, Center for Rural Pennsylvania (Moderator)
• Tom Beresnyak, Penn State Extension
• Buddy Rizer, Department of Economic Development, Loudoun County
• Teri Viswanath, CoBank

Understanding the Economic Impacts of Data Centers
• Michael Hicks, Ball State University
• Zheng Tian, Northeast Regional Center for Rural Development, Pennsylvania State University

Leveraging Community Agreements and Public Finance for Shared Prosperity
• Rebecca Darling, CoreWeave
• Philip Jones, Federal Reserve Bank of Philadelphia (Moderator)
• Daniel J. Metzger, Cities Climate Law Initiative, Sabin Center for Climate Change Law
• Brett Theodos, Center for Local Finance and Growth, Urban Institute

Building a Skilled Workforce for Local Job Creation
• Stephen Alessi, Northeast Regional Center for Rural Development, Pennsylvania State University (Moderator)
• Rob Bair, Pennsylvania State Building & Construction Trades Council
• Katy Bowman, Google
• TJ Ciccone, Oracle
• Phillip Koblence, Nomad Futurist Foundation

Mitigating Housing and Energy Infrastructure Vulnerabilities
• Laura Dimino, Center for Rural Pennsylvania (Moderator)
• Michael Parker, Fair Shake Environmental Legal Services
• Hannah Wiseman, College of Earth and Mineral Sciences, Pennsylvania State University
• Peter Zhang, Carnegie Mellon University

Strategic Land-Use and Zoning Planning for Data Centers and Supporting Assets
• Philip Jones, Federal Reserve Bank of Philadelphia (Moderator)
• Daniel J. Metzger, Cities Climate Law Initiative, Sabin Center for Climate Change Law
• Christian Smith, U.S. Environmental Protection Agency
• Andy Yencha, Penn State Extension

Creating a Competitive Advantage — How Rural Regions Can Lead the Next Wave of Digital Infrastructure
• Zachary Adams, Center for Rural Pennsylvania (Moderator)
• Brent Orrell, American Enterprise Institute

Register here to join us on June 23.
https://bit.ly/42MaYiD

⚽ GAME ON: Teaching Economics Through the World Cup

Allocation decisions aren’t just constrained to boardrooms—they play out on the world's biggest stage, too! This economic education lesson plan from the Philadelphia Fed helps students answer the following questions:

🎯 How do incentives affect allocation decisions in the FIFA World Cup?

📊 Why do the highest-ranked teams rarely meet in the group rounds of the tournament?

⚖️ How competitively balanced is the World Cup?

Perfect for making economics relatable and engaging!

📎 Lesson plan: https://bit.ly/4o7VNK8

What truly drives a home’s selling price? A new uncovers the forces — like neighborhood amenities and school quality — that shape housing markets nationwide, and explains how these "felt but unseen" factors are incorporated into the price.

Felt but Unseen: The Lesser-Known Forces Influencing Home Prices Research in Focus — Two economists deconstruct the basic framework of home prices. Their nationwide analysis yields surprising insights into the elements that make up a home's selling price.

Join us virtually on July 13 for the Workshop on Innovations in Credit Scoring, featuring an exceptional lineup of industry and academic leaders.

Keynote: Catherine Tucker, Sloan Distinguished Professor of Management, MIT Sloan

Featured experts:

• Galina Andreeva, University of Edinburgh
• Can Arkali, FICO
• Kiran Aware, LendingClub
• Rikard Bandebo, VantageScore
• Cristián Bravo, Western University
• Ethan Dornhelm, FICO
• Julia Fonseca, University of Illinois at Urbana-Champaign
• Christophe Hurlin, University of Orleans
• Dmytro Kolechko, Wing Bank
• Stefan Lessmann, Humboldt University of Berlin
• Benjamin Lieberman, VantageScore
• Scott Nelson, University of Chicago Booth School of Business

A regulatory roundtable will follow the workshop, offering a dedicated forum for members of regulatory agencies to discuss emerging supervisory risks and challenges.

View the agenda and register today. https://bit.ly/4onzXTm

What a Night! 🎉

Thank you to everyone who joined us Wednesday evening to celebrate the opening of Money in Motion.

We were honored to welcome former Bank presidents Pat Harker, Tony Santomero, and Ed Boehne joined by Philadelphia Fed President and CEO Anna Paulson, along with our Board members, community partners, family, and friends who helped make this milestone moment so special.

Your support has brought this exhibit to life, and we can't wait to share Money in Motion with visitors for years to come.

The event also marked the inauguration of the Patrick T. Harker Classroom, a dedicated learning space for students and educators.

The exhibit is now open to the public. Check our website for more information about visiting. https://bit.ly/3So0OT2

Philadelphia Fed President and CEO Anna Paulson spent two days in southern New Jersey listening to workers, business owners, bankers, and logistics leaders. From AI training programs to port operations, the conversations revealed the economic realities behind the data — insights essential to informed monetary policy.

On the Ground in South Jersey: Understanding the Economy in Real Time Philadelphia Fed President and CEO Anna Paulson spent two days in southern New Jersey listening to workers, business owners, bankers, and logistics leaders. From AI training programs to port operations, the conversations revealed the economic realities behind the data — insights essential to infor...