U.S. household stock market participation has risen dramatically over the past 4 decades. In today's post, the author explores how stock market fluctuations pass through to household spending may have changed, with potential implications for how the broader economy behaves.
Serving the Second District and the Nation. Tweets from President John Williams are signed -JCW.
- BUSINESS LEADERS SURVEY â Business activity held steady in the New York-Northern New Jersey regionâs service sector in August. Employment increased modestly, though firmsâ optimism about the six-month outlook waned significantly. nyfed.org/2IMaBLq
- EMPIRE STATE MANUFACTURING SURVEY â New York State manufacturing activity increased at its fastest pace in over four years in August. Employment continued to pick up modestly. However, delivery times were substantially longer and supply availability continued to worsen.
- The Future of Market Liquidity and Functioning Workshop in July focused on forthcoming changes in securities clearing, potential innovations in payments processing, and how both could impact monetary policy implementation and market functioning.
- Today's article, the second in a two-part series, highlights ideas from a recent roundtable with Second District policymakers, bankers, and developers on factors limiting affordable housing. One focus: how creative financing could spur affordable developments.

