In April 2024, the Federal Reserve conducted the Community Perspectives Survey, which focuses on economic conditions in low- to moderate-income (LMI) communities and the health of organizations serving them. Overall, the survey found poor conditions for economic mobility in LMI communities. Access to housing and increasing cost of goods and services were among the top challenges. Respondents did note that continued availability of jobs was contributing positively to economic mobility.

During this Connecting Communities webinar, Federal Reserve Staff and leaders from national community development organizations discussed the findings and how their organizations continue to provide vital services to LMI communities and play a part in promoting economic resilience and mobility.

August 8, 2023. Conversations with the community make a difference. Community development practitioners and policymakers recognize the value of conducting research with communities as partners through community-engaged research. This approach invites stakeholders into the research process by centering their perspectives and elevating their expertise. These discussions help create better services, understand policy barriers, and learn what works best.

During this Connecting Communities discussion, hear examples of how community-engaged methods can highlight the experience of workers and jobseekers. Researchers shared what they learned from these conversations and how institutions, organizations, or communities can leverage the same principles.

The Survey of Household Economics and Decisionmaking is the main survey from the Federal Reserve Board of Governors for tracking the financial circumstances of low- and moderate-income families and potential risks to their financial health. This year’s survey continues to track key topics related to financial outcomes, such as the effects of inflation on household finances, emergency savings, housing, returns to education, and retirement. New topics have been added, such as food sufficiency, caregiving, employment of those with a previous arrest or conviction, and homeowners insurance.

In this Connecting Communities episode, researchers from the Federal Reserve Board of Governors shared findings from the survey on trends in financial well-being. Based on the survey results, they answered attendees' questions about the financial conditions among low- and moderate-income populations.

Bank branches in the US have been closing steadily for over a decade, but that trend accelerated during the pandemic. Online and digital banking may be out of reach for those without digital devices, broadband, and digital literacy skills. A lack of access to physical banking services can create banking deserts, or geographical areas where there is a significant lack of access to traditional bank branches. Lack of access to physical branches may create challenges for lower-income, rural, older, and disabled customers, and can restrict opportunities to improve their financial health and build wealth.

In this Connecting Communities webinar, experts shared research on bank branch closures and the value of in-person banking. They also discussed the Fed’s Banking Deserts Dashboard, which analyzes where the deserts are (and could potentially be) located. A panel of experts also shared potential solutions for grappling with these issues.

During the COVID-19 pandemic, in 2021 the U.S. Department of Treasury deployed $46 billion to support housing stability. Without existing local and state infrastructure to quickly deploy these federal rental assistance dollars, community-based organizations (CBOs) across the country played a key role in helping ensure the funding reached households that needed it most.

On February 15, 2024, we hosted a Connecting Communities event featuring experts who will share groundbreaking tactics used by three CBOs across the country. Discover essential principles for effectively distributing aid to marginalized communities and learn strategies to enhance the capabilities of CBOs for future challenges.

This podcast explores the challenges of labor market disparities and economic inequality. Dr. Niki vonLockette shares insights into systemic discrimination and policies for equal employment opportunities.

Benefits cliffs create economic challenges for workers and employers alike. A benefits cliff may occur when an increase in income—from working more hours, getting a raise, or taking a new position—pushes a worker above the income eligibility limit for one or more public assistance programs, and the loss of assistance is greater than the value of the increase. This forces people to choose between their family’s immediate financial best interest and their own longer-term wage growth and career advancement. These cliffs can also stymie employers seeking to hire workers and develop their skills through internal career pathway opportunities.

On October 12, 2023, we hosted a Connecting Communities webinar with experts exploring this economic challenge from the perspective of employers, the Federal Reserve, and community leaders who help families navigate public assistance programs and plan for career advancement opportunities. In this session, we learned about tools developed by the Atlanta Fed that can identify and inform mitigation strategies. We also heard about innovation pilots including Florida, North Carolina, Tennessee, and Washington D.C. that may inform the future efforts of state and community leaders working to develop solutions to the benefits cliff.

As we know, the labor market and disparities within it have notably changed since 2018. That's the last time the Federal Reserve System hosted a conference around uneven outcomes in the labor market. As we gear up for our next convening on this topic in February 2024, we're taking the opportunity to chat with speakers who joined us at the 2018 event. We're asking them What insights can you share as we take stock of the past five years of change in the labor market?

And what lessons learned should be consider as we look ahead to the future?