The Catch.A permanent record of checked claims
RECORDSAVED COPY

Saved copy of

Flash Report: Unemployment Rises Slightly, Job Growth Slows in September

Federal Reserve Bank of St. Louis · 2026-10-02

Back to source details

Jump to the cited passage



<!DOCTYPE html>
<!--[if lt IE 7]>      <html class="no-js lt-ie9 lt-ie8 lt-ie7"> <![endif]-->
<!--[if IE 7]>         <html class="no-js lt-ie9 lt-ie8"> <![endif]-->
<!--[if IE 8]>         <html class="no-js lt-ie9"> <![endif]-->
<!--[if gt IE 8]><!-->
<html class="no-js" lang="en">
<!--<![endif]-->
<head>
<link href="/-/media/feature/experience-accelerator/bootstrap-4/bootstrap-4/styles/bootstrap-grid.css" rel="stylesheet"><link href="/-/media/base-themes/core-libraries/styles/mediaelementplayer.css" rel="stylesheet"><link href="/-/media/base-themes/core-libraries/styles/mediaelementplayer-legacy.css" rel="stylesheet"><link href="/-/media/base-themes/core-libraries/styles/font-awesomemin.css" rel="stylesheet"><link href="/-/media/base-themes/core-libraries/styles/fullcalendar.css" rel="stylesheet"><link href="/-/media/base-themes/core-libraries/styles/jquerymcustomscrollbar.css" rel="stylesheet"><link href="/-/media/base-themes/core-libraries/styles/jquery-ui.css" rel="stylesheet"><link href="/-/media/base-themes/main-theme/styles/author.css" rel="stylesheet"><link href="/-/media/base-themes/main-theme/styles/core.css" rel="stylesheet"><link href="/-/media/base-themes/main-theme/styles/file-type-icons.css" rel="stylesheet"><link href="/-/media/base-themes/main-theme/styles/grayscale-mode.css" rel="stylesheet"><link href="/-/media/base-themes/main-theme/styles/reset.css" rel="stylesheet"><link href="/-/media/themes/basic2/styles/pre-optimized-min.css?t=20191114T231909Z" rel="stylesheet"><link href="/-/media/themes/frbstl/stlouisfed/stlouisfed/styles/highcharts.css" rel="stylesheet"><link href="/-/media/themes/frbstl/stlouisfed/stlouisfed/styles/stlouisfed_flash.css" rel="stylesheet">

    
    



















    <script type="application/ld+json">
                    {
                    "@context": "http://schema.org",
                    "@type": "BlogPosting",
                    "name": "Flash Report: Unemployment Rises Slightly, Job Growth Slows in September",
                    "@id": "https://www.stlouisfed.org/on-the-economy/2026/oct/flash-report-unemployment-rises-slightly-job-growth-slows-september",
                    
                    
                    "author": [ { "name": "Federal Reserve Bank of St. Louis", "@type": "Organization" } ],
                    "datePublished": "10/2/2026 2:30 PM",
                    "dateModified": "10/2/2026 2:50 PM",
                    "headline": "Flash Report: Unemployment Rises Slightly, Job Growth Slows in September",
                    "image": {
    "@type": "imageObject",
    "url": "https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/blog/2025/ote/mar/bloganchor-flashreport-030725.png",
    "width": "600",
    "height": "400"
    },

                    "publisher": {
                    "@type": "GovernmentOrganization",
                    "name": "Federal Reserve Bank of St. Louis",
                    "url": "https://www.stlouisfed.org",
                    "logo": {
                    "@type": "imageObject",
                    "url": "https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/Images/Logos/stlfed_logo.png",
                    "width": "1080",
                    "height": "1080"
                    }
                    },
"description": "Changes in people moving into and out of unemployment and the labor force combined to push up the September jobless rate to 4.2%."
                    }
    </script>

    <link rel="canonical" href="https://www.stlouisfed.org/on-the-economy/2026/oct/flash-report-unemployment-rises-slightly-job-growth-slows-september" />





    <title>Flash Report: U.S. Unemployment Flows in September</title>


    <meta name="viewport" content="width=device-width, initial-scale=1" />




<meta property="og:description"  content="Changes in people moving into and out of unemployment and the labor force combined to push up the September jobless rate to 4.2%."><meta property="og:type"  content="article"><meta property="og:image"  content="https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/blog/2025/ote/mar/bloganchor-flashreport-030725.png?sc_lang=en"><meta property="og:title"  content="Flash Report: Unemployment Rises Slightly, Job Growth Slows in September"><meta property="og:url"  content="https://www.stlouisfed.org/on-the-economy/2026/oct/flash-report-unemployment-rises-slightly-job-growth-slows-september">



<meta  name="description" content="Changes in people moving into and out of unemployment and the labor force combined to push up the September jobless rate to 4.2%.">



<meta property="twitter:image"  content="https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/blog/2025/ote/mar/bloganchor-flashreport-030725.png?sc_lang=en"><meta property="twitter:description"  content="Changes in people moving into and out of unemployment and the labor force combined to push up the September jobless rate to 4.2%."><meta property="twitter:title"  content="Flash Report: Unemployment Rises Slightly, Job Growth Slows in September"><meta property="twitter:card"  content="summary_large_image">

<!-- GTM files -->
<link rel="dns-prefetch" href="https://www.googletagmanager.com/" >
<!-- <link href="https://www.googletagmanager.com/gtag" rel="preload" as="script"> -->

<!-- Google Fonts preloads for latin font only  -->
<link rel="preload" href="https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3KUBGEe.woff2" crossorigin as="font" type="font/woff2">
<link rel="preload" href="https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3yUBA.woff2" crossorigin as="font" type="font/woff2">
<link rel="preload" href="https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLAQM9UvI.woff2" crossorigin as="font" type="font/woff2">
<link rel="preload" href="https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLDwM9.woff2" crossorigin as="font" type="font/woff2">
<link rel="preload" href="https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19y7DRs5.woff2" crossorigin as="font" type="font/woff2">
<link rel="preload" href="https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19K7DQ.woff2" crossorigin as="font" type="font/woff2">

<!-- adobe fonts preload (what is adobe fonts used for???) -->
<link rel="preload" href="https://use.typekit.net/plr0der.js" as="script">

<script type="text/javascript" src="//script.crazyegg.com/pages/scripts/0067/6278.js" async="async" ></script>

<meta http-equiv="Content-Type" content="text/html;charset=utf-8" />

<link href="https://www.stlouisfed.org/-/media/project/frbstl/stlouisfed/images/logos/favicon_white32x32.ico" rel="icon" />

<!-- Google Tag Manager -->
<script>(function(w,d,s,l,i){w[l]=w[l]||[];w[l].push({'gtm.start':
new Date().getTime(),event:'gtm.js'});var f=d.getElementsByTagName(s)[0],
j=d.createElement(s),dl=l!='dataLayer'?'&l='+l:'';j.async=true;j.src=
'https://www.googletagmanager.com/gtm.js?id='+i+dl;f.parentNode.insertBefore(j,f);
})(window,document,'script','dataLayer','GTM-M3GP7HP');</script>
<!-- End Google Tag Manager -->


<script>	

function validDates() {
    return (jQuery('#id-from-date.err-msg').text().length == 0 && jQuery('#id-to-date.err-msg').text().length == 0) 
}

function toggleMobileFilter() {
    //if the window is open, check the dates before closing
    if (jQuery('#frbstl-facets-container').hasClass('active')) {
        //check to see if a date picker is on this form
        if (jQuery('.datepicker-input').length) {
            if (jQuery('#id-from-date.err-msg').text().length == 0 && jQuery('#id-to-date.err-msg').text().length == 0) {
                processDatePick();
                if (validDates()) {
                    jQuery("#frbstl-facets-container").toggleClass("active");
                }
            }
        } else {
            jQuery("#frbstl-facets-container").toggleClass("active");
        }
        jQuery("body").css("overflow", "auto");

    }  else {
        jQuery("#frbstl-facets-container").toggleClass("active");
        jQuery("body").css("overflow", "hidden");
    }


}

function clearMobileFiltersCloseWindow() {
//    var facetSummary =  jQuery('.frbstl-facet-summary');
//    facetSummary.find('.clear-all-active-facets').trigger('click');
//    facetSummary.find('.clear-all-active-facets')[0].click();

jQuery('.bottom-remove-filter > button').trigger('click');
toggleMobileFilter();

}


</script>


<!-- global font, do not remove -->
<style>
/* cyrillic-ext */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkC3kaWzU.woff2) format('woff2');
  unicode-range: U+0460-052F, U+1C80-1C8A, U+20B4, U+2DE0-2DFF, U+A640-A69F, U+FE2E-FE2F;
}
/* cyrillic */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkAnkaWzU.woff2) format('woff2');
  unicode-range: U+0301, U+0400-045F, U+0490-0491, U+04B0-04B1, U+2116;
}
/* greek-ext */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkCnkaWzU.woff2) format('woff2');
  unicode-range: U+1F00-1FFF;
}
/* greek */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkBXkaWzU.woff2) format('woff2');
  unicode-range: U+0370-0377, U+037A-037F, U+0384-038A, U+038C, U+038E-03A1, U+03A3-03FF;
}
/* math */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkenkaWzU.woff2) format('woff2');
  unicode-range: U+0302-0303, U+0305, U+0307-0308, U+0310, U+0312, U+0315, U+031A, U+0326-0327, U+032C, U+032F-0330, U+0332-0333, U+0338, U+033A, U+0346, U+034D, U+0391-03A1, U+03A3-03A9, U+03B1-03C9, U+03D1, U+03D5-03D6, U+03F0-03F1, U+03F4-03F5, U+2016-2017, U+2034-2038, U+203C, U+2040, U+2043, U+2047, U+2050, U+2057, U+205F, U+2070-2071, U+2074-208E, U+2090-209C, U+20D0-20DC, U+20E1, U+20E5-20EF, U+2100-2112, U+2114-2115, U+2117-2121, U+2123-214F, U+2190, U+2192, U+2194-21AE, U+21B0-21E5, U+21F1-21F2, U+21F4-2211, U+2213-2214, U+2216-22FF, U+2308-230B, U+2310, U+2319, U+231C-2321, U+2336-237A, U+237C, U+2395, U+239B-23B7, U+23D0, U+23DC-23E1, U+2474-2475, U+25AF, U+25B3, U+25B7, U+25BD, U+25C1, U+25CA, U+25CC, U+25FB, U+266D-266F, U+27C0-27FF, U+2900-2AFF, U+2B0E-2B11, U+2B30-2B4C, U+2BFE, U+3030, U+FF5B, U+FF5D, U+1D400-1D7FF, U+1EE00-1EEFF;
}
/* symbols */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkaHkaWzU.woff2) format('woff2');
  unicode-range: U+0001-000C, U+000E-001F, U+007F-009F, U+20DD-20E0, U+20E2-20E4, U+2150-218F, U+2190, U+2192, U+2194-2199, U+21AF, U+21E6-21F0, U+21F3, U+2218-2219, U+2299, U+22C4-22C6, U+2300-243F, U+2440-244A, U+2460-24FF, U+25A0-27BF, U+2800-28FF, U+2921-2922, U+2981, U+29BF, U+29EB, U+2B00-2BFF, U+4DC0-4DFF, U+FFF9-FFFB, U+10140-1018E, U+10190-1019C, U+101A0, U+101D0-101FD, U+102E0-102FB, U+10E60-10E7E, U+1D2C0-1D2D3, U+1D2E0-1D37F, U+1F000-1F0FF, U+1F100-1F1AD, U+1F1E6-1F1FF, U+1F30D-1F30F, U+1F315, U+1F31C, U+1F31E, U+1F320-1F32C, U+1F336, U+1F378, U+1F37D, U+1F382, U+1F393-1F39F, U+1F3A7-1F3A8, U+1F3AC-1F3AF, U+1F3C2, U+1F3C4-1F3C6, U+1F3CA-1F3CE, U+1F3D4-1F3E0, U+1F3ED, U+1F3F1-1F3F3, U+1F3F5-1F3F7, U+1F408, U+1F415, U+1F41F, U+1F426, U+1F43F, U+1F441-1F442, U+1F444, U+1F446-1F449, U+1F44C-1F44E, U+1F453, U+1F46A, U+1F47D, U+1F4A3, U+1F4B0, U+1F4B3, U+1F4B9, U+1F4BB, U+1F4BF, U+1F4C8-1F4CB, U+1F4D6, U+1F4DA, U+1F4DF, U+1F4E3-1F4E6, U+1F4EA-1F4ED, U+1F4F7, U+1F4F9-1F4FB, U+1F4FD-1F4FE, U+1F503, U+1F507-1F50B, U+1F50D, U+1F512-1F513, U+1F53E-1F54A, U+1F54F-1F5FA, U+1F610, U+1F650-1F67F, U+1F687, U+1F68D, U+1F691, U+1F694, U+1F698, U+1F6AD, U+1F6B2, U+1F6B9-1F6BA, U+1F6BC, U+1F6C6-1F6CF, U+1F6D3-1F6D7, U+1F6E0-1F6EA, U+1F6F0-1F6F3, U+1F6F7-1F6FC, U+1F700-1F7FF, U+1F800-1F80B, U+1F810-1F847, U+1F850-1F859, U+1F860-1F887, U+1F890-1F8AD, U+1F8B0-1F8BB, U+1F8C0-1F8C1, U+1F900-1F90B, U+1F93B, U+1F946, U+1F984, U+1F996, U+1F9E9, U+1FA00-1FA6F, U+1FA70-1FA7C, U+1FA80-1FA89, U+1FA8F-1FAC6, U+1FACE-1FADC, U+1FADF-1FAE9, U+1FAF0-1FAF8, U+1FB00-1FBFF;
}
/* vietnamese */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkCXkaWzU.woff2) format('woff2');
  unicode-range: U+0102-0103, U+0110-0111, U+0128-0129, U+0168-0169, U+01A0-01A1, U+01AF-01B0, U+0300-0301, U+0303-0304, U+0308-0309, U+0323, U+0329, U+1EA0-1EF9, U+20AB;
}
/* latin-ext */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkCHkaWzU.woff2) format('woff2');
  unicode-range: U+0100-02BA, U+02BD-02C5, U+02C7-02CC, U+02CE-02D7, U+02DD-02FF, U+0304, U+0308, U+0329, U+1D00-1DBF, U+1E00-1E9F, U+1EF2-1EFF, U+2020, U+20A0-20AB, U+20AD-20C0, U+2113, U+2C60-2C7F, U+A720-A7FF;
}
/* latin */
@font-face {
  font-family: 'Roboto';
  font-style: italic;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO5CnqEu92Fr1Mu53ZEC9_Vu3r1gIhOszmkBnka.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
/* cyrillic-ext */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3GUBGEe.woff2) format('woff2');
  unicode-range: U+0460-052F, U+1C80-1C8A, U+20B4, U+2DE0-2DFF, U+A640-A69F, U+FE2E-FE2F;
}
/* cyrillic */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3iUBGEe.woff2) format('woff2');
  unicode-range: U+0301, U+0400-045F, U+0490-0491, U+04B0-04B1, U+2116;
}
/* greek-ext */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3CUBGEe.woff2) format('woff2');
  unicode-range: U+1F00-1FFF;
}
/* greek */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3-UBGEe.woff2) format('woff2');
  unicode-range: U+0370-0377, U+037A-037F, U+0384-038A, U+038C, U+038E-03A1, U+03A3-03FF;
}
/* math */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMawCUBGEe.woff2) format('woff2');
  unicode-range: U+0302-0303, U+0305, U+0307-0308, U+0310, U+0312, U+0315, U+031A, U+0326-0327, U+032C, U+032F-0330, U+0332-0333, U+0338, U+033A, U+0346, U+034D, U+0391-03A1, U+03A3-03A9, U+03B1-03C9, U+03D1, U+03D5-03D6, U+03F0-03F1, U+03F4-03F5, U+2016-2017, U+2034-2038, U+203C, U+2040, U+2043, U+2047, U+2050, U+2057, U+205F, U+2070-2071, U+2074-208E, U+2090-209C, U+20D0-20DC, U+20E1, U+20E5-20EF, U+2100-2112, U+2114-2115, U+2117-2121, U+2123-214F, U+2190, U+2192, U+2194-21AE, U+21B0-21E5, U+21F1-21F2, U+21F4-2211, U+2213-2214, U+2216-22FF, U+2308-230B, U+2310, U+2319, U+231C-2321, U+2336-237A, U+237C, U+2395, U+239B-23B7, U+23D0, U+23DC-23E1, U+2474-2475, U+25AF, U+25B3, U+25B7, U+25BD, U+25C1, U+25CA, U+25CC, U+25FB, U+266D-266F, U+27C0-27FF, U+2900-2AFF, U+2B0E-2B11, U+2B30-2B4C, U+2BFE, U+3030, U+FF5B, U+FF5D, U+1D400-1D7FF, U+1EE00-1EEFF;
}
/* symbols */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMaxKUBGEe.woff2) format('woff2');
  unicode-range: U+0001-000C, U+000E-001F, U+007F-009F, U+20DD-20E0, U+20E2-20E4, U+2150-218F, U+2190, U+2192, U+2194-2199, U+21AF, U+21E6-21F0, U+21F3, U+2218-2219, U+2299, U+22C4-22C6, U+2300-243F, U+2440-244A, U+2460-24FF, U+25A0-27BF, U+2800-28FF, U+2921-2922, U+2981, U+29BF, U+29EB, U+2B00-2BFF, U+4DC0-4DFF, U+FFF9-FFFB, U+10140-1018E, U+10190-1019C, U+101A0, U+101D0-101FD, U+102E0-102FB, U+10E60-10E7E, U+1D2C0-1D2D3, U+1D2E0-1D37F, U+1F000-1F0FF, U+1F100-1F1AD, U+1F1E6-1F1FF, U+1F30D-1F30F, U+1F315, U+1F31C, U+1F31E, U+1F320-1F32C, U+1F336, U+1F378, U+1F37D, U+1F382, U+1F393-1F39F, U+1F3A7-1F3A8, U+1F3AC-1F3AF, U+1F3C2, U+1F3C4-1F3C6, U+1F3CA-1F3CE, U+1F3D4-1F3E0, U+1F3ED, U+1F3F1-1F3F3, U+1F3F5-1F3F7, U+1F408, U+1F415, U+1F41F, U+1F426, U+1F43F, U+1F441-1F442, U+1F444, U+1F446-1F449, U+1F44C-1F44E, U+1F453, U+1F46A, U+1F47D, U+1F4A3, U+1F4B0, U+1F4B3, U+1F4B9, U+1F4BB, U+1F4BF, U+1F4C8-1F4CB, U+1F4D6, U+1F4DA, U+1F4DF, U+1F4E3-1F4E6, U+1F4EA-1F4ED, U+1F4F7, U+1F4F9-1F4FB, U+1F4FD-1F4FE, U+1F503, U+1F507-1F50B, U+1F50D, U+1F512-1F513, U+1F53E-1F54A, U+1F54F-1F5FA, U+1F610, U+1F650-1F67F, U+1F687, U+1F68D, U+1F691, U+1F694, U+1F698, U+1F6AD, U+1F6B2, U+1F6B9-1F6BA, U+1F6BC, U+1F6C6-1F6CF, U+1F6D3-1F6D7, U+1F6E0-1F6EA, U+1F6F0-1F6F3, U+1F6F7-1F6FC, U+1F700-1F7FF, U+1F800-1F80B, U+1F810-1F847, U+1F850-1F859, U+1F860-1F887, U+1F890-1F8AD, U+1F8B0-1F8BB, U+1F8C0-1F8C1, U+1F900-1F90B, U+1F93B, U+1F946, U+1F984, U+1F996, U+1F9E9, U+1FA00-1FA6F, U+1FA70-1FA7C, U+1FA80-1FA89, U+1FA8F-1FAC6, U+1FACE-1FADC, U+1FADF-1FAE9, U+1FAF0-1FAF8, U+1FB00-1FBFF;
}
/* vietnamese */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3OUBGEe.woff2) format('woff2');
  unicode-range: U+0102-0103, U+0110-0111, U+0128-0129, U+0168-0169, U+01A0-01A1, U+01AF-01B0, U+0300-0301, U+0303-0304, U+0308-0309, U+0323, U+0329, U+1EA0-1EF9, U+20AB;
}
/* latin-ext */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3KUBGEe.woff2) format('woff2');
  unicode-range: U+0100-02BA, U+02BD-02C5, U+02C7-02CC, U+02CE-02D7, U+02DD-02FF, U+0304, U+0308, U+0329, U+1D00-1DBF, U+1E00-1E9F, U+1EF2-1EFF, U+2020, U+20A0-20AB, U+20AD-20C0, U+2113, U+2C60-2C7F, U+A720-A7FF;
}
/* latin */
@font-face {
  font-family: 'Roboto';
  font-style: normal;
  font-weight: 100 900;
  font-stretch: 100%;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/roboto/v47/KFO7CnqEu92Fr1ME7kSn66aGLdTylUAMa3yUBA.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
/* cyrillic-ext */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLAgM9UvI.woff2) format('woff2');
  unicode-range: U+0460-052F, U+1C80-1C8A, U+20B4, U+2DE0-2DFF, U+A640-A69F, U+FE2E-FE2F;
}
/* cyrillic */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLCwM9UvI.woff2) format('woff2');
  unicode-range: U+0301, U+0400-045F, U+0490-0491, U+04B0-04B1, U+2116;
}
/* greek-ext */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLAwM9UvI.woff2) format('woff2');
  unicode-range: U+1F00-1FFF;
}
/* greek */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLDAM9UvI.woff2) format('woff2');
  unicode-range: U+0370-0377, U+037A-037F, U+0384-038A, U+038C, U+038E-03A1, U+03A3-03FF;
}
/* vietnamese */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLAAM9UvI.woff2) format('woff2');
  unicode-range: U+0102-0103, U+0110-0111, U+0128-0129, U+0168-0169, U+01A0-01A1, U+01AF-01B0, U+0300-0301, U+0303-0304, U+0308-0309, U+0323, U+0329, U+1EA0-1EF9, U+20AB;
}
/* latin-ext */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLAQM9UvI.woff2) format('woff2');
  unicode-range: U+0100-02BA, U+02BD-02C5, U+02C7-02CC, U+02CE-02D7, U+02DD-02FF, U+0304, U+0308, U+0329, U+1D00-1DBF, U+1E00-1E9F, U+1EF2-1EFF, U+2020, U+20A0-20AB, U+20AD-20C0, U+2113, U+2C60-2C7F, U+A720-A7FF;
}
/* latin */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: italic;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVj2ZhZI2eCN5jzbjEETS9weq8-19eLDwM9.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}
/* cyrillic-ext */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19-7DRs5.woff2) format('woff2');
  unicode-range: U+0460-052F, U+1C80-1C8A, U+20B4, U+2DE0-2DFF, U+A640-A69F, U+FE2E-FE2F;
}
/* cyrillic */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19a7DRs5.woff2) format('woff2');
  unicode-range: U+0301, U+0400-045F, U+0490-0491, U+04B0-04B1, U+2116;
}
/* greek-ext */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-1967DRs5.woff2) format('woff2');
  unicode-range: U+1F00-1FFF;
}
/* greek */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19G7DRs5.woff2) format('woff2');
  unicode-range: U+0370-0377, U+037A-037F, U+0384-038A, U+038C, U+038E-03A1, U+03A3-03FF;
}
/* vietnamese */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-1927DRs5.woff2) format('woff2');
  unicode-range: U+0102-0103, U+0110-0111, U+0128-0129, U+0168-0169, U+01A0-01A1, U+01AF-01B0, U+0300-0301, U+0303-0304, U+0308-0309, U+0323, U+0329, U+1EA0-1EF9, U+20AB;
}
/* latin-ext */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19y7DRs5.woff2) format('woff2');
  unicode-range: U+0100-02BA, U+02BD-02C5, U+02C7-02CC, U+02CE-02D7, U+02DD-02FF, U+0304, U+0308, U+0329, U+1D00-1DBF, U+1E00-1E9F, U+1EF2-1EFF, U+2020, U+20A0-20AB, U+20AD-20C0, U+2113, U+2C60-2C7F, U+A720-A7FF;
}
/* latin */
@font-face {
  font-family: 'Roboto Condensed';
  font-style: normal;
  font-weight: 100 900;
  font-display: swap;
  src: url(https://fonts.gstatic.com/s/robotocondensed/v27/ieVl2ZhZI2eCN5jzbjEETS9weq8-19K7DQ.woff2) format('woff2');
  unicode-range: U+0000-00FF, U+0131, U+0152-0153, U+02BB-02BC, U+02C6, U+02DA, U+02DC, U+0304, U+0308, U+0329, U+2000-206F, U+20AC, U+2122, U+2191, U+2193, U+2212, U+2215, U+FEFF, U+FFFD;
}

</style>

<script async src="//use.typekit.net/plr0der.js"></script>
<script>try{Typekit.load({ async: true });}catch(e){}</script>

<meta name="msvalidate.01" content="932134229D83C67B6A6710BB79367456" />

<script>

function sizeFooter() {
    if (jQuery("#footer").offset() != undefined) {
        if (jQuery("#footer").height() + jQuery("#footer").offset().top < jQuery(window).height())
        {
            var footerHeight = jQuery(window).height() - jQuery("#footer").offset().top;
            jQuery('#footer').css({"height": footerHeight });
        }
        else {
            jQuery('#footer').css({"height": "100%"});
        }
    } else {
        jQuery('#footer').css({"height": "100%"});
    }
}

//jQuery(window).load(function() {
//    sizeFooter();
//});

window.load = function() {
    sizeFooter();
}

//jQuery(window).on("load", function() {
//    sizeFooter();
//});

//jQuery(window).resize(function() {
//    sizeFooter();
//});

//jQuery(window).on("resize", function() {
//    sizeFooter();
//});

window.resize= function() {
    sizeFooter();
}
</script>

<script>	
function handleEnter(e) {   
    if (e !== undefined)
    {
        var keycode = (e.keyCode ? e.keyCode : e.which);
        if (keycode == '13')
        {
            document.activeElement.click();
        }
    }
}

</script>

<script  src="https://code.jquery.com/jquery-3.7.1.min.js"
  integrity="sha256-/JqT3SQfawRcv/BIHPThkBvs0OEvtFFmqPF/lYI/Cxo="
  crossorigin="anonymous"></script>

<script type="text/javascript">

if (typeof jQuery == 'undefined') {

        document.write('<script type="text/javascript" src="/-/media/Project/FRBSTL/stlouisfed/Scripts/jQuery-371min.js">\x3C/script>'); 

       // console.log("CDN backup");

} else {

        //console.log("CDN");

}
</script> 



<style>
.modal-viewer {
    position: fixed;
    z-index: 1000;
    width: 100%;
    height: 100%;
    overflow: auto;
    background-color: rgba(0, 0, 0, .85);
    left: 0;
    top: 0;
}
</style>
<div class="gallery-light-box modal-viewer display-none">
    <div class="close-light-box">
        <button class="float-right"></button>
    </div>
    <div class="light-box-image-container">
        <img class="light-box-image"></>
        <div>
            <p class="image-caption color-white text-default">
        </div>
    </div>
</div>


<script>

    jQuery(document).ready(function() {
        if (jQuery('.modal').length > 0) {
            jQuery('.modal').each(function(index, value) {
				document.getElementsByClassName('modal')[index].addEventListener('click', function(e) {
					var imageUrl = document.getElementsByClassName('modal')[index].children[0].currentSrc;
					jQuery('.light-box-image').attr('src',imageUrl); 
					jQuery('.gallery-light-box').toggleClass('display-none');
					e.stopPropagation();
				});
			});
        };
    });
    jQuery('.close-light-box').click (function (e) {
        jQuery('.gallery-light-box').toggleClass('display-none');
        e.stopPropagation();
    });



</script>



<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/highstock.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/highcharts-more.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/highcharts-3d.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/data.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/exporting.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/funnel.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/annotations.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/accessibility.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/solid-gauge.js"></script>
<script src="-/media/Project/FRBSTL/stlouisfed/Scripts/HighCharts11-4-8/maps.js"></script>

</head>
<body class="stlouis-fed detailpage default-device bodyclass">
    



<!-- Google Tag Manager (noscript) -->
<noscript><iframe src=https://www.googletagmanager.com/ns.html?id=GTM-M3GP7HP
height="0" width="0" style="display:none;visibility:hidden"></iframe></noscript>
<!-- End Google Tag Manager (noscript) -->
    
<!-- #wrapper -->
<div id="wrapper">
    <!-- #header -->
    <header>
        <div id="header" class="">
            



<div class="component content">
    <div class="component-content">
<style>
a.skip-main {
  left: -999px;
  position: absolute;
  top: auto;
  width: 1px;
  height: 1px;
  overflow: hidden;
  z-index: -999;
}
a.skip-main:focusss {
  left: auto;
  top: auto;
  width: 10%;
  height: auto;
  overflow: auto;
  margin: 10px 35%;
  padding: 5px;
  font-size: 20px;
  outline: 3px solid #e7bb2e;
  text-align: center;
  z-index: 999;
}
a.skip-main:focus {
position: static;
  left: 0;
  top: auto;
  width: 10%;
  height: auto;
  overflow: auto;
  margin: 10px ;
  padding: 5px;
  font-size: 20px;
  outline: 3px solid #e7bb2e;
  text-align: center;
  z-index: 999;
}

.skip-to-main {
  position: absolute;
  top: auto;
  width: 1px;
  height: 1px;
  overflow: hidden;
  z-index: -999;
    transition-property: top, background;
    transition-duration: 0.2s, 1s;
    transition-timing-function: ease-out, linear;
    transition-delay: 0s, 0s;
}

.skip-to-mainx:focus {
    height: 97px;
    background-color: #002856;
    position: fixed;
    top: 0;
    left: 0;
    width: 100%;
    z-index: 100;

}

.skip-to-main-button {
    width: 300px;
    margin-top: 25px;
    margin-left: auto;
    margin-right: auto;
}

.hide-skip-to-main {
    left: -999px;
}
.show-skip-to-main {
    height: 97px;
    background-color: #002856;
    position: fixed;
    top: 0;
    left: 0;
    width: 100%;
    z-index: 100;
}

</style>

<div id="skip-to-main" class="skip-to-main hide-skip-to-main large xlarge"  tabindex="0">
    <div class=" border-small skip-to-main-button padding-top-small padding-bottom-small text-align-center" >
        <a class="skip-main-link text-lg color-white" href="#frbstl-content">Skip to Main</a>
    </div>
</div>

<script>
//    jQuery('.skip-main-link').click(function () {
//        jQuery('.skip-to-main').removeClass('show-skip-to-main');
//        jQuery('.skip-to-main').addClass('hide-skip-to-main');
//});


const element = document.querySelector('.skip-main-link'); 
if (element) { 
  element.addEventListener('click', function() {
       element.classList.remove('show-skip-to-main');
        element.classList.add('hide-skip-to-main');
  });
}

</script>    </div>
</div>


<div class="component content padding-none">
    <div class="component-content">
<style>
.speech-recognition {
    font-size: 0;
    position: absolute;
}
.search-closed-button {
    height: 30px;
}
.button-width {
    width: 40px;
}
.stlouis-fed .content-switch {
    color: #002241;
    &:hover, &:focus-visible {
        color: #0080ff;
    }
}

@media screen and (min-width: 768px) and (max-width: 992px) {
    html .stlouis-fed .context-switch-col {
        flex-basis: 5%;
    }
}

</style>

<div id="header-menu-z" class="site-header content-width-row">
    <div class="row header-row xlarge-flex large-flex medium-flex desktop-header">
        <div class="col-lg-6x logo-col">
            <a href="/" class="outline-fix">
                  <img class="desktop-header-image" src="/-/media/project/frbstl/stlouisfed/images/sitewide/frb-stl-web-blue-gold.svg?sc_lang=en"   alt="Federal Reserve Bank of St. Louis">
            </a>
        </div>
        <div class="col-lg-x5 header-links-colxx search-col">
               

<div class="component search-box col-12" id="a" data-properties='{"endpoint":"//sxa/search/results/","suggestionEndpoint":"//sxa/search/suggestions/","suggestionsMode":"","resultPage":"/search","targetSignature":"siteResults","v":"{E22FB38C-3672-49E1-B145-563EEAEC4951}","s":"{A10D94E2-3F41-4100-A3BA-24E58460A483}","p":0,"l":"","languageSource":"AllLanguages","searchResultsSignature":"","itemid":"{BF4334D3-173D-4ECB-B235-4FF1DF04CD58}","minSuggestionsTriggerCharacterCount":2}'>
    <div class="component-content">
        
                <input type="text" class="search-box-input" autocomplete="off" name="textBoxSearch" maxlength="100" placeholder="Search the site" />
                    <button class="search-box-button-with-redirect" type="submit">
                         Search
                    </button>
    </div>
</div>

        </div>
        <div class="context-switch-col">
             <div id="content-switch" class="content-switch float-right" style="background-image: none;width:auto;height:25px;" tabindex="0">
                 <svg xmlns="http://www.w3.org/2000/svg" width="25" height="28" viewBox="0 0 25 28">
                     <g id="Group_2078" data-name="Group 2078" transform="translate(-1167 -39)">
                     <rect id="Rectangle_633" data-name="Rectangle 633" width="5" height="5" transform="translate(1167 39)" fill="currentColor"/>
                     <rect id="Rectangle_634" data-name="Rectangle 634" width="5" height="5" transform="translate(1177 39)" fill="currentColor"/>
                     <rect id="Rectangle_635" data-name="Rectangle 635" width="5" height="5" transform="translate(1187 39)" fill="currentColor"/>
                     <rect id="Rectangle_636" data-name="Rectangle 636" width="5" height="5" transform="translate(1167 49)" fill="currentColor"/>
                     <rect id="Rectangle_637" data-name="Rectangle 637" width="5" height="5" transform="translate(1177 49)" fill="currentColor"/>
                     <rect id="Rectangle_638" data-name="Rectangle 638" width="5" height="5" transform="translate(1187 49)" fill="currentColor"/>
                     <rect id="Rectangle_639" data-name="Rectangle 639" width="5" height="5" transform="translate(1167 59)" fill="currentColor"/>
                     <rect id="Rectangle_640" data-name="Rectangle 640" width="5" height="5" transform="translate(1177 59)" fill="currentColor"/>
                     <rect id="Rectangle_641" data-name="Rectangle 641" width="5" height="5" transform="translate(1187 59)" fill="currentColor"/>
                 </g>
               </svg>
           </div>
               
<div class="component plain-html">
    <div class="component-content">
<div class="context-switch-triangle-up display-none"></div>


<style>
    .no-wrap {
        flex-wrap: nowrap;
    }
</style>
  <!-- Modal content -->
    <div id="modal-content-box-shadow" class="modal-content box-shadow">
        <h3 class="margin-bottom-medium hr">Explore Our Apps</h3>
        <div class="button-row row">
             <div id="" class="col-12 context-button">
                <a class="a-link-no-underline" href="https://fred.stlouisfed.org" >
                    <div class="row no-wrap">
                         <div class="col-2 image-col padding-left-none">
                             <img class="content-switch-button" src="/stlouisfed/-/media/Project/FRBSTL/stlouisfed/Images/HomePage/fredicon.svg"  alt="">
                         </div>
                         <div class="col-10">
                             <p class="button-label">FRED</p>
                             <p class="button-description">Tools and resources to find and use economic data worldwide.</p>
                        </div>
                    </div>
               </a>
            </div>
        </div>
    <div class="button-row">
             <div id="" class="col-12 context-button">
                <a  class="a-link-no-underline" href="https://fraser.stlouisfed.org">
                    <div class="row no-wrap">
                         <div class="col-2 image-col padding-left-none">
                             <img class="content-switch-button" src="/stlouisfed/-/media/Project/FRBSTL/stlouisfed/Images/HomePage/frasericon.svg"  alt="">
                         </div>
                         <div class="col-10">
                             <p class="button-label">FRASER</p>
                             <p class="button-description">U.S. Financial, economic, and banking history.</p>
                        </div>
                    </div>
                </a>
            </div>
        </div>
        <div class="button-row row">
             <div id="" class="col-12 context-button">
                <a  class="a-link-no-underline" href="https://alfred.stlouisfed.org">
                    <div class="row no-wrap">
                         <div class="col-2 image-col padding-left-none">
                             <img class="content-switch-button" src="/stlouisfed/-/media/Project/FRBSTL/stlouisfed/Images/HomePage/alfredicon.svg"  alt="">
                         </div>
                         <div class="col-10">
                             <p class="button-label">ALFRED</p>
                             <p class="button-description">Vintages of economic data from specific dates in history.</p>
                        </div>
                    </div>
                </a>
            </div>
    </div>

        <div class="button-row row">
             <div id="" class="col-12 context-button">
                <a  class="a-link-no-underline" href="https://cassidi.stlouisfed.org">
                    <div class="row no-wrap">
                         <div class="col-2 image-col padding-left-none">
                             <img class="content-switch-button" src="/stlouisfed/-/media/Project/FRBSTL/stlouisfed/Images/HomePage/CASSIDIicon.svg"  alt="">
                         </div>
                         <div class="col-10">
                             <p class="button-label">CASSIDI</p>
                             <p class="button-description">View banking market concentrations and perform HHI analysis.</p>
                        </div>
                    </div>
                </a>
            </div>
    </div>
  </div>



<script>
var modal = document.getElementById("modal-content-box-shadow");

// Get the button that opens the modal
var btn = document.getElementById("content-switch");

// Get the <span> element that closes the modal
//var span = document.getElementsByClassName("close")[0];

function openModal() {
    modal.style.display = "block";
    var topPos =  jQuery("#content-switch").position().top + jQuery('#content-switch').height() + 16;
   var leftPos = jQuery("#content-switch").position().left - jQuery(".modal-content").width() + 40;
    jQuery(".modal-content").css("left", leftPos + "px");
    jQuery(".modal-content").css("top", topPos + "px");

    var leftPos = jQuery("#content-switch").position().left + jQuery("#content-switch").width() / 2 -14;
    var topPos =  jQuery("#content-switch").position().top + jQuery('#content-switch').height() + 3;
    jQuery(".context-switch-triangle-up").css("left", leftPos + "px");
    jQuery(".context-switch-triangle-up").css("top", topPos + "px");
    jQuery('.context-switch-triangle-up').removeClass('display-none');
};

function closeModal() {
    modal.style.display = "none";
    jQuery('.context-switch-triangle-up').addClass('display-none');
}

// When the user clicks the button, open the modal 
btn.onclick = function() {
    if (modal.style.display == "block") {
        closeModal();
    } else {
        openModal();
    }

}

// When the user clicks on <span> (x), close the modal
//span.onclick = function() {
//  modal.style.display = "none";
//}

// When the user clicks anywhere outside of the modal, close it
window.onclick = function(event) {
  if (event.target == modal) {
    modal.style.display = "none";
    jQuery('.context-switch-triangle-up').addClass('display-none');
  }
}

// When the user resizes the window, close the modal
window.onresize= function(event) {
    modal.style.display = "none";
    jQuery('.context-switch-triangle-up').addClass('display-none');
    }


//jQuery(document).mouseup(function(e) {
//    if (jQuery(window).width() > DEVICE_MEDIUM) {
//        if (isClickOutsideMenu(jQuery('#modal-content-box-shadow')[0], e.clientX, e.clientY)) {
//            closeModal();
//        }
//    }
//});
document.addEventListener('mouseup', function(e) {
    if (window.innerWidth > 768) {
        if (isClickOutsideMenu(document.getElementById('modal-content-box-shadow'), e.clientX, e.clientY)) {
            closeModal();
        }
    }
});
//jQuery(document).ready(function () {
//     document.getElementById("content-switch").addEventListener("keypress", function(event) {
//      // If the user presses the "Enter" key on the keyboard
//      if (event.key === "Enter") {
//        // Cancel the default action, if needed
//        event.preventDefault();
//        // Trigger the button element with a click
 //       document.getElementById("content-switch").click();
 //     }
 //   });
//});

document.addEventListener('DOMContentLoaded', function () {
     document.getElementById("content-switch").addEventListener("keypress", function(event) {
      // If the user presses the "Enter" key on the keyboard
      if (event.key === "Enter") {
        // Cancel the default action, if needed
        event.preventDefault();
        // Trigger the button element with a click
        document.getElementById("content-switch").click();
      }
    });
});
</script>    </div>
</div>
        </div>
    </div>


    <div class="row header-row mobile-flex small-flex mobile-header padding-top-smal">
        <div class="col-8 col-sm-9 mobile-header-col">
            <a href="/" class="outline-fix">
                    <img class="mobile-header-image padding-mall" src="/-/media/project/frbstl/stlouisfed/images/common/mobilelogo2.svg" alt="Federal Reserve Bank of St. Louis mobile eagle logo">
            </a>
        </div>
        <div class="col-4 col-sm-3 padding-right-none ">
            <div class="mobile-search-hamburger-buttons">
                <div>
                    <button class="search-closed search-closed-button mobile-search-button-col">
                        <span class="speech-recognition">Search</span>
                    </button>
                </div>
                <div class=" float-left ">
                    <button class="hamburger-button">
                        <span class="speech-recognition">Toggle navigation</span>
                    </button>
                </div>
            </div>
        </div>
    </div>
</div>

<script>
    document.addEventListener('DOMContentLoaded', function() {
        if (window.innerWidth < 768) 
        {
            var navRowBottom = 50;
            if (jQuery('.mobile-sitewide-search.hide-mobile-sitewide-search')[0].length == 0) 
            {
                navRowBottom = 105;
            }
        }
        else
        {
            var navRowBottom = 128;

        }
        jQuery('#header').css({"height": navRowBottom + "px"});
    });

    window.addEventListener('resize', function() {
        var resizeRowBottom;
        if (window.innerWidth < 768) 
        {
            resizeRowBottom= 50;
            if (jQuery('.mobile-sitewide-search.hide-mobile-sitewide-search').length == 0) 
            {
                resizeRowBottom= 105;
            }
        }
        else
        {
            resizeRowBottom= 128;
        }
        jQuery('#header').css({"height": resizeRowBottom+ "px"});

    });

</script>    </div>
</div>

<div class="component frbstl-navigation col-12">
    <div class="component-content">

<style>

        .triangle-down {
            flex-basis: 100%;
            width: 50px;
            height: 30px;
            aspect-ratio: 1;
            clip-path: polygon(25% 0, 50% 75%, 75% 0%);
            position: absolute;
            top: calc(50% );
            /*left: calc(100%);*/
            background-color: white;
            z-index: 1;
        }
        .triangle-upp {
            flex-basis: 100%;
            width: 30px;
            height: 30px;
            aspect-ratio: 1;
            clip-path: polygon(25% 100%, 50% 75%, 75% 100%);
            position: absolute;
            top: calc(50% );
            /*left: calc(100%);*/
            background-color: white;
            z-index: 1;
        }
        .triangle-up::after {
            flex-basis: 100%;
            width: 45px;
            height: 25px;
            aspect-ratio: 1;
            clip-path: polygon(25% 100%, 50% 75%, 75% 100%);
            position: absolute;
            top: calc(50% );
            /*left: calc(100%);*/
            background-color: white;
            z-index: 1;
        }
.nav-row, .main-nav {
    background-color: white !important;
}



.mega-menu {
//    float: right !important;
}

.sub-menu-item-header {
    margin-bottom: 10px !important;
}

.header-sub-item-no-header, .header-sub-item {
    margin-bottom: 5px !important;
}

.header-sub-item > a{
    display: inline-block;
    line-height: 20px;
}

.header-sub-item .link-with-description a{
    display: inline-block;
    line-height: 20px;
}

.header-sub-item-no-header a {
    margin-left: 0 !important;
    line-height: 20px;
}
.header-sub-item-no-header .link-with-description a {
    margin-left: 0 !important;
    line-height: 20px;
}
.promo-descr {
    text-transform: none;
    color: black;
    font-size: 14px !important;
    line-height: 16px !important;
    padding-top: 10px;
}

.utility-image-col {
    margin-left: 15px;
    padding-top: 5px;
    max-width: 25%;
}
.utility-descr-col {
    max-width: 75%;
    margin-left: 15px;
}
@media screen and (min-width: 768px) {
   html body .main-nav .mega-menu .show-menu .header-no-mobile-underline  {
        border-bottom: 1px solid #c6deeb !important;
   }   
}

</style>
<div class="row nav-row medium-flex large-flex xlarge-flex">
    <nav class="main-nav">
        <ul class="mega-menu" role="menubar">
            
            
                

                

                
                    <li class="menu-item  menu-item-1 " data-id='1' tabindex="0" role="presentation">
                        <div class="row main-menu-row">
                            <div class="col-11 col-lg-12 col-xl-12">
                                <p class="menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">About</p>
                            </div>
                            <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                <div class="menu-image menu-image-1 collapsed-menu-image" data-id="1"></div>
                            </div>
                        </div>
                       
                        <div class="menu-content-width sub-menu sub-menu-1 hide-menu" aria-expanded="false">
                             <a class="clickable-link" tabindex="-1" href="/about-us" target="_self" role="menuitem">
                                <p tabindex="0" class="clickable-link-descr sub-menu-descr mobile small medium large xlarge text-xxxl  ">About the St. Louis Fed</p>
                            </a>
                            <div class="row margin-top-xlarge justify-content-end">
                            
                            
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/about-us/contact-us" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Contact Us</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/careers" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Careers</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="https://museum.stlouisfed.org/" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Economy Museum</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/news-releases" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">News Releases</a>
                                                 </li>
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 1-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Our Organization</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="1-1-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-1-item line-height-2" role="presentation">
                                                             <a   href="/about-us/mission-and-core-values" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Vision, Mission & Values</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-1-item line-height-2" role="presentation">
                                                             <a   href="/about-us/history" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Our History</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-1-item line-height-2" role="presentation">
                                                             <a   href="/annual-report" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Annual Reports</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class=" responsive-menu-header-margin sub-menu-item-header 2-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">The Federal Reserve System</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="1-2-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-2-item line-height-2" role="presentation">
                                                             <a   href="/in-plain-english" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Tutorial: The Fed Explained</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-2-item line-height-2" role="presentation">
                                                             <a   href="/open-vault/2022/nov/fomc-voting-rotation-explained" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">FOMC Voting Rotation</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-2-item line-height-2" role="presentation">
                                                             <a   href="/about-us/faqs" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Fed FAQs</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 3-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Our Branch Offices</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="1-3-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-3-item line-height-2" role="presentation">
                                                             <a   href="/little-rock" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Little Rock Branch</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-3-item line-height-2" role="presentation">
                                                             <a   href="/louisville" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Louisville Branch</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-3-item line-height-2" role="presentation">
                                                             <a   href="/memphis" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Memphis Branch</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class=" responsive-menu-header-margin sub-menu-item-header 4-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Our Leadership</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="1-4-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-4-item line-height-2" role="presentation">
                                                             <a   href="/about-us/leadership-governance/board-of-directors" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Board of Directors</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 1-4-item line-height-2" role="presentation">
                                                             <a   href="/about-us/leadership-governance/bank-officers" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Executive Leadership</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             

                                             

                                             
                                                 

                                                  <li tabindex="-1" role="none">
                                                      <div class="promo-item-pic" tabindex="0">
                                                  <a tabindex="-1"  class="promo-item" href="/from-the-president" target="_self">
                                                          <img class="flex-image-3-2" src="/-/media/project/frbstl/stlouisfed/images/splash-pages/president-musalem-page/musalem-plaza.jpg?sc_lang=en" alt="Alberto Musalem standing in the plaza.">
                                                   
                                                          <p class="promo-descr " style="color:#06c;">About President & CEO Alberto Musalem</p></a>
                                                      </div>
                                                   </li>
                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                            </div>
                        </div>
                    </li>
                
            
                

                

                
                    <li class="menu-item  menu-item-2 " data-id='2' tabindex="0" role="presentation">
                        <div class="row main-menu-row">
                            <div class="col-11 col-lg-12 col-xl-12">
                                <p class="menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">Publications</p>
                            </div>
                            <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                <div class="menu-image menu-image-2 collapsed-menu-image" data-id="2"></div>
                            </div>
                        </div>
                       
                        <div class="menu-content-width sub-menu sub-menu-2 hide-menu" aria-expanded="false">
                             <a class="clickable-link" tabindex="-1" href="/publications" target="_self" role="menuitem">
                                <p tabindex="0" class="clickable-link-descr sub-menu-descr mobile small medium large xlarge text-xxxl  ">Publications & Podcasts</p>
                            </a>
                            <div class="row margin-top-xlarge justify-content-end">
                            
                            
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             

                                             
                                                 
                                                 
                                                 <li class="header-sub-item-no-header line-height-2 0-item SearchIconBefore " role="presentation">
                                                     <div class="link-with-description">
                                                         <a  href="/publications" target="_self" class="clickable-link mega-menu-link text-default"  role="menuitem">Search All Publications</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  "></p>
                                                     </div>
                                                 </li>
                                             

                                             
                                           

                                             

                                             
                                             

                                             
                                                 
                                                 
                                                 <li class="header-sub-item-no-header line-height-2 0-item  " role="presentation">
                                                     <div class="link-with-description">
                                                         <a  href="/publications/at-a-glance" target="_self" class="clickable-link mega-menu-link text-default"  role="menuitem">List: Publications at a Glance</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  "></p>
                                                     </div>
                                                 </li>
                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class=" responsive-menu-header-margin sub-menu-item-header 1-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Educational Explainers</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="2-1-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/open-vault" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Open Vault Blog</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Everyday econ and the Fed explained</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications/page-one-economics" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Page One Economics</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Personal finance and econ basics from education experts</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 2-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Economic Analysis</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="2-2-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/on-the-economy" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">On the Economy Blog</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Insights from our economists and other experts</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://fredblog.stlouisfed.org/" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">FRED Blog</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Data storytelling using interactive charts</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications/review" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Review</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Scholarly research on monetary policy, macroeconomics, and more</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/community-development/publications/access-credit-financial-services-bridge-financial-well-being" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Access to Credit and Financial Services</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus"></p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 3-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Podcasts</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="2-3-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-3-item line-height-2" role="presentation">
                                                             <a   href="/education/teach-economics-podcast-series" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Teach Economics</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-3-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/timely-topics" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Timely Topics</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Hear fresh perspectives in research</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class=" responsive-menu-header-margin sub-menu-item-header 4-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Popular Topics</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="2-4-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-4-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications#srpubs_topics=Inflation" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Inflation</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus"></p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-4-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications#srpubs_topics=Trade" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Trade</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus"></p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 2-4-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications#srpubs_topics=Labor-Markets-and-Unemployment" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Labor Markets & Unemployment</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus"></p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             

                                             

                                             
                                                 

                                                  <li tabindex="-1" role="none">
                                                      <div class="promo-item-pic" tabindex="0">
                                                  <a tabindex="-1"  class="promo-item" href="/subscribe-in-focus-news-and-notes" target="_self">
                                                          <img class="flex-image-3-2" src="/-/media/project/frbstl/stlouisfed/images/publications/in-focus-news-and-notes.png?sc_lang=en" alt="In Focus: News and Notes from the St. Louis Fed.">
                                                   
                                                          <p class="promo-descr " style="color:#06c;">Subscribe to our In Focus newsletter</p></a>
                                                      </div>
                                                   </li>
                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                            </div>
                        </div>
                    </li>
                
            
                

                

                
                    <li class="menu-item  menu-item-3 " data-id='3' tabindex="0" role="presentation">
                        <div class="row main-menu-row">
                            <div class="col-11 col-lg-12 col-xl-12">
                                <p class="menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">Research</p>
                            </div>
                            <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                <div class="menu-image menu-image-3 collapsed-menu-image" data-id="3"></div>
                            </div>
                        </div>
                       
                        <div class="menu-content-width sub-menu sub-menu-3 hide-menu" aria-expanded="false">
                             <a class="clickable-link" tabindex="-1" href="/research" target="_self" role="menuitem">
                                <p tabindex="0" class="clickable-link-descr sub-menu-descr mobile small medium large xlarge text-xxxl  ">Economic Research</p>
                            </a>
                            <div class="row margin-top-xlarge justify-content-end">
                            
                            
                            
                                
                                     
                                    <div class="col-12 
  col-md-4

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="https://fred.stlouisfed.org/" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">FRED Economic Data</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/research/economists" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Our Economists</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/research/research-associates" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Our Research Associates</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/careers/yourcareer/opportunities/economic-research" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Careers in Research</a>
                                                 </li>
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
  col-md-4

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 1-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">View Our Research</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="3-1-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/on-the-economy" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">On the Economy Blog</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Insights from our economists</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://fredblog.stlouisfed.org/" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">FRED Blog</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Data storytelling using interactive charts</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications/review" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Review</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Scholarly research on monetary policy, macroeconomics, and more</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://fedinprint.org/search?sort=sort_date_text+desc&start=0&facets%5B%5D=provider_literal_array%3AFederal+Reserve+Bank+of+St.+Louis&facets%5B%5D=contenttype_literal_array%3AWorking+Paper" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Working Papers</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Preliminary, cutting-edge research</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://fedinprint.org/" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Fed in Print</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Research from all Federal Reserve Banks</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
  col-md-4

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 2-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Local Economy</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="3-2-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-2-item line-height-2" role="presentation">
                                                             <a   href="/research/regional-economy" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Population, Employment & Housing Data</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-2-item line-height-2" role="presentation">
                                                             <a   href="/research/economic-conditions-survey-results" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Economic Conditions Survey</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications/beige-book" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Eighth District Beige Book</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Local industry trends and economic conditions</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class=" responsive-menu-header-margin sub-menu-item-header 3-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Fed & U.S. Economic History</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="3-3-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-3-item line-height-2" role="presentation">
                                                             <a   href="https://www.federalreservehistory.org/" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Federal Reserve History</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 3-3-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://fraser.stlouisfed.org/" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">FRASER Digital Library</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">U.S. financial, economic, and banking documents</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                            </div>
                        </div>
                    </li>
                
            
                

                

                
                    <li class="menu-item  menu-item-4 " data-id='4' tabindex="0" role="presentation">
                        <div class="row main-menu-row">
                            <div class="col-11 col-lg-12 col-xl-12">
                                <p class="menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">Communities</p>
                            </div>
                            <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                <div class="menu-image menu-image-4 collapsed-menu-image" data-id="4"></div>
                            </div>
                        </div>
                       
                        <div class="menu-content-width sub-menu sub-menu-4 hide-menu" aria-expanded="false">
                             <a class="clickable-link" tabindex="-1" href="/community-development" target="_self" role="menuitem">
                                <p tabindex="0" class="clickable-link-descr sub-menu-descr mobile small medium large xlarge text-xxxl  ">Working with Communities</p>
                            </a>
                            <div class="row margin-top-xlarge justify-content-end">
                            
                            
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/speakers-bureau" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Request a Speaker</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/events" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Attend an Event</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 1-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Community Development</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="4-1-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-1-item line-height-2" role="presentation">
                                                             <a   href="/subscribe/bridges" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Subscribe to Our Bridges Newsletter</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-1-item line-height-2" role="presentation">
                                                             <a   href="/community-development/about-us" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">About Community Development</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-1-item line-height-2" role="presentation">
                                                             <a   href="/community-development/publications" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Publications</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-1-item line-height-2" role="presentation">
                                                             <a   href="/community-development/staff-directory" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Community Development Staff</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 2-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Featured Resources</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="4-2-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-2-item line-height-2" role="presentation">
                                                             <a   href="/community-development/publications/disconnected-young-adults-look-eighth-district" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Disconnected Young Adults</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-2-item line-height-2" role="presentation">
                                                             <a   href="/community-development/bank-on-national-data-hub" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Bank On National Data Hub</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-2-item line-height-2" role="presentation">
                                                             <a   href="/community-development/publications/invest-in-rural" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Investing in Rural Prosperity</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-2-item line-height-2" role="presentation">
                                                             <a   href="https://fedcommunities.org/" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">FedCommunities.org</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 3-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Regional Engagement</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="4-3-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-3-item line-height-2" role="presentation">
                                                             <a   href="/from-the-president/community-engagement" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">St. Louis Fed President's Outreach</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-3-item line-height-2" role="presentation">
                                                             <a   href="/about-us/advisory-councils" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Advisory Councils</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-3-item line-height-2" role="presentation">
                                                             <a   href="/about-us/representing-engaging-communities" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">How We Connect with Communities</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 4-3-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/dialogue-with-the-fed" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Dialogue with the Fed</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Popular lecture series with Q&A, designed for the public</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             

                                             

                                             
                                                 

                                                  <li tabindex="-1" role="none">
                                                      <div class="promo-item-pic" tabindex="0">
                                                  <a tabindex="-1"  class="promo-item" href="/about-us/your-fed-your-voice" target="_self">
                                                          <img class="flex-image-3-2" src="/-/media/project/frbstl/stlouisfed/images/about-us/your-fed-your-voice/your-fed-your-voice-600x400.jpg" alt="Two people smile at each other; the text &#39;Your Fed, Your Voice&#39; appears in a blue banner underneath them. A logo with the text &#39;stlouisfed.org&#39; is in the top right corner.">
                                                   
                                                          <p class="promo-descr " style="color:#06c;">Watch the Your Fed, Your Voice video series</p></a>
                                                      </div>
                                                   </li>
                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                            </div>
                        </div>
                    </li>
                
            
                

                

                
                    <li class="menu-item  menu-item-5 " data-id='5' tabindex="0" role="presentation">
                        <div class="row main-menu-row">
                            <div class="col-11 col-lg-12 col-xl-12">
                                <p class="menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">Education</p>
                            </div>
                            <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                <div class="menu-image menu-image-5 collapsed-menu-image" data-id="5"></div>
                            </div>
                        </div>
                       
                        <div class="menu-content-width sub-menu sub-menu-5 hide-menu" aria-expanded="false">
                             <a class="clickable-link" tabindex="-1" href="/education" target="_self" role="menuitem">
                                <p tabindex="0" class="clickable-link-descr sub-menu-descr mobile small medium large xlarge text-xxxl  ">Economic Education</p>
                            </a>
                            <div class="row margin-top-xlarge justify-content-end">
                            
                            
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             

                                             
                                                 
                                                 
                                                 <li class="header-sub-item-no-header line-height-2 0-item  " role="presentation">
                                                     <div class="link-with-description">
                                                         <a  href="/education/about" target="_self" class="clickable-link mega-menu-link text-default"  role="menuitem">About Our Education Team</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  ">Meet our team of education specialists</p>
                                                     </div>
                                                 </li>
                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/education/educator-advisory-board" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Educator Advisory Boards</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             
                                                 

                                                 
                                                 <li class="header-sub-item-no-header line-height-2  " role="presentation">
                                                     <a  href="/careers/yourcareer/opportunities/student-board-of-directors" target="_self" class="clickable-link mega-menu-link  text-default"  role="menuitem">Student Board of Directors</a>
                                                 </li>
                                             

                                             

                                             
                                           

                                             

                                             
                                             

                                             
                                                 
                                                 
                                                 <li class="header-sub-item-no-header line-height-2 0-item  " role="presentation">
                                                     <div class="link-with-description">
                                                         <a  href="/education/native-economic-and-financial-education-empowerment" target="_self" class="clickable-link mega-menu-link text-default"  role="menuitem">Native Economic and Financial Education Empowerment (NEFEE)</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  "></p>
                                                     </div>
                                                 </li>
                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 1-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Education for Everyone</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="5-1-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 5-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/publications/page-one-economics" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Page One Economics&reg;</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Economics and personal finance explained by educational experts</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 5-1-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="/in-plain-english" target="_self" class="clickable-link mega-menu-link text-default" role="menuitem">Tutorial: The Fed Explained</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">How the Federal Reserve supports a strong and resilient economy</p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 2-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">FederalReserveEducation.org</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="5-2-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 5-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://www.federalreserveeducation.org/teaching-resources" target="_blank" class="clickable-link mega-menu-link text-default" role="menuitem">Teaching Resources</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">For economics and personal finance K-12</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 5-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://www.federalreserveeducation.org/events" target="_blank" class="clickable-link mega-menu-link text-default" role="menuitem">Economic Education Events</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus">Professional development and other happenings for teachers</p>
                                                             </div>
                                                         </li>
                                                     

                                                 

                                                     

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 5-2-item line-height-2" role="presentation">
                                                             <div class="link-with-description">
                                                                 <a  href="https://www.federalreserveeducation.org/glossary" target="_blank" class="clickable-link mega-menu-link text-default" role="menuitem">Glossary</a>
                                                                 <p class="clickable-link-descr color-text-default margin-left-right-xlarge text-default  margin-top-small-minus"></p>
                                                             </div>
                                                         </li>
                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
    col-md-4 col-lg-3

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             

                                             
                                             

                                             

                                             
                                                 

                                                  <li tabindex="-1" role="none">
                                                      <div class="promo-item-pic" tabindex="0">
                                                  <a tabindex="-1"  class="promo-item" href="https://www.federalreserveeducation.org/" target="_blank">
                                                          <img class="flex-image-3-2" src="/-/media/project/frbstl/stlouisfed/images/education/navigation/fre-promo-megamenu-350x250.jpg?sc_lang=en" alt="">
                                                   
                                                          <p class="promo-descr " style="color:#06c;">Explore FRE.org: Resources for teachers</p></a>
                                                      </div>
                                                   </li>
                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                            </div>
                        </div>
                    </li>
                
            
                

                

                
                    <li class="menu-item header-no-mobile-underline last menu-item-6 " data-id='6' tabindex="0" role="presentation">
                        <div class="row main-menu-row">
                            <div class="col-11 col-lg-12 col-xl-12">
                                <p class="menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">Banking</p>
                            </div>
                            <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                <div class="menu-image menu-image-6 collapsed-menu-image" data-id="6"></div>
                            </div>
                        </div>
                       
                        <div class="menu-content-width sub-menu sub-menu-6 hide-menu" aria-expanded="false">
                             <a class="clickable-link" tabindex="-1" href="/bank-supervision" target="_self" role="menuitem">
                                <p tabindex="0" class="clickable-link-descr sub-menu-descr mobile small medium large xlarge text-xxxl  header-no-mobile-underline last">Supervising Financial Institutions</p>
                            </a>
                            <div class="row margin-top-xlarge justify-content-end">
                            
                            
                            
                                
                                     
                                    <div class="col-12 
  col-md-4

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 1-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Consumer Resources</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="6-1-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-1-item line-height-2" role="presentation">
                                                             <a   href="https://www.federalreserveconsumerhelp.gov/" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Federal Reserve Consumer Help</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-1-item line-height-2" role="presentation">
                                                             <a   href="https://www.federalreserveconsumerhelp.gov/file-a-complaint/" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">File a Complaint</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 2-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Banker Resources</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="6-2-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-2-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/supervision-and-regulation/appeals-process" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Appeals Process</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-2-item line-height-2" role="presentation">
                                                             <a   href="https://askthefed.org/" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">Ask the Fed®</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-2-item line-height-2" role="presentation">
                                                             <a   href="https://www.kansascityfed.org/Banking/documents/209/BasicsForBankDirectors_KCFed.pdf" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">Board of Director Training (PDF)</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-2-item line-height-2" role="presentation">
                                                             <a   href="https://www.communitybankingconnections.org/" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">Community Banking Connections</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-2-item line-height-2" role="presentation">
                                                             <a   href="https://www.communitybanking.org/" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">Community Bank Research Conference</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-2-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/discount-window" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Discount Window</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
  col-md-4

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 3-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Supervising Financial Institutions</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="6-3-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-3-item line-height-2" role="presentation">
                                                             <a   href="/about-us/contact-us#bank-supervision" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Contacts</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-3-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/supervision-and-regulation/consumer-affairs-cra-supervision" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Consumer Affairs & CRA Supervision</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-3-item line-height-2" role="presentation">
                                                             <a   href="/-/media/project/frbstl/stlouisfed/files/pdfs/banking/district-highlights/8dstatememberbankrpt.pdf" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">Current State Member Banks (PDF)</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-3-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/supervision-and-regulation/federal-reserve-bank-holding-companies" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Holding Company Supervision</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-3-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/supervision-and-regulation/safety-soundness-supervision" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Safety and Soundness</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-3-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/supervision-and-regulation" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Supervision & Regulation</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 4-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Payment & Financial Services</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="6-4-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-4-item line-height-2" role="presentation">
                                                             <a   href="https://www.dallasfed.org/banking/fednow" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">FedNow</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-4-item line-height-2" role="presentation">
                                                             <a   href="https://frbservices.org/" target="_blank"  class="clickable-link mega-menu-link text-default" role="menuitem">Financial Services</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                                
                                     
                                    <div class="col-12 
  col-md-4

">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         

                                             
                                                 
                                                 
                                                 <li class="  sub-menu-item-header 5-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Reserves & Reporting</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="6-5-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-5-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/account-coordination" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Master Account Coordination</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-5-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/financial-regulatory-reporting" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Financial and Regulatory Reporting</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-5-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/reserve-administration" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Reserves Administration</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-5-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/structure-information" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Structure Reporting</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           

                                             
                                                 
                                                 
                                                 <li class=" responsive-menu-header-margin sub-menu-item-header 6-header" role="presentation">
                                                     <div class="row sub-menu-row" tabindex="0">
                                                         <div class="col-11 sub-menu-item-label">
                                                             <span class="header-text color-navy text-bold text-default">Applications</span>
                                                         </div>
                                                         <div class="col-1 sub-menu-image">
                                                             <div class="header-image mobile small collapsed" data-id="6-6-item">
                                                             </div>
                                                         </div>
                                                     </div>
                                                 </li>
                                                 
                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-6-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/applications-and-notices/federal-reserve-membership/membership-app" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Become a Member Bank</a>
                                                         </li>
                                                     

                                                     

                                                 

                                                     
                                                         
                                                         
                                                         <li class="header-sub-item 6-6-item line-height-2" role="presentation">
                                                             <a   href="/bank-supervision/applications-and-notices" target="_self"  class="clickable-link mega-menu-link text-default" role="menuitem">Application Filings and Notices</a>
                                                         </li>
                                                     

                                                     

                                                 
                                             

                                             
                                             

                                             

                                             
                                           
                                        </ul>
                                    </div>
                                
                            
                            </div>
                        </div>
                    </li>
                
            


		     <li class="mobile small utility-nav">
                <div class="row utility-nav-row">
                    <ul class="ul-no-list-type-mm full-width" role="menubar">
                    

                        
                            <li class="menu-item  menu-item-99 " data-id='99' tabindex="0" role="presentation">
                                <div class="row main-menu-row">
                                    <div class="col-11 col-lg-12 col-xl-12">
                                        <p class="text-transform-none menu-item-label  main-menu-title padding-bottom-large padding-top-large center-vert-horzz">Explore Our Apps</p>
                                    </div>
                                    <div class="col-1 d-md-none d-xl-none padding-top-medium padding-left-none padding-right-none">
                                        <div class="menu-image menu-image-99 collapsed-menu-image" data-id="99"></div>
                                    </div>
                                </div>
                        <div class="sub-menu sub-menu-99 hide-menu" aria-expanded="false">

                                    <div class="col-12 col-lg-4">
                                        <ul class="ul-no-list-type-mm" role="menubar">
                                         
                                            

                                            <li class="padding-top-bottom-medium " role="presentation">
                                                 <div class="link-with-description row">
                                                     <div class="utility-image-col">
                                                        <img class="content-switch-button" src="/-/media/project/frbstl/stlouisfed/images/homepage/fredicon.svg?sc_lang=en" alt="">
                                                     </div>
                                                     <div class="utility-descr-col">
                                                         <a  href="http://fred.stlouisfed.org" target="_self" class="clickable-link mega-menu-linkk margin-left-right-medium  text-default"  role="menuitem">FRED</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  text-transform-none ">Tools and resources to find and use economic data worldwide</p>
                                                     </div>
                                                 </div>
                                            </li>
                                            
                                            

                                            <li class="padding-top-bottom-medium " role="presentation">
                                                 <div class="link-with-description row">
                                                     <div class="utility-image-col">
                                                        <img class="content-switch-button" src="/-/media/project/frbstl/stlouisfed/images/homepage/frasericon.svg?sc_lang=en" alt="">
                                                     </div>
                                                     <div class="utility-descr-col">
                                                         <a  href="http://fraser.stlouisfed.org" target="_self" class="clickable-link mega-menu-linkk margin-left-right-medium  text-default"  role="menuitem">FRASER</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  text-transform-none ">U.S. Financial, economic, and banking history</p>
                                                     </div>
                                                 </div>
                                            </li>
                                            
                                            

                                            <li class="padding-top-bottom-medium " role="presentation">
                                                 <div class="link-with-description row">
                                                     <div class="utility-image-col">
                                                        <img class="content-switch-button" src="/-/media/project/frbstl/stlouisfed/images/homepage/alfredicon.svg?sc_lang=en" alt="">
                                                     </div>
                                                     <div class="utility-descr-col">
                                                         <a  href="http://alfred.stlouisfed.org" target="_self" class="clickable-link mega-menu-linkk margin-left-right-medium  text-default"  role="menuitem">ALFRED</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  text-transform-none ">Vintages of economic data from specific dates in history</p>
                                                     </div>
                                                 </div>
                                            </li>
                                            
                                            

                                            <li class="padding-top-bottom-medium " role="presentation">
                                                 <div class="link-with-description row">
                                                     <div class="utility-image-col">
                                                        <img class="content-switch-button" src="/-/media/project/frbstl/stlouisfed/images/homepage/cassidiicon.svg?sc_lang=en" alt="">
                                                     </div>
                                                     <div class="utility-descr-col">
                                                         <a  href="http://cassidi.stlouisfed.org" target="_self" class="clickable-link mega-menu-linkk margin-left-right-medium  text-default"  role="menuitem">CASSIDI</a>
                                                         <p class="clickable-link-descr color-text-default margin-left-right-medium  text-default  text-transform-none ">View banking market concentrations and perform HHI analysis</p>
                                                     </div>
                                                 </div>
                                            </li>
                                            
                                        </ul>
                                   </div>
                           </div>
                            </li>
                       
                    

                        
                    
                   </ul>
                </div>
           </li>

        </ul>
    </nav>
</div>
<div class="nav-row-bottom">
    <div class="triangle-up display-none"></div>
</div>

<script>
//    jQuery(document).ready(function() {
//        jQuery('.menu-item').keypress(function(e) {handleEnter(event);});
//        jQuery('.promo-item').keypress(function(e) {handleEnter(event);});
//        jQuery('.search-menu-item').keypress(function(e) {handleEnter(event);});
//    });
    document.addEventListener('DOMContentLoaded', function() {
        jQuery('.menu-item').keypress(function(e) {handleEnter(event);});
        jQuery('.promo-item').keypress(function(e) {handleEnter(event);});
        jQuery('.search-menu-item').keypress(function(e) {handleEnter(event);});
    });

</script>    </div>
</div>

<div class="component row-splitter">
        <div class=" hide-sitewide-search sitewide-search">
            <div >
                


<div class="component container col-12 content-width-row">
    <div class="component-content" >
    </div>
</div>
<div class="row component column-splitter">
        <div class="">
            
        </div>
        <div class="">
            
        </div>
</div>
            </div>
        </div>
        <div class=" hide-mobile-sitewide-search mobile-sitewide-search">
            <div >
                

<div class="component search-box horizontal" id="b" data-properties='{"endpoint":"//sxa/search/results/","suggestionEndpoint":"//sxa/search/suggestions/","suggestionsMode":"","resultPage":"/search","targetSignature":"siteResults","v":"{B560BD2E-3843-46DA-922C-633046F66521}","s":"{A10D94E2-3F41-4100-A3BA-24E58460A483}","p":0,"l":"","languageSource":"AllLanguages","searchResultsSignature":"","itemid":"{F978E619-D963-4C44-8C3B-57BFAAFCE2B1}","minSuggestionsTriggerCharacterCount":2}'>
    <div class="component-content">
        
                <input type="text" class="search-box-input" autocomplete="off" name="textBoxSearch" maxlength="100" placeholder="Search the site" />
                    <button class="search-box-button-with-redirect" type="submit">
                        Search
                    </button>
    </div>
</div>

            </div>
        </div>
        <div class="">
            <div >
                
            </div>
        </div>
</div>
        </div>
    </header>
    <!-- /#header -->
    <!-- #content -->
    <main>
        <div id="content" class="">
            



<div class="component row-splitter">
        <div class=" breadcrumb-container">
            <div >
                

<div class="component breadcrumb breadcrumb-navigation-title content-width-row">
    <div class="component-content">
        <nav>
            <ol>
                    <li class="breadcrumb-item home">
<div class="navigation-title field-navigationtitle"><a title="Home" href="/">Home</a></div>                            <span class="separator">&gt;</span>
                    </li>
                    <li class="breadcrumb-item last">
<div class="navigation-title field-navigationtitle"><a title="On The Economy" href="/on-the-economy">On the Economy Blog</a></div>                            <span class="separator">&gt;</span>
                    </li>
            </ol>
        </nav>
    </div>
</div>

            </div>
        </div>
        <div class=" content-width-row">
            <div >
                
<div class="row component column-splitter">
        <div class="col-12 col-sm-12 col-md-9 col-lg-9 col-xl-9 detail-page-main-content detail-content-responsive-right-padding">
            

<div class="component content">
    <div class="component-content">
<h1 id="frbstl-content">Flash Report: Unemployment Rises Slightly, Job Growth Slows in September</h1>
    </div>
</div>


<div class="component content">
    <div class="component-content">
 <div><!--removed class margin-bottom-xlarge-->
      <span class="content-font-family text-default font-weight-normal">
          October 02, 2026
     </span>        
</div>
    </div>
</div>


<div class="component content">
    <div class="component-content">


    </div>
</div>


<div class="component content">
    <div class="component-content">
<div class="rs_skip" id="share-buttons">
    <span class="shareThisPageTitle">
        SHARE THIS PAGE:
    </span>
    <span class="rs_skip shareThisPageBody">
        <p>
            <a onclick="openWindow(facebook, 'Facebook');" tabindex="0">
                <svg class="facebook" id="Group_1126" data-name="Group 1126" xmlns="http://www.w3.org/2000/svg" xmlns:xlink="http://www.w3.org/1999/xlink" width="11" height="20" viewBox="0 0 17 27">
                    <g id="Group_1125" data-name="Group 1125" transform="translate(0 0)" clip-path="url(#clip-path)">
                        <path id="Path_463" data-name="Path 463" d="M14.884,16.584l.837-5.217h-4.93V7.733c0-1.491.558-2.609,2.791-2.609H16V.373A30.377,30.377,0,0,0,11.907,0C7.628,0,4.651,2.609,4.651,7.267v4.1H0v5.217H4.651V29.72a17,17,0,0,0,6.14,0V16.584Z" transform="translate(0 0)" fill="currentColor"></path>
                    </g>
                </svg>
            </a>
        </p>
        <p>
            <a title="Share this page on X" aria-label="Share this page on X" target="_blank" onclick="openWindow(X,'X');"  tabindex="0">
                <svg xmlns="http://www.w3.org/2000/svg" width="17" height="21" viewBox="0 -3 31 31">
                    <path id="Path_464" data-name="Path 464" d="M3.6,1.953H7.666L26.379,28.147H22.313ZM26.381,0l-9.7,11.03L8.934,0H0L11.713,16.681,0,30H2.646l10.24-11.651L21.066,30H30l-12.143-17.3L29.027,0Z" fill="currentColor"></path>
                </svg>
            </a>
        </p>
        <p>
            <a title="Share this page on LinkedIn" aria-label="Share this page on LinkedIn" onclick="openWindow(linkedin,'LinkedIn');"  tabindex="0">
                <svg id="Group_250" data-name="Group 250" xmlns="http://www.w3.org/2000/svg" width="19" height="21" viewBox="0 -1 32 30">
                    <path id="Path_89" data-name="Path 89" d="M20.9,4.6h6.732V23.608H20.9Z" transform="translate(-20.504 6.392)" fill="currentColor" fill-rule="evenodd"></path>
                    <path id="Path_90" data-name="Path 90" d="M36.964,14.8c0-3.168-1.188-4.752-3.168-4.752S30.232,11.232,30.232,14v9.9H23.5V4.9h6.732V7.272A6.637,6.637,0,0,1,36.172,4.5c6.336,0,7.524,4.752,7.524,8.712V23.9H36.964V14.8Z" transform="translate(-11.696 6.096)" fill="#06c" fill-rule="evenodd"></path>
                    <path id="Path_91" data-name="Path 91" d="M24.364,2.2A3.564,3.564,0,1,1,20.8,5.764,3.549,3.549,0,0,1,24.364,2.2Z" transform="translate(-20.8 -2.2)" fill="currentColor" fill-rule="evenodd"></path>
                </svg>

            </a>
        </p>
        <!-- Sharingbutton E-Mail -->
        <p>
            <a class="share-icon" title="Share this page via Email" aria-label="Share this page via Email" onclick="this.href=e_mail;" tabindex="0">
                <svg xmlns="http://www.w3.org/2000/svg" width="23" height="21" fill="currentColor" class="bi bi-envelope email-icon" viewBox="0 2 16 12">
                    <path d="M0 4a2 2 0 0 1 2-2h12a2 2 0 0 1 2 2v8a2 2 0 0 1-2 2H2a2 2 0 0 1-2-2zm2-1a1 1 0 0 0-1 1v.217l7 4.2 7-4.2V4a1 1 0 0 0-1-1zm13 2.383-4.708 2.825L15 11.105zm-.034 6.876-5.64-3.471L8 9.583l-1.326-.795-5.64 3.47A1 1 0 0 0 2 13h12a1 1 0 0 0 .966-.741M1 11.105l4.708-2.897L1 5.383z">
                    </path>
                </svg>
            </a>
        </p>
        <!-- Sharingbutton Printer -->
        <p>
            <a class="share-icon print" title="Print this page" aria-label="Print this page" onclick="printDocument()" tabindex="0">
                <svg id="Group_1126" xmlns="http://www.w3.org/2000/svg" width="20" height="21" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="-2 0 34 30">
                    <defs>
                        <clipPath id="clippath">
                            <rect x=".12" width="31.77" height="30" fill="none"></rect>
                        </clipPath>
                    </defs>
                    <g id="Group_1818">
                        <g clip-path="url(#clippath)">
                            <g id="Group_1817">
                                <path id="Path_1265" d="M27.47,12.35c-.49,0-.88.4-.88.88s.4.88.88.88.88-.4.88-.88-.4-.88-.88-.88h0" fill="currentColor"></path>
                                <path id="Path_1266" d="M23.94,12.35c-.49,0-.88.4-.88.88s.4.88.88.88.88-.4.88-.88-.4-.88-.88-.88h0" fill="currentColor"></path>
                                <path id="Path_1267" d="M20.41,12.35c-.49,0-.88.4-.88.88s.4.88.88.88.88-.4.88-.88-.4-.88-.88-.88h0" fill="currentColor"></path>
                                <path id="Path_1268" d="M29.76,8.82h-3.18V2.11C26.59.95,25.64,0,24.47,0H7.53c-1.17,0-2.12.95-2.12,2.12,0,0,0,0,0,0v6.71h-3.18c-1.17,0-2.12.95-2.12,2.11v9.87c0,1.17.95,2.12,2.12,2.12h3.18v4.94c0,1.17.95,2.12,2.12,2.12h16.94c1.17,0,2.12-.95,2.12-2.12v-4.93h3.18c1.17,0,2.12-.95,2.12-2.12,0,0,0,0,0,0v-9.87c0-1.17-.95-2.12-2.12-2.12M7.17,2.12c0-.19.16-.35.35-.35h16.94c.19,0,.35.16.35.35v6.71H7.17V2.12ZM24.82,27.88c0,.19-.16.35-.35.35H7.53c-.19,0-.35-.16-.35-.35v-8.47h17.65v8.47ZM30.12,20.83c0,.19-.16.35-.35.35h-3.18v-3.53H5.41v3.53h-3.18c-.19,0-.35-.16-.35-.35v-9.88c0-.19.16-.35.35-.35h27.53c.19,0,.35.16.35.35v9.89Z" fill="currentColor"></path>
                                <rect id="Rectangle_1188" x="8.94" y="24.71" width="14.12" height="1.77" fill="currentColor"></rect>
                                <rect id="Rectangle_1189" x="8.94" y="21.18" width="14.12" height="1.77" fill="currentColor"></rect>
                            </g>
                        </g>
                    </g>
                </svg>
            </a>
        </p>
        <!-- Sharingbutton Link -->
        <p>
            <a class="share-icon" title="Copy link to page" aria-label="Copy link to page" onclick="navigator.clipboard.writeText(window.location.href.split('#')[0]);hideIcon();" tabindex="0">
                <svg xmlns="http://www.w3.org/2000/svg" width="26" height="21" fill="currentColor" class="bi bi-link link-icon visible" viewBox="0 2 17 12">
                    <path d="M6.354 5.5H4a3 3 0 0 0 0 6h3a3 3 0 0 0 2.83-4H9q-.13 0-.25.031A2 2 0 0 1 7 10.5H4a2 2 0 1 1 0-4h1.535c.218-.376.495-.714.82-1z"></path>
                    <path d="M9 5.5a3 3 0 0 0-2.83 4h1.098A2 2 0 0 1 9 6.5h3a2 2 0 1 1 0 4h-1.535a4 4 0 0 1-.82 1H12a3 3 0 1 0 0-6z"></path>
                </svg>

                <svg xmlns="http://www.w3.org/2000/svg" width="20" height="21" fill="#002241" class="bi bi-clipboard-check copy-icon hidden message" viewBox="0 0 17 16">
                    <path fill-rule="evenodd" d="M10.854 7.146a.5.5 0 0 1 0 .708l-3 3a.5.5 0 0 1-.708 0l-1.5-1.5a.5.5 0 1 1 .708-.708L7.5 9.793l2.646-2.647a.5.5 0 0 1 .708 0"></path>
                    <path d="M4 1.5H3a2 2 0 0 0-2 2V14a2 2 0 0 0 2 2h10a2 2 0 0 0 2-2V3.5a2 2 0 0 0-2-2h-1v1h1a1 1 0 0 1 1 1V14a1 1 0 0 1-1 1H3a1 1 0 0 1-1-1V3.5a1 1 0 0 1 1-1h1z"></path>
                    <path d="M9.5 1a.5.5 0 0 1 .5.5v1a.5.5 0 0 1-.5.5h-3a.5.5 0 0 1-.5-.5v-1a.5.5 0 0 1 .5-.5zm-3-1A1.5 1.5 0 0 0 5 1.5v1A1.5 1.5 0 0 0 6.5 4h3A1.5 1.5 0 0 0 11 2.5v-1A1.5 1.5 0 0 0 9.5 0z"></path>
                </svg><span style="color:#002241;" class="copy-icon hidden message">Link Copied</span>
            </a>
        </p>
    </span>
</div>


<script>
    var sitepath = document.location.href;
    var domain = location.host;
    var pagetitle = encodeURIComponent(document.title);
    var X = "https://x.com/intent/tweet?url=" + sitepath;
    var facebook = "https://facebook.com/sharer/sharer.php?u=" + sitepath;
    var linkedin = "https://www.linkedin.com/sharing/share-offsite/?url=" + sitepath;
    var googleplus = "https://plus.google.com/share?url=" + sitepath;
    var e_mail = "mailto:?subject=" + pagetitle + "&Body=" + encodeURI(sitepath.replace(/#$/, ''));
    var printpreview = sitepath + "?p=1";


    function openWindow(_path, _name) {
        window.open(encodeURI(_path), _name).focus();
        return false;
    }


    function printDocument() {

        var _width = 800;
        var _height = 800;
        var _left = Number((screen.width / 2) - (_width / 2));
        var _top = Number((screen.height / 2) - (_height / 2));
        var _size = "resizable=yes,scrollbars=yes,width=800,height=800,top=" + _top + ",left=" + _left;
        var _urlLen = document.location.href.indexOf("#") > 0 ? document.location.href.indexOf("?") : document.location.href.length;
        window.open(document.location.href.substring(0, _urlLen) + "?print=true", '', _size);
    }

    function hideIcon() {
        document.querySelector(".link-icon").classList.add("hidden");
        document.querySelector(".link-icon").classList.remove("visible");
        jQuery("a.copy-link").attr("title", "Copied");
        addClass(".copy-icon", "visible");
         removeClass(".copy-icon", "hidden");

        setTimeout(function () {
            document.querySelector(".link-icon").classList.remove("hidden");
            document.querySelector(".link-icon").classList.add("visible");
            jQuery("a.copy-link").attr("title", "Copy page URL");
        addClass(".copy-icon", "hidden");
         removeClass(".copy-icon", "visible");

        }, 8000);
    }


    let icons = document.querySelectorAll(".shareThisPageBody p a");

    icons.forEach(function (icon) {
        icon.addEventListener("keypress", function (event) {
            // If the user presses the "Enter" key on the keyboard
            if (event.key === "Enter") {
                event.preventDefault();
                this.click();
            }
        })
    });
</script>        </div>
</div>


<div class="component content">
    <div class="component-content">
<div class="field-content"><!-- first callout -->
<div class="sidebar">
<p><em>The Flash Report periodically highlights notable economic data releases. This analysis is part of ongoing work by St. Louis Fed economists to understand the U.S. and regional economy.</em></p>
</div>
<!-- first key takeaways section -->
<div class="key-takeaways">
<h2>KEY TAKEAWAYS</h2>
<div class="key-takeaway-text">
<ul>
    <li>The U.S. unemployment rate rose from 4.1% in August to 4.2% in September, a value similar to its 12-month average. More precise data show the rate increased slightly from 4.141% to 4.175%.</li>
    <li>This very modest uptick was primarily driven by the combination of two offsetting forces: fewer unemployed people chose to stop looking for work and leave the labor force, and more unemployed people found jobs.</li>
    <li>Nonfarm payroll growth slowed in September to 29,000 jobs &mdash; less than half as many as forecasts expected.</li>
</ul>
</div>
</div>
<!-- side by side FRED chart and callout -->
<div class="chart-and-callout">
<iframe src="https://fred.stlouisfed.org/graph/graph-landing.php?g=1Zc5j&amp;width=500&amp;height=335" scrolling="yes" frameborder="0" style="overflow:hidden; width:500px; height: 380px;" allowtransparency="true" loading="lazy"></iframe>
<div class="blue-bg-callout">
<p class="header">Unemployment</p>
<p>September 2026</p>
<p class="data-val">4.175%</p>
<p>Precise Rate</p>
</div>
</div>
<p>Unemployment changed little in September, despite the rise in the headline rate to 4.2%. (See the FRED chart above.) The more precise unemployment rate showed a much more modest increase. Additionally, the labor force participation rate and employment-to-population ratio both improved again in September, albeit slightly. The labor force participation rate rose 0.2 percentage points to 61.8% and the employment-to-population ratio rose 0.1 percentage points to 59.2%.</p>
<p>Total nonfarm payroll growth continued to be volatile from month to month. The economy added a less-than-anticipated 29,000 jobs in September as payroll gains in August and July were revised downward by a combined 60,000 jobs &mdash; or 30,000 each month, on average.</p>
<p>Taken together, however, these data suggest the labor market remained healthy in September from a historical perspective, with conditions similar to those in recent months.</p>
<p>Next, the analysis takes a deeper look at how estimated flows into and out of unemployment during September affected the overall unemployment rate.</p>
<!-- 2nd Key Takeaways/Data Highlights -->
<div class="key-takeaways">
<h2>DATA HIGHLIGHTS</h2>
<div class="key-takeaway-text">
<ul>
    <li>While the headline unemployment rate ticked up to 4.2% in September, the unrounded rate shows a smaller, 0.03 percentage point increase from August.</li>
    <li>More unemployed people deciding to keep seeking work instead of leaving the workforce and more unemployed people finding jobs were the main factors behind the overall change in the unemployment rate.</li>
</ul>
</div>
</div>
<!-- table -->
<div class="blue-highlight-chart">
<table cellspacing="0" cellpadding="0">
    <caption>Breaking Down the Monthly Change in Unemployment</caption>
    <tbody>
        <tr>
            <td></td>
            <th scope="col" class="blue-col-header">Average Monthly Change in<br />
            Unemployment
            Rate<br />
            (Percentage Points)
            </th>
            <th scope="col">People Losing or<br />
            Leaving Their Jobs<br />
            and Becoming<br />
            Unemployed
            </th>
            <th scope="col">Unemployed People<br />
            Finding Jobs
            </th>
            <th scope="col">People Previously<br />
            Not in the Labor<br />
            Force Who Are Now<br />
            Seeking Work
            </th>
            <th scope="col">Unemployed Workers<br />
            Leaving the Labor Force<br />
            (e.g. Discouraged<br />
            Workers)
            </th>
        </tr>
        <tr class="blue-values-row">
            <th scope="row">September 2026</th>
            <td class="blue-col-primary-val">+0.03</td>
            <td>+0.85</td>
            <td>-1.09</td>
            <td>+1.11</td>
            <td>-0.82</td>
        </tr>
        <tr>
            <th scope="row">Last 3 Months</th>
            <td class="blue-col-secondary-val">-0.00</td>
            <td>+0.83</td>
            <td>-1.03</td>
            <td>+1.11</td>
            <td>-0.91</td>
        </tr>
        <tr>
            <th scope="row" class="blue-values-row">Last 12 Months</th>
            <td class="blue-col-secondary-val">-0.04</td>
            <td>+0.89</td>
            <td>-1.06</td>
            <td>+1.11</td>
            <td>-0.98</td>
        </tr>
    </tbody>
    <tfoot>
    <tr>
        <td colspan="6">SOURCES: U.S. Bureau of Labor Statistics and St. Louis Fed Research staff&rsquo;s calculations.</td>
    </tr>
    <tr>
        <td colspan="6">NOTES: <span style="line-height: 107%;">Average changes over the last 12 months exclude October and November, for which data were unavailable. Data are seasonally adjusted. The overall change is based on the precise unemployment rate for these periods; for example, the unemployment rates were 4.1754% in September and 4.1413% in August. The flow components into and out of unemployment add up to the change in unemployment with a negligible residual. See Maximiliano Dvorkin and Serdar Ozkan&rsquo;s <em>St. Louis Fed On the Economy</em> blog post &ldquo;<a href="/on-the-economy/2024/sep/recent-ins-outs-unemployment">The Recent Ins and Outs of Unemployment: Using Flows to Study Labor Market Dynamics</a>&rdquo; for more information about this method.</span></td>
    </tr>
    </tfoot>
</table>
</div>
<p>Compared with August, the 0.03 percentage point change in the unemployment rate was mostly due to the interplay between 1) lower-than-average transitions of unemployed people out of the labor force (e.g., discouraged workers), and 2) unemployed people finding jobs at a higher-than-average rate. The first pushes the unemployment rate up, while the second pushes it down. Other components of unemployment flows &mdash; people losing or leaving their jobs and people not in the labor force who began looking for work &mdash; were more in line with their recent averages. (See the table above.)</p></div>    </div>
</div>


<div class="component content">
    <div class="component-content">
<!--NEW Autor Box with new image sizes-->
<style>

.no-author-image-margin {
    margin-left: 110px;
}
</style>



    </div>
</div>

        </div>
        <div class="col-12 col-sm-12 col-md-3 col-lg-3 col-xl-3 detail-page-right-hand-rail">
            


<div class="component container col-12">
    <div class="component-content" >


<div class="component content">
    <div class="component-content">







	
    <div class="rs_skip relatedFacets">				
		<span >
			<div role="heading" aria-level=2>
				<p>Related Topics</p>
			</div>

			
				<!-- Adding font weight bold to the links -->
				<div class="relatedFacetLink">			
					<a href="/publications#srpubs_topics=Labor-Markets-and-Unemployment" >
							Labor Markets and Unemployment
					</a> 
				</div>
			
		</span>
    </div>
    </div>
</div>


<div class="component content citation margin-none">
    <div class="component-content">
<div>





     
     





     


<!--Cite This Article button -->
<button type="button" class="text-md citation-toggle modal-toggle-page" onclick="citationToggle();">Cite This Article</button>

<!--Citation modal -->
<div id="citation-modal" class="citation-modal citation-modal-viewer col display-none">
    <div class="citation-modal-box col-10 col-lg-7 col-xl-4">
        <button onclick="citationToggle();" type="button" class="citation-toggle close-modal-x float-right" aria-label="Close" title="Close">
            <span aria-hidden="true">&times;</span>
        </button>
        <h4 class="citation-modal-title">Citation</h4>
        <hr>		
        
        <p class="text-default ui-font-family-override letter-spacing-half" id="citation-text">
            
	        
	        
                
	        ldquo<a class='page-url' href=''>Flash Report: Unemployment Rises Slightly, Job Growth Slows in September</a>,rdquo
	         
                                        
            <em class='text-default ui-font-family-override letter-spacing-half'>St. Louis Fed On the Economy</em>, 
             
	            Oct. 2, 2026.
	       
	       
	    </p>
        
        <hr>
        <div class="citation-footer">
            <div>
                <button id="copy-button" type="button" class="copy-button text-md" title="Copy to Clipboard" onclick="copyToClipboard();">Copy</button>
            </div>
            <div class="citation-toggle">
                <button class="modal-toggle-footer  text-md" title="Close" onclick="citationToggle();">Close</button>
            </div>
        </div>
    </div>
</div>

<script>
    document.addEventListener('DOMContentLoaded', function () { 
       //instant function invocation can be removed if this section gets refactored to no longer need jQuery
        (function ($) {
            currURL = $(location).attr('href');
            $('.page-url').attr('href', currURL);
            var pubName = 'On the Economy Blog';

            //Review articles, need a way to identify Review publication and trim the contents from object ID "citation-text" citation-text			
            if (pubName == "Review") {
                const newHeadline = document.getElementById("citation-text");
                dblQuoteCount = newHeadline.innerText.split("\"").length - 1;
                spclDblQuoteCount = newHeadline.innerText.split("\”").length - 1;
                if (dblQuoteCount > 2) {			
                    //Replace first extra double quote
                    newHeadline.innerHTML = replaceDblQuoteFromHeadline(newHeadline.innerHTML);	
		    //Replace second extra double quote
                    newHeadline.innerHTML = replaceDblQuoteFromHeadline(newHeadline.innerHTML);
                }
               //Replace first extra double quote
                newHeadline.innerHTML = replaceFirstDoubleQuote(newHeadline.innerHTML);	
                //Replace second extra double quote
                newHeadline.innerHTML = replaceSecondDoubleQuote(newHeadline.innerHTML);

                if (spclDblQuoteCount > 0) {					
                    newHeadline.innerHTML = newHeadline.innerHTML.replace("“", "&lsquo;").replace("”", "&rsquo;");					
                }			
                newHeadline.innerHTML = newHeadline.innerHTML.replace("ldquo", "&ldquo;").replace("rdquo", "&rdquo;");					
            }
            else {
                const anchor = document.getElementsByClassName("page-url");
                anchor[0].innerText = anchor[0].textContent.replace("“", "‘").replace("”", "’");

                anchor[0].innerText = anchor[0].innerText.replace("\"", "‘");	
                anchor[0].innerText = anchor[0].innerText.replace("\"","’");		

                const newHeadline = document.getElementById("citation-text");
                newHeadline.innerHTML = newHeadline.innerHTML.replace("ldquo", "&ldquo;").replace("rdquo", "&rdquo;");					
            }
        })(jQuery);
    });


    const pageBody = document.querySelector("body");
    pageBody.addEventListener('click', (e) => {
        //if user clicks anywhere on the screen other than on the modal, the modal will be closed
        if (e.target.matches("#citation-modal")) {
            document.getElementById("citation-modal").classList.toggle("display-none");
            pageBody.classList.toggle("hidden");
            document.getElementById("copy-button").textContent = "Copy";
        }
    });

    function citationToggle() {
        pageBody.classList.toggle("hidden");
        document.getElementById("citation-modal").classList.toggle("display-none");
        document.getElementById("copy-button").textContent = "Copy";
    };

    function copyToClipboard() {
        var citation = document.querySelector('#citation-text');
        var range = document.createRange();

        window.getSelection().removeAllRanges();
        range.selectNode(citation);
        window.getSelection().addRange(range);

        try {
            var successful = document.execCommand('copy');
            var msg = successful ? 'successful' : 'unsuccessful';
            
            document.getElementById("copy-button").textContent = "Copied!";         
            console.log('Copy to clipboard command was ' + msg);
        } catch (err) {
            console.log("Copy to clipboard was unsuccessful.");
        }

        window.getSelection().removeAllRanges();
    };


    function replaceFirstDoubleQuote(value) {
        return value.replace("\"", "&lsquo;");
    }
    function replaceSecondDoubleQuote(value) {
        return value.replace("\"", "&rsquo;");
    }

    function replaceDblQuoteFromHeadline(value) {
        let count = 0;
        var dlbQuote = "\H";

        return value.replace(new RegExp(dlbQuote, 'g'), function (dblQuote) {
            count++;
            return count === 2 ? "'" : dblQuote;
        });
    }   
</script></div>    </div>
</div>


<div class="component content">
    <div class="component-content">



<div id="rightHandCallout">




<div class="rs_skip callout ">
    
        <div class="callout-header">
           <a class="callout-accordion-title" href="/subscriptionspage#on-the-economy:~:text=St.%20Louis%20Fed%20On%20the%20Economy%C2%AE%20Blog">Subscribe to On the Economy</a>
        </div>    
   

    

    <div class="callout-content callout-content-26D71D3DFFA444ED8F67FC8DB885736B callout-content" >
        

        
            <div class="callout-body">
               <p>This blog offers commentary, analysis and data from our economists and experts. Views expressed are not necessarily those of the St. Louis Fed or Federal Reserve System.</p>
<hr />
<p><strong>Email Us</strong></p>
<p><a href="mailto:mediainquiries@stls.frb.org">Media questions</a></p>
<p>All other <a href="mailto:on-the-economy@stls.frb.org">blog-related questions</a></p>
            </div>
        
    </div>
</div>

<script>
    var calloutbutton = 'callout-button-26D71D3DFFA444ED8F67FC8DB885736B';
    if (document.getElementsByClassName(calloutbutton).length > 0) {
    document.getElementsByClassName(calloutbutton)[0].addEventListener('click', function (e) {
        var calloutID = jQuery(this).data("id");
        jQuery(this).toggleClass('active');
        jQuery('.callout-content-' + calloutID).toggleClass('display-none');

        e.stopPropagation();
    });
    }

//    jQuery('.callout-button-26D71D3DFFA444ED8F67FC8DB885736B').click(function (e) {
//        var calloutID = jQuery(this).data("id");
//        jQuery(this).toggleClass('active');
//        jQuery('.callout-content-' + calloutID).toggleClass('display-none');

//        e.stopPropagation();
//    });

    function UpdateDisplayStatus() {
//        if (jQuery(window).width() < 1200)   {
        if (jQuery(window).width() < 1200 && jQuery(window).width() > 767) {
            jQuery('.callout-content-collapsable').addClass('display-none');
            jQuery('.accordion-callout').removeClass('active');
        } else {
            jQuery('.callout-content-collapsable').removeClass('display-none');
            jQuery('.accordion-callout').addClass('active');
        }    }

    document.addEventListener('DOMContentLoaded', function () {
        if (jQuery('.accordion-callout-collapsable').length > 0) {
            UpdateDisplayStatus();
        } else {
            jQuery('.callout-content-accordion').addClass('display-none');
//            jQuery('.accordion-callout').removeClass('active');
        }
    });


    window.addEventListener('resize', function () {
        if (jQuery('.callout-content-collapsable').length > 0) {
            UpdateDisplayStatus();
        }else {
 //           jQuery('.callout-content').addClass('display-none');
 //           jQuery('.accordion-callout').removeClass('active');
        }
    });

</script>

</div>    </div>
</div>
    </div>
</div>
        </div>
</div>
            </div>
        </div>
</div>

<div class="component content">
    <div class="component-content">
<script>

const defaultOptions = {
    "credits": {
        "text": ""
    },
    "exporting": {
        "enabled": true
    }
}


document.addEventListener('DOMContentLoaded', function() {
    
});

</script>    </div>
</div>

        </div>
    </main>
    <!-- /#content -->
    <!-- #footer -->
    <footer>
        <div id="footer" class="">
            


<div class="component plain-html">
    <div class="component-content">
    </div>
</div>




<div class="component container col-12 content-width-row" id="footer-container">
    <div class="component-content" >

<div class="row component column-splitter">
        <div class="col-12 col-xl-5 footer-social-col">
            
<div class="component plain-html col-12 padding-left-none padding-right-none">
    <div class="component-content">
<h2>FOLLOW US</h2>
<div class="footer-social-icons">
    <!-- linkedin --> 
        <a aria-label="Federal Reserve Bank of St. Louis Linkedin page" href="https://www.linkedin.com/company/stlouisfed" class="outline-fix"  target="_blank"><?xml version="1.0" encoding="UTF-8"?><svg id="Group_250" xmlns="http://www.w3.org/2000/svg" width="32" height="30" viewBox="0 0 32 30"><path id="Path_89" d="M.4,10.99h6.73v19.01H.4V10.99Z" fill="currentColor" fill-rule="evenodd"/><path id="Path_90" d="M25.27,20.9c0-3.17-1.19-4.75-3.17-4.75s-3.56,1.18-3.56,3.95v9.9h-6.73V11h6.73v2.37c1.35-1.91,3.61-2.96,5.94-2.77,6.34,0,7.52,4.75,7.52,8.71v10.69h-6.73v-9.1Z" fill="currentColor" fill-rule="evenodd"/><path id="Path_91" d="M3.56,0c1.97,0,3.56,1.6,3.56,3.56,0,1.97-1.6,3.56-3.56,3.56-1.97,0-3.56-1.6-3.56-3.56C0,1.6,1.57,0,3.53,0c.01,0,.02,0,.03,0Z" fill="currentColor" fill-rule="evenodd"/></svg></a>
    <!-- youtube --> 
        <a aria-label="Federal Reserve Bank of St. Louis on You Tube" href="https://www.youtube.com/user/StLouisFed" class="outline-fix"  target="_blank"><?xml version="1.0" encoding="UTF-8"?><svg id="Group_1122" xmlns="http://www.w3.org/2000/svg" width="43" height="30" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 43 30"><defs><clipPath id="clippath"><rect width="43" height="30" fill="none"/></clipPath></defs><g ><g id="Group_1121"><path id="Path_461" d="M21.49,0S8.05,0,4.67.87c-1.84.53-3.28,1.97-3.8,3.81-.87,3.36-.87,10.33-.87,10.33,0,0,0,6.99.88,10.3.52,1.84,1.96,3.28,3.8,3.79,3.4.9,16.81.9,16.81.9,0,0,13.47,0,16.84-.87,1.84-.5,3.28-1.94,3.77-3.78.9-3.34.9-10.3.9-10.3,0,0,.03-6.99-.9-10.35-.49-1.84-1.93-3.28-3.77-3.76C34.95,0,21.49,0,21.49,0ZM17.21,8.58l11.18,6.43-11.18,6.41v-12.84Z" fill="currentColor"/></g></g></svg></a>
    <!-- X --> 
        <a aria-label="Federal Reserve Bank of St. Louis on X (formerly Twitter)" href="https://twitter.com/stlouisfed" class="outline-fix"  target="_blank"><?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" xmlns="http://www.w3.org/2000/svg" width="30" height="30" viewBox="0 0 30 30"><path id="Path_464" d="M3.6,1.95h4.07l18.71,26.19h-4.07L3.6,1.95ZM26.38,0l-9.7,11.03L8.93,0H0l11.71,16.68L0,30h2.65l10.24-11.65,8.18,11.65h8.93l-12.14-17.3L29.03,0h-2.65Z" fill="currentColor"/></svg></a>
    <!-- instagram --> 
        <a aria-label="Federal Reserve Bank of St. Louis on Instagram" href="https://www.instagram.com/stlouisfed/" class="outline-fix"  target="_blank"><?xml version="1.0" encoding="UTF-8"?><svg id="Group_1124" xmlns="http://www.w3.org/2000/svg" width="30.38" height="30" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 30.38 30"><defs><clipPath id="clippath"><rect x="-.77" width="32" height="30" fill="none"/></clipPath></defs><g ><g id="Mask_Group_1123"><path id="Path_462" d="M15.19-.05C11.07-.05,10.55-.03,8.93.04c-1.26.03-2.51.26-3.69.7-1.01.37-1.93.96-2.69,1.73-.77.75-1.37,1.66-1.75,2.66C.36,6.3.12,7.53.09,8.78c-.07,1.6-.09,2.11-.09,6.19s.02,4.59.09,6.19c.03,1.25.27,2.48.71,3.64.38,1,.98,1.91,1.75,2.66.76.77,1.68,1.36,2.69,1.73,1.18.44,2.43.67,3.69.7,1.62.07,2.14.09,6.26.09s4.64-.02,6.26-.09c1.26-.03,2.51-.26,3.69-.7,1.01-.38,1.93-.97,2.69-1.73.77-.75,1.37-1.66,1.75-2.66.44-1.17.68-2.4.71-3.64.07-1.6.09-2.11.09-6.19s-.02-4.59-.09-6.19c-.03-1.25-.27-2.48-.71-3.64-.38-1-.98-1.91-1.75-2.66-.76-.76-1.68-1.35-2.69-1.73-1.18-.44-2.43-.67-3.69-.7-1.62-.07-2.14-.09-6.26-.09h0ZM13.83,2.66h1.36c4.06,0,4.54.01,6.14.09.96.01,1.92.19,2.82.52.66.24,1.26.62,1.75,1.12.5.48.89,1.07,1.14,1.73.33.89.51,1.83.52,2.79.07,1.58.09,2.06.09,6.06s-.02,4.48-.09,6.06c-.01.95-.19,1.9-.52,2.79-.24.65-.63,1.24-1.14,1.72-.49.5-1.09.88-1.75,1.12-.9.33-1.86.51-2.82.52-1.6.07-2.08.09-6.14.09s-4.54-.02-6.14-.09c-.96-.01-1.92-.19-2.82-.52-.66-.24-1.26-.62-1.75-1.12-.5-.48-.89-1.07-1.14-1.73-.33-.89-.51-1.83-.52-2.79-.07-1.58-.09-2.06-.09-6.07s.02-4.48.09-6.06c.01-.95.19-1.9.52-2.79.24-.65.63-1.24,1.14-1.73.49-.5,1.09-.89,1.75-1.13.9-.33,1.86-.51,2.82-.52,1.4-.06,1.95-.08,4.78-.08h0ZM23.3,5.15c-.99.01-1.79.83-1.77,1.82s.83,1.79,1.82,1.77c.98-.01,1.77-.82,1.77-1.8,0-1-.82-1.81-1.82-1.8,0,0,0,0,0,0ZM15.19,7.25c-4.26.05-7.67,3.54-7.62,7.8.05,4.26,3.54,7.67,7.8,7.62,4.22-.05,7.62-3.49,7.62-7.71-.03-4.28-3.52-7.73-7.8-7.71ZM15.19,9.96c2.76.04,4.97,2.3,4.94,5.06-.04,2.76-2.3,4.97-5.06,4.94-2.74-.04-4.94-2.26-4.94-5,.02-2.78,2.29-5.02,5.06-5" fill="currentColor"/></g></g></svg></a>
    <!-- facebook --> 
        <a aria-label="Federal Reserve Bank of St. Louis Facebook page" href="https://www.facebook.com/stlfed" class="outline-fix" target="_blank"><?xml version="1.0" encoding="UTF-8"?><svg id="Group_1126" xmlns="http://www.w3.org/2000/svg" width="16" height="30" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 16 30"><defs><clipPath id="clippath"><rect width="16" height="30" fill="none"/></clipPath></defs><g ><g id="Group_1125"><path id="Path_463" d="M14.88,16.58l.84-5.22h-4.93v-3.63c0-1.49.56-2.61,2.79-2.61h2.42V.37c-1.35-.22-2.72-.34-4.09-.37-4.28,0-7.26,2.61-7.26,7.27v4.1H0v5.22h4.65v13.14c2.03.37,4.11.37,6.14,0v-13.14h4.09Z" fill="currentColor"/></g></g></svg></a>
    <!-- threads --> 
        <a aria-label="Federal Reserve Bank of St. Louis on Threads" href="https://www.threads.net/@stlouisfed" class="outline-fix"  target="_blank"><?xml version="1.0" encoding="UTF-8"?><svg id="Layer_1" xmlns="http://www.w3.org/2000/svg" width="26.23" height="30" xmlns:xlink="http://www.w3.org/1999/xlink" viewBox="0 0 26.23 30"><defs><clipPath id="clippath"><rect x="-5.21" width="37" height="30" fill="none"/></clipPath></defs><g "><g id="Mask_Group_3"><g id="Threads"><path id="Path_445" d="M13.37,29.89h0c-4.43-.03-7.84-1.5-10.13-4.37C1.19,22.96.14,19.41.11,14.95v-.02c.04-4.46,1.09-8.01,3.13-10.56C5.52,1.5,8.93.03,13.36,0h.02c3.03-.09,6,.83,8.45,2.61,2.16,1.73,3.68,4.12,4.34,6.81l-2.53.71c-1.36-4.93-4.82-7.45-10.28-7.49-3.6.03-6.33,1.17-8.1,3.38-1.65,2.08-2.51,5.08-2.54,8.92.03,3.84.89,6.84,2.55,8.92,1.77,2.22,4.5,3.36,8.1,3.38,3.25-.02,5.4-.79,7.18-2.55,1.65-1.51,2.19-3.9,1.35-5.97-.43-.92-1.13-1.69-2.02-2.18-.16,1.48-.7,2.88-1.59,4.07-1.13,1.39-2.82,2.21-4.62,2.23-1.42.1-2.83-.25-4.03-1-2.19-1.38-2.83-4.28-1.45-6.46.25-.4.57-.76.93-1.06,1.26-1.01,2.82-1.58,4.44-1.61,1.25-.08,2.5-.02,3.74.18-.1-.8-.42-1.56-.93-2.19-.77-.78-1.83-1.18-2.92-1.1h-.04c-1.33-.07-2.6.55-3.37,1.64l-2.17-1.47c1.24-1.83,3.34-2.89,5.55-2.81h.05c3.96.02,6.31,2.46,6.55,6.71.13.06.27.12.4.18,1.72.76,3.11,2.11,3.9,3.82,1.28,3.08.52,6.63-1.92,8.91-2.29,2.25-5.07,3.27-9.01,3.3h0ZM14.61,15.33c-.3,0-.6,0-.91.03-2.27.13-3.69,1.18-3.61,2.67.08,1.56,1.8,2.29,3.45,2.2,1.52-.08,3.49-.67,3.82-4.62-.9-.19-1.82-.28-2.74-.28Z" fill="currentColor"/></g></g></g></svg></a>
</div>

<div class="footer-info">
    <div class=""><h2>SIGN UP FOR EMAIL ALERTS</h2></div>
    <div class="margin-bottom-large"><span class="text-default color-text-white margin-bottom-xxlarge">Receive updates in your inbox as soon as new content is published.</span></div>
    <div><a href="/subscriptionspage" class="footer-subscribe" tabindex="0">Sign Up</a></div>
</div>    </div>
</div>
        </div>
        <div class="col-12 col-xl-2 footer-spacer-col">
            
        </div>
        <div class="col-12 col-xl-5 footer-quick-links-col">
            

<div class="component content">
    <div class="component-content">
<div class="quick-links-container ">
    <div class="row quick-links-header">
        <h2 class="text-default color-text-white text-bold" >QUICK LINKS</h2>
    </div>
    <div class="row quick-links-margin">
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/about-us">About Us</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/about-us/legal-information">Legal Information</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/about-us/contact-us">Contact Us</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/about-us/privacy-policy">Privacy Policy</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/careers">Careers</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/about-us/resources/doing-business-with-the-fed">Doing Business with the Fed</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/events">Events</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a target="_blank" rel="noopener noreferrer" href="https://www.frbservices.org">FRB Services &amp; FedNow</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a href="/about-us/resources/visiting-the-st-louis-fed">Visiting the St. Louis Fed</a></div>
        
            <div class="col-12 col-md-6 col-lg-6 col-xl-6 margin-top-large ui-font-family text-default "><a target="_blank" rel="noopener noreferrer" href="https://museum.stlouisfed.org/">Economy Museum</a></div>
        
    </div>
</div>    </div>
</div>

        </div>
</div>    </div>
</div>
        </div>
    </footer>
    <!-- /#footer -->
</div>
<!-- /#wrapper -->

    



<script>

document.addEventListener('DOMContentLoaded', function() {
    jQuery('.footnote-hide').each(function (index, value) {
        var id = jQuery(this).attr('id');
        var descrBy = jQuery(this).attr('title');
	var fnid = 'fnid-' + id;

        var _tags = '<a href="#" class="fn-link" data="' + id + '" onclick="toggleFootnote(\''+id+'\'); event.preventDefault();" aria-label=\'' + descrBy + "'>";

        var sup = '<sup id="ssid-' + id + '" class="rs_skip">' + id + '</sup>';

        _tags += sup;

	jQuery(_tags).insertBefore(jQuery(this));
	jQuery(this).attr('id', fnid);
    });   
});

function toggleFootnote(id){
	var cls = jQuery('#fnid-' + id).attr('class');

	if (cls.includes('footnote-hide')) {
		jQuery('#ssid-' + id).html('X');
		jQuery('#fnid-' + id).removeClass('footnote-hide').addClass('footnote-show');
	}
	else
	{
		jQuery('#ssid-' + id).html(id);
		jQuery('#fnid-' + id).removeClass('footnote-show').addClass('footnote-hide');
	}
}

</script>



<style>
#btnBackToTopp {
        display: none;
        position: fixed;
        bottom: 20px;
        right: 20px;
        z-index: 99;
        cursor: pointer;
        padding-top: 30px;
        width: 65px;

}

.backToTop {

}

</style>

<div id="btnBackToTop" class="back-to-top large xlarge">
</div>






<script>

function toggleClass(element, className) {
    if (element.classList.contains(className)) {
        element.classList.remove(className);
    } else {
        element.classList.add(className);
    }
}

function toggleAllClass(element, className) {
    elements = document.querySelectorAll(element);
    elements.forEach(element => {    
        if (element.classList.contains(className)) {
           element.classList.remove(className);
        } else {
           element.classList.add(className);
        }
   })
}

function removeClass(element, className) {
    elements = document.querySelectorAll(element, className);
    elements.forEach(element => {
        element.classList.remove(className);
    })
}

function addClass(element, className) {
    elements = document.querySelectorAll(element, className);
    elements.forEach(element => {
        element.classList.add(className);
    })
}

function setAttr(element, attributeName, attributeValue) {
    elements = document.querySelectorAll(element);
    elements.forEach(element => {
        element.setAttribute(attributeName, attributeValue);
    })
}


function getOffset(element) {
  if (element == null) {
    return { top: 0, left: 0 };
  }

  let rect = element.getBoundingClientRect();
  let win = element.ownerDocument.defaultView;
  return {
    top: rect.top + win.pageYOffset,
    left: rect.left + win.pageXOffset
  };
}

</script>
<script src="/-/media/base-themes/core-libraries/scripts/ie-origin-fix.js"></script><script src="/-/media/base-themes/core-libraries/scripts/xaquery.js"></script><script src="/-/media/base-themes/core-libraries/scripts/moment.js"></script><script src="/-/media/base-themes/core-libraries/scripts/lo-dash.js"></script><script src="/-/media/base-themes/core-libraries/scripts/modernizr.js"></script><script src="/-/media/base-themes/core-libraries/scripts/galleria-157.js"></script><script src="/-/media/base-themes/core-libraries/scripts/fullcalendar.js"></script><script src="/-/media/base-themes/core-libraries/scripts/gcal.js"></script><script src="/-/media/base-themes/core-libraries/scripts/jqueryuitouch-punchmin.js"></script><script src="/-/media/base-themes/core-libraries/scripts/hammer.js"></script><script src="/-/media/base-themes/core-libraries/scripts/backbone-min.js"></script><script src="/-/media/base-themes/core-libraries/scripts/typeahead.js"></script><script src="/-/media/base-themes/core-libraries/scripts/jquerymcustomscrollbar.js"></script><script src="/-/media/base-themes/core-libraries/scripts/flash-polyfill.js"></script><script src="/-/media/base-themes/core-libraries/scripts/mediaelement-and-player.js"></script><script src="/-/media/base-themes/core-libraries/scripts/dailymotion.js"></script><script src="/-/media/base-themes/core-libraries/scripts/facebook.js"></script><script src="/-/media/base-themes/core-libraries/scripts/soundcloud.js"></script><script src="/-/media/base-themes/core-libraries/scripts/twitch.js"></script><script src="/-/media/base-themes/core-libraries/scripts/vimeo.js"></script><script src="/-/media/base-themes/xa-api/scripts/xa.js"></script><script src="/-/media/base-themes/main-theme/scripts/observer.js"></script><script src="/-/media/base-themes/main-theme/scripts/partial-design-highlight.js"></script><script src="/-/media/base-themes/google-maps-js-connector/scripts/google-maps-connector.js"></script><script src="/-/media/base-themes/maps/scripts/component-location-service.js"></script><script src="/-/media/base-themes/maps/scripts/component-map.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-location-service.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-ajax.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-base-model.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-base-view.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-box.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-data.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-summary.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-dropdown.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-managed-range.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-range-slider.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-slider.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-load-more.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-location-filter.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-page-selector.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-page-size.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-parameters.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-query.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-radius-filter.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-results.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-results-count.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-results-filter.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-sort.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-url.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-variant-filter.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-service.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-router.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-search-facet-daterange.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-frbstl-checkbox-filter.js"></script><script src="/-/media/base-themes/searchtheme/scripts/component-frbstl-search-facet-summary.js"></script><script src="/-/media/base-themes/components-theme/scripts/accessibility.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-accordions.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-archive.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-breadcrumb.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-carousel.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-container.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-disqus.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-facebook.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-flash.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-flip.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-fullcalendar.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-galleria.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-language-selector.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-navigation.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-overlay.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-snippet.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-social.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-tabs.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-toggle.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-video.js"></script><script src="/-/media/base-themes/components-theme/scripts/component-video-playlist.js"></script><script src="/-/media/base-themes/components-theme/scripts/details-polyfill.js"></script><script src="/-/media/base-themes/components-theme/scripts/fixheight.js"></script><script src="/-/media/base-themes/components-theme/scripts/search-fixheight.js"></script><script src="/-/media/base-themes/resolve-conflicts/scripts/resolveconflicts.js"></script><script src="/-/media/themes/frbstl/stlouisfed/stlouisfed/scripts/component-search-box-frbstl-modern.js"></script><script src="/-/media/themes/frbstl/stlouisfed/stlouisfed/scripts/component-search-facet-daterange-frbstl.js"></script><script src="/-/media/themes/frbstl/stlouisfed/stlouisfed/scripts/component-search-query-frbstl.js"></script><script src="/-/media/themes/frbstl/stlouisfed/stlouisfed/scripts/custom.js"></script><script src="/-/media/themes/frbstl/stlouisfed/stlouisfed/scripts/megamenu-modern-1.js"></script>    <!-- /#wrapper -->
<script type="text/javascript"  src="/J2HWzbSq-JJA/VF/gyVAAaxpLm/huEfpwzJbDN0hGiuEO/QC9EKwE/EH5e/LxgYCE8"></script></body>
</html>
Source reader

Source