The Federal Reserve Bank of San Francisco (SF Fed) has launched a new online resource, the Regional Indicators for Labor Markets and Prices page, to provide detailed data on economic conditions across the United States. This tool presents information on labor markets and earnings for all 50 states and the District of Columbia, as well as inflation data for selected metropolitan areas within the Federal Reserve’s 12th District.
The SF Fed’s initiative is intended to highlight how regional economies differ, an important consideration since the Federal Reserve’s dual mandate focuses on price stability and maximum employment at a national level. The U.S. economy is large and diverse, making regional analysis significant for monetary policy decisions. The 12th District covers nine western states and accounts for 37% of the country’s geographic area.
Labor market conditions are tracked using several indicators from the Bureau of Labor Statistics (BLS), including employment growth rates from establishment surveys and unemployment rates from household surveys. Another metric featured is the vacancy-to-unemployment (V–U) ratio, which compares job vacancies to unemployed individuals seeking work.
As of November 2024, the national V–U ratio was about 1, suggesting a balanced labor market nationwide. However, there are significant state-level differences; South Dakota reported a tight labor market with a V–U ratio of 2.6 while California had a relatively slack reading at 0.7.
Price growth also varies by region. While the Federal Reserve generally uses personal consumption expenditures (PCE) as its main inflation gauge, this new resource relies on consumer price index (CPI) inflation data due to its availability at metropolitan levels. CPI inflation breakdowns are available for eight metro areas in the 12th District, showing differences not only in overall rates but also in contributions from categories such as shelter or energy.
The page also allows users to compare local inflation data with statewide earnings growth figures. For example, recent data showed that across California’s metro areas, inflation ranged from 1.1% to 3.4%, while statewide earnings grew by 3.9%. This suggests that average earnings have recently kept pace with price increases in California.
To access more maps, figures, or download datasets covering labor market conditions and prices in different regions—including monthly updates—users can visit the SF Fed’s Regional Indicators page.
“The views expressed here do not necessarily reflect the views of the management of the Federal Reserve Bank of San Francisco or of the Board of Governors of the Federal Reserve System.”
