Atlanta Fed

@atlantafed.org

The Atlanta Fed serves the Sixth Federal Reserve District: AL, FL, GA and parts of LA, MS and TN. We foster a healthy economy and financial stability. We’re apolitical and decentralized to conduct monetary policy that’s in the best interest of the economy.

The US birth rate has been on a steady decline, with significant long-term economic implications. But why? This episode of the Economy Matters podcast discusses Atlanta Fed research into the constellation of issues surrounding the question: atlfed.org/3Rz4v8J.

Photo of Atlanta Fed economist Julie Hotchkiss discussing changes in fertility rates and family choices during the podcast episode recording.

The authors survey the growing literature on mortgage lock-in and its effects on household mobility, labor reallocation, home sales, owner-occupied prices, and spillovers into rental and commercial markets. They also discuss an array of potential policy options: atlfed.org/4hP38NH.

Image showing the title of the working paper, "Mortgage Lock-in: A Review of the Literature," and the authors' names: Kristopher Gerardi, Franklin Qian, and David Zhang

While there is a broad-based slowing among some of the near-term measures of underlying PCE inflation, all the year-over-year measures on the dashboard are still elevated relative to the FOMC's price stability mandate. atlfed.org/452aciv

Chart showing Atlanta Fed's 07-30-26 updated Underlying Inflation Dashboard

Firms’ inflation expectations for the coming year decreased to 2.2 percent. Sales levels compared to "normal times" increased, and profit margins held steady, according to the Atlanta Fed’s latest Business Inflation Expectations survey: atlfed.org/3TfYSwC.

Image showing inflation expectations of 2.2 percent for the year ahead

The authors of this working paper find that by substituting for location-dependent family support, Social Security enabled recipients' sons to move to better-matched labor markets, earn more, and live in better neighborhoods late in life: atlfed.org/44BB60z.

Image showing paper title, "Long-Run Intergenerational Effects of Social Security," and authors: Daniel K. Fetter, Lee M. Lockwood, and Paul Mohnen

Benefits cliffs are increasingly recognized as a barrier to economic mobility. As awareness of benefits cliffs grows, so does momentum around research, policy innovation, and community-driven solutions. Join us August 6 for a dynamic conversation. Register: bit.ly/3Ry2vgL.

Connecting Communities Webinar Thursday August 6, 2026 3-4PM ESTFeatures Speaker Alex Ruder of the Atlanta Fed

New analysis reveals that childcare costs consume a large share of income for Georgia and Florida families with young children. This is especially true for single-earner families, families with multiple children, and for workers in lower-wage occupations: atlfed.org/4wFj6hx.

The Cost of Working: Childcare Affordability Analysis of Florida and Georgia

While there is a broad-based slowing among some the near-term measures of underlying CPI inflation, all the year-over-year measures on the dashboard are still elevated relative to the FOMC's price stability mandate. atlfed.org/4vZJrHd

Inflation Dashboard

The Atlanta Fed's sticky-price consumer price index (CPI)—a weighted basket of items that change price relatively slowly—rose 0.8% (on an annualized basis) in June, following a 2.9% increase in May. On a year-over-year basis, the series is up 2.8%. atlfed.org/4w56fph

Line chart showing CPI up 2.8%

A new Policy Hub paper maintains that elevated and persistent inflation makes the economy more vulnerable to cost-push shocks. The author concludes that low and stable inflation is not just a goal of monetary policymakers but is also a macroeconomic stabilizer: atlfed.org/4wxBKYO.

Image showing paper title, "High and Volatile Inflation Begets a More Volatile Business Cycle," and the author, Andres Blanco

Investment? Expansion? Price changes? How might tariff refunds affect recipient firms? A new Policy Hub: Macroblog post considers these questions and finds that their impact would vary considerably across firms. atlfed.org/4pc86Wq.

 Title of paper, "The Impact of Tariff Refunds on Business Activity," with headshots of authors: Simon Fuchs, Veronika Penciakova, and Roberto Robatto.

The Atlanta Fed’s Wage Growth Tracker edged up to 3.6% in June from 3.5% the prior month. For those not changing jobs, the Tracker edged up to 3.4% in June from 3.3% in May, while the Tracker for those changing jobs increased to 4.1% from 3.7% in May. atlfed.org/4w0RgN4

Line chart showing Wage Growth at 3.6% in May.

The Atlanta Fed’s Unemployment Claims Monitor (UCM) provides regular insights of the US labor force. In the first week of July 2026, there were approximately 215,000 initial unemployment claims nationally on a seasonally adjusted basis.

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