Sign In
Free Newsletter
Va. labor market stayed strong in February
Virginia’s labor market remained strong in February, although growth is slowing, according to employment data from the Federal Reserve Bank of Richmond. Virginia had a net gain of 3,200 jobs in February. The Virginia state government employment was previously 12,000 jobs below the February 2020 level, but the state government nearly halved that deficit last […]
Crying wolf?
It’s “the most predicted potential recession in memory,” Federal Reserve Bank of Richmond President and CEO Tom Barkin quipped in January, but it hasn’t happened yet. Maybe. During the first half of 2022, surveys of consumers and CEOs showed they were worried about a recession coming on the heels of a 40-year peak in inflation […]
Democrats call out Youngkin on Ford plant decision
Democratic state delegates excoriated Virginia Gov. Glenn Youngkin on Tuesday for taking Virginia out of the running for a $3.5 billion Ford Motor Co. battery manufacturing plant that would have created at least 2,500 jobs in Southern Virginia. The governor said last week that although Virginia was a finalist for the economic development project, he […]
Barkin: Inflation improving but not yet low enough
With inflation decreasing but still not at its 2% target, the Federal Reserve still needs “to stay on the case,” Federal Reserve Bank of Richmond President and CEO Tom Barkin said Thursday at a conference hosted in Richmond by the Virginia Bankers Association and the Virginia Chamber of Commerce. Inflation continued to slow in December […]
Barkin: To address inflation, U.S. must rethink labor
As the U.S. moves to a short-labor environment, it will be necessary for businesses, governments and nonprofits to reassess their approach to labor, Federal Reserve Bank of Richmond President and CEO Tom Barkin said Friday in Richmond. Speaking at the Virginia Chamber’s 2022 Virginia Economic Summit and Forum on International Trade, Barkin said that although […]
Fed’s Fifth District economy expands slightly
The economy in the Federal Reserve’s Fifth District (a multistate region including Virginia, North Carolina, South Carolina, West Virginia and Maryland) has expanded slightly since October, according to the latest edition of the Federal Reserve’s Beige Book, released Wednesday. Published eight times per year, the Beige Book is based on anecdotal information about economic conditions g[...]
Staying the course
A tanking economy. Rampant inflation. Whiplash in the stock market. What’s an investor to do? Look for opportunities to rebalance portfolios but, in general, hang tight, wealth management professionals say. Or, as one adviser says, buckle up for a roller coaster ride. The economy is likely to worsen, experts say, and despite dickering among economists […]
Pharrell brings Mighty Dream to Norfolk
In November, Grammy-winning music superstar Pharrell Williams hosted the three-day Mighty Dream forum in Norfolk and broke some news about his Something in the Water music festival and the status of his team’s proposal to redevelop Norfolk’s Military Circle Mall site. Mighty Dream, a sequel to his 2021 Elephant in the Room business conference at […]
Business is better
Over the past several months, there’s been a bit of a buzz about the direction of the global economy. In conversation, many business leaders will express deep concerns about inflation and the onset of recession. Yet, when asked about their financial performance, most all of them say, “Business is going great!” Within these conversations lies […]
Fed’s Barkin asks, ‘What’s ‘normal’ anymore?’
The question Tom Barkin is asked the most these days is when the economy will return to normal. The president and CEO of the Federal Reserve Bank of Richmond has a caution for those who may be wishing for the perceived stability of the pre-pandemic economy. “After two-and-a-half years of instability, we’re all ready to […]
Mighty Dream Day 1 focuses on diversity, equity
Grammy winning music superstar Pharrell Williams put on his business hat Tuesday in Norfolk, welcoming attendees to his Mighty Dream forum, which he likened to an event like the World Economic Forum in Davos, Switzerland, “but for marginalized communities.” The three-day forum kicked off with spoken-word poetry and a mighty boom of drums and crash […]
Belabored shortages
Faced with a shortage of drivers, Trevor Dunlap had to find a new way to recruit interested candidates for his Chesapeake-based trucking and warehousing companies, Givens Transportation Inc. and Givens Inc. “It’s very challenging to find qualified people and then be able to retain them,” he says, “and the wages we’re paying are substantially higher […]
