Did we see you this summer? The Cleveland Fed welcomed hundreds of community members to the Bank recently: in June, for the State of Small Business Symposium, and in July, for a Fed Talk about the creation of the Federal Reserve. We share details about both events below, plus what we’ve learned recently from regional business leaders about manufacturing employment, operating margins, and cost increases.
Thanks for looking at (and even sharing) our latest work.
The Cleveland Fed Digest team
OUR COMMUNITIES
Fed Governor highlights value of Small Business Credit Survey (SBCS)
The SBCS captures small business credit conditions and picks up financing and operational challenges other economic reports often don't spot, Fed Governor Lisa Cook said in welcome remarks at the State of Small Business Symposium hosted at the Cleveland Fed.
Workers in regional manufacturing are fewer and older, but sector remains important
Despite a significant decline from 2002 through 2010 and only a partial recovery in the following decade, manufacturing employment in the Fourth District remains proportionally higher than in the United States as a whole.
Compared to the same quarter of 2025, 36 percent of firms said their operating margins had decreased, while most firms currently expect margins to remain stable or increase in the coming year, according to the June Survey of Regional Conditions and Expectations (SORCE).
Costs, selling prices have increased, Beige Book contacts tell Fed
Business activity in the region increased modestly in recent weeks, while nonlabor costs and selling prices both grew at a robust pace, according to contacts in the Cleveland Fed’s periodic anecdotal assessment of economic conditions.
Distribution of unemployment benefits across Fourth District states
Jobless workers in Pennsylvania receive unemployment insurance at a rate higher than the national average, while West Virginia’s rate tends to be in line with the average, and Kentucky’s and Ohio’s are below the average.
“The longer that high inflation persists, the more challenging and costly it can be to bring it down,” Cleveland Fed president Beth Hammack said in a July 31 statement explaining why she voted against the Federal Open Market Committee’s July 29 decision to maintain the federal funds rate target range at 3 ½ to 3 ¾ percent. Hammack and two other dissenters preferred to raise the benchmark interest rate by ¼ percentage point.
More than a century of bank panics, cash crunches, and political arguments, plus the short lives of the first two national banks, set the stage for the creation of the Federal Reserve, retired Cleveland Fed economist Owen Humpage said in a July 16 Fed Talk presentation, the latest installment of the Bank’s conversation series.
How do you stay motivated when faced with a challenge?
I reflect on previous situations that seemed overwhelming at the time but that I successfully navigated. This perspective reminds me that I can work through current obstacles. Building a strong network of colleagues and maintaining a solid support system at home provide valuable sounding boards when I need to explore ideas or seek guidance. Early in my career, many challenges felt daunting, but with experience, I’ve learned to see the bigger picture and approach problems methodically, one step at a time.
Have you taken on new responsibilities or projects recently?
I volunteered to colead the Regional Banking Forum in May 2026 during which CEOs and directors gathered for networking and to hear from speakers on topics such as cybersecurity, payments, and supervisory updates. It involved leading planning teams and coordinating with internal partners and external speakers, all of which certainly enhanced my appreciation for detailed project management.
Could you describe a time at the Bank that felt especially positive or meaningful?
One of the most challenging periods at (and outside) the Bank was the pandemic, which turned out to be incredibly impactful for me. I felt the Bank took exceptional care of our onsite essential employees through comprehensive benefits and support. As circumstances changed rapidly, we were empowered to leverage our experience and make timely decisions. Through that process, we learned from mistakes, adapted as needed, and built a more resilient team that became more comfortable navigating change. I wouldn’t like to repeat the pandemic experience, of course, but it illustrated how we could each employ our individual knowledge more deeply.
How do you usually spend your weekends?
Weekends are meant to be fun. I try my best to get my “adulting” done on the weeknights, so I can enjoy time with family and friends on the weekends. Fun includes going out to restaurants, breweries, concerts, sporting events, and traveling whenever possible.
Today's Definition
Dual mandate
Compound noun
Dual mandate is shorthand for the twin goals assigned to the Federal Reserve by Congress in 1977: conduct monetary policy with the aim of achieving maximum employment and stable prices. Maximum employment, conversationally, means that those who seek a job can find one. The Federal Open Market Committee interprets stable prices as 2 percent inflation. Working toward the dual mandate goals is one of the Fed’s five key functions discussed by our president and CEO, Beth Hammack, in a new series of video shorts. For a longer answer to “What is the Federal Reserve’s ‘dual mandate’?” see what our colleagues in the Center for Inflation Research produced.
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