Center for Microeconomic Data

 
 
ABOUT CMD
 


Macroeconomic and financial market developments are determined by the decisions of many millions of individual actors—businesses, households and governments—and these individual decisions are often best analyzed using the theoretical and empirical methods of microeconomics. These analyses emphasize the particular characteristics of agents, institutions, and markets, and a better understanding of this heterogeneity is critical for real-world policymaking and implementation.

The Center for Microeconomic Data (CMD) launched in 2013 to support such inquiry, centralizing the collection and analysis of microeconomic data at the New York Fed while also acting as a catalyst for microeconomic research within the larger academic community. CMD researchers focus on developing and advancing techniques for measuring economic conditions, expectations, and behavior at the consumer level. Core projects include two large data collection efforts: the New York Fed Consumer Credit Panel (CCP) and the Survey of Consumer Expectations (SCE). The former provides granular, high-frequency data on household debt and credit conditions in the United States drawing on anonymized credit report data from Equifax; the latter offers a monthly picture of U.S. consumers’ perceptions of and expectations for the economy and their own financial circumstances.

This website serves as a central hub for sharing CMD reports, dynamic charts, project news, data for download, and analysis and presentations informed by the underlying data. Since its inception, the CMD has become an important resource for insights on topics including the economic implications of rising student debt. The Center is also a provider of unique statistics, such as those that shed light on inflation, earnings growth, and job search behavior.


CMD's 10th Anniversary Features:
The Survey of Consumer Expectations: A Look Back at the Past Decade (April 2024)
The New York Fed Consumer Credit Panel: A Foundational CMD Data Set (April 2024)
How Are They Now? A Checkup on Homeowners Who Experienced Foreclosure (May 2024)
The Post-Pandemic Shift in Retirement Expectations in the U.S.
(May 2024)


Frequently Asked Questions:
Consumer Credit Panel (CCP - Quarterly Report on Household Debt and Credit)
Survey of Consumer Expectations (SCE)

Overview: CMD Surveys and Reports
In The News
Our research is regularly cited in the media; below is a selection of press coverage.
 
Worker Confidence in Finding a New Job Hits Record Low in New York Fed Survey
SURVEY OF CONSUMER EXPECTATIONS
September 8, 2025
CNBC offsite image




Wages Aren't Keeping Up with Inflation, with Some Jobs Falling Farther Behind than Others
SCE LABOR MARKET SURVEY
August 18, 2025
CBS MoneyWatch offsite image




Consumers Are Financing Their Groceries. What Does It Say About the Economy?
QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT
June 2, 2025
New York Times offsite image




Student Loans Drive US Delinquency Rate to Highest Since 2020
QUARTERLY REPORT ON HOUSEHOLD DEBT AND CREDIT
May 13, 2025
Bloomberg offsite image




NY Fed Finds Americans Trimming Back Wage Expectations for New Jobs
SCE LABOR MARKET SURVEY
April 21, 2025
Reuters offsite image




Renters Losing Hope of Homeownership, Fed Study Shows
SCE HOUSING SURVEY
March 25, 2025
Investopedia offsite image




Data-Hungry Investors Dive Deep for Economic Clues
SCE CREDIT ACCESS SURVEY
March 23, 2025
Wall Street Journal offsite image

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