The EHIs are broad-based economic indicators that measure macroeconomic outcomes experienced by different demographic, economic, and geographic groups on both a regional and national level.
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Economic Heterogeneity Indicators (EHIs)
The EHIs aim to study macroeconomic trends and outcomes across the various strata of people, businesses, and economic conditions that exist in our economy and the implications for the economy.
- The regional EHIs focus on economic heterogeneities in inflation, earnings (real and nominal), and employment, across the New York-New Jersey metro area, as well as all other counties in New York state.
- The national EHIs present heterogeneities in inflation, earnings (real and nominal), employment, and wealth for the U.S. as a whole.
The demographic and economic heterogeneities include differences by disability, veteran status, age, education, income, race/ethnicity, and business size. The geographic groups include urban/rural status, U.S. census regions, majority-minority areas, and low-income areas.
Frequently Asked Questions (FAQ)
Below are highlights from the various topic areas covered by the latest release.
JULY UPDATE (Data Through May 2025)
DOWNLOAD: FULL REGIONAL REPORT | DATA
DOWNLOAD: FULL NATIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | WEALTH
DOWNLOAD: FULL NATIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | WEALTH
- In the region, inflation rates have converged across groups with different incomes, ages, and education levels.
- At the national level, Hispanic, middle-income, Southern and rural households saw lower inflation than the national average.
DOWNLOAD: REGIONAL INFLATION REPORT | NATIONAL INFLATION REPORT
- In the region, workers without a bachelor’s degree earned 52.2 percent of the earnings of workers with a bachelor’s degree, somewhat less than they do in the nation as a whole.
- At the national level, Black and Hispanic workers, as well as workers without a college degree earned more as a fraction of the earnings of white workers and workers with a degree, respectively, than they did in May 2024. However, women workers’ earnings have declined as a share of men’s earnings since a year ago.
DOWNLOAD: REGIONAL EARNINGS REPORT | NATIONAL EARNINGS REPORT
- Labor market gaps have declined in the region at rates similar to those of the nation as a whole.
- At the national level, employment and labor force participation have fallen for Black women, while unemployment has risen.
DOWNLOAD: REGIONAL EMPLOYMENT REPORT | NATIONAL EMPLOYMENT REPORT
- At the national level, net worth and most forms of assets and liabilities have decreased across all group, in both nominal and real terms between 2024:Q4 and 2025:Q1, although liquid assets have continued to increase.
DOWNLOAD: NATIONAL WEALTH REPORT
About the Data
The EHIs are calculated using the Consumer Expenditure Survey microdata from the Bureau of Labor Statistics (BLS); National and Regional Consumer Price Indexes from the BLS; Current Population Survey microdata from the BLS; Distributional Financial Accounts (DFA) data from the Board of Governors of the Federal Reserve System; and American Community Survey microdata and Quarterly Workforce Indicators from the U.S. Census Bureau.
REGIONAL: REPORT | DATA
NATIONAL: REPORT | DATA
DOWNLOAD: REGIONAL DATA | NATIONAL DATA
Note: As of July 9, 2024, updates to the Economic Heterogeneity Indicators (EHIs) do not include consumer spending data. Historical consumer spending data continues to be available.
REGIONAL: REPORT | DATA
NATIONAL: REPORT | DATA
Release Schedule
Released at or shortly after 10 a.m.
2025
January 7 Regional Report | National Report
April 8 Regional Report | National Report
July 8 Regional Report | National Report
October 7
Archive
2024
2023
How to cite these reports:
Federal Reserve Bank of New York, Economic Heterogeneity Indicators, https://
www.newyorkfed.org/research/economic-heterogeneity-indicators.
Related reading:
The College Economy: Educational Differences in Labor Market Outcomes
(May 2025)
Veterans in the Labor Market: 2024 Update (May 2024)
Recent Disparities in Earnings and Employment (December 2023)
Disclaimer
The Economic Heterogeneity Indicators are not official estimates of the Federal Reserve Bank
of New York, its President, the Federal Reserve System, or the Federal Open Market
Committee.
About the EHIs
Economic analysis often focuses on understanding the average effects of a policy or program. However, it is vital to study how the economic trends and economic effects of policies vary across demographic, geographic and socioeconomic boundaries to understand their impacts on the macroeconomy. Analysis of the New York Fed EHIs helps bring a deeper understanding of economic growth considerations to policymaking, research, and practice.
The EHIs are updated at or shortly after 10 a.m. on the dates posted toward the bottom of this page.
The EHIs are not official estimates of the Federal Reserve Bank of New York, its President, the Federal Reserve System, or the Federal Open Market Committee.
The EHIs are updated at or shortly after 10 a.m. on the dates posted toward the bottom of this page.
The EHIs are not official estimates of the Federal Reserve Bank of New York, its President, the Federal Reserve System, or the Federal Open Market Committee.
Contact Us
If you have questions about the Economic Heterogeneity Indicators, submit them to research.publications@ny.frb.org.
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