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Economic Heterogeneity Indicators (EHIs)
The EHIs aim to study macroeconomic trends and outcomes across the various groups of people, geographies, 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), employment, consumer spending, and business size across the region.
- The national EHIs present heterogeneities in inflation, earnings (real and nominal), employment, consumer spending, business size, and wealth for the U.S. as a whole.
Frequently Asked Questions (FAQ)
Below are highlights from the various topic areas covered by the latest release.
DOWNLOAD: FULL NATIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | CONSUMER SPENDING | WEALTH | SMALL BUSINESS
- Inflation rates have diverged in the region following the March 2026 gasoline price shock, with Hispanic, Black, low-income and non-college households experiencing higher inflation than the regional average.
- In a reversal at the national level, Hispanic, Black, low and middle-income, non-college, rural, Northeastern and Midwestern households saw higher inflation than the national average, in part from higher gasoline prices since March 2026. AAPI, high-income, college-educated, young and Southern households saw lower inflation than the average.
DOWNLOAD: REGIONAL INFLATION REPORT | NATIONAL INFLATION REPORT
- In the region, the ratio of the earnings of nongraduates to college graduates is lower in the region than in the nation but has been rising in the last six months.
- At the national level, Black and Hispanic workers experienced a decrease in earnings ratio to white workers relative to December 2025.
DOWNLOAD: REGIONAL EARNINGS REPORT | NATIONAL EARNINGS REPORT
- The gender labor force participation gap in the region has rebounded but remains on a gradual downward trend since the pre-pandemic periods.
- At the national level, employment gaps between college graduates and nongraduates have declined to pre-pandemic levels.
DOWNLOAD: REGIONAL EMPLOYMENT REPORT | NATIONAL EMPLOYMENT REPORT
- Following the March 2026 gas price shock, low-income households in the region decreased real gasoline consumption by considerably more than those in the nation. High income households in both the region and the nation essentially held it unchanged.
- At the national level, real gas spending and real retail ex auto spending have fallen for nearly all groups following the March 2026 gas price shocks. Lower-income groups generally reduced real gas consumption by more than higher-income groups, who in turn increased nominal gas spending by more than lower-income groups.
DOWNLOAD: REGIONAL CONSUMER SPENDING REPORT | NATIONAL CONSUMER SPENDING REPORT
- At the national level, real liquid assets grew rapidly for most groups in 2025:Q4, including Hispanic, noncollege and Black households, but did not grow for households in the bottom income quintile.
DOWNLOAD: NATIONAL WEALTH REPORT
- In the region, firms of all sizes reported severe declines in revenues and employment growth in the 2025 survey and became more pessimistic about achieving growth in 2026.
- At the national level, profitability increased in December 2024 as firms reported profits 13 percentage points more often than losses. However, this number remains far below the pre-pandemic differential of 46 percentage points in December 2019.
DOWNLOAD: REGIONAL SMALL BUSINESS REPORT | NATIONAL SMALL BUSINESS REPORT
DOWNLOAD: REGIONAL DATA | NATIONAL DATA
Released at or shortly after 10 a.m.
2026
Feb 3 Regional Report | National Report
May 28 Regional Report | National Report
July 23
Oct 22
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 Regional Side of the Story: K-Shaped Pattern in Region, Wider Gap in Gas Spending (May 2026)
Food Insecurity and Consumer Pessimism (May 2026)
Same Shock, Different Roads: A K-Shaped Pattern at the Pump (May 2026)
Tracking the K-Shaped Economy: Who's Driving Spending? (May 2026)
Explaining the K-Shaped Economy: What’s Behind the Divide? (May 2026)
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.
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.
