Note: Due to the breadth of information that the EHIs cover, going forward, a core chart set will publish three times a year, with the complete chart set released once annually in the spring. A full EHI dataset will accompany each release so readers can create any data visualization on a consistent basis. (9/24/26).
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Economic Heterogeneity Indicators (EHIs)
The EHIs are broad-based economic indicators that measure macroeconomic outcomes experienced by different demographic, economic, and geographic groups.
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.
Below are highlights from the various topic areas covered by the latest release.
- The EHIs consist of two segments: the national report and the regional report. They cover five core topic areas on a quarterly basis: inflation, earnings, employment, consumer spending, and wealth (national report only). A sixth topic area, small business, is included in both reports on an annual basis.
- The demographic and economic heterogeneities covered include differences by disability, veteran status, age, education, income, race/ethnicity, and business size. The geographic heterogeneities include differences by urban/rural status and by U.S. Census regions.
Below are highlights from the various topic areas covered by the latest release.
SEPTEMBER 2026 UPDATE (Data Through August 2026)
DOWNLOAD: FULL NATIONAL REPORT | DATA
DOWNLOAD: FULL REGIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | WEALTH | CONSUMER SPENDING
DOWNLOAD: FULL REGIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | WEALTH | CONSUMER SPENDING
Inflation
DOWNLOAD: NATIONAL INFLATION REPORT | REGIONAL INFLATION REPORT
- Inflation at the national level remains higher by 0.6 percentage point for low-income households than for high-income households.
- Inflation at the regional level was higher by 0.85 percentage point for low-income households than for high-income households.
DOWNLOAD: NATIONAL INFLATION REPORT | REGIONAL INFLATION REPORT
Earnings
DOWNLOAD: NATIONAL EARNINGS REPORT | REGIONAL EARNINGS REPORT
- At the national level, Black workers earned 78.0% of white workers’ earnings in August 2026, up slightly from a year ago, and similar to April 2026. Hispanic workers earned 75.8% of white workers’ earnings, down from April 2026 and from a year ago.
- In the region, earnings of Black and Hispanic workers stand at 74.7% and 73.7% of those of white workers, respectively.
DOWNLOAD: NATIONAL EARNINGS REPORT | REGIONAL EARNINGS REPORT
Employment
- At the national level, labor force participation declined on average to 83.3% in August 2026 from 83.8% in April 2026. Black labor force participation declined to 80.6% in August 2026 from 81.5% in April 2026.
- Labor force participation of Black people and people with less than a high school degree declined in the region between April and August 2026, as it did for the nation.
DOWNLOAD: NATIONAL EMPLOYMENT REPORT | REGIONAL EMPLOYMENT REPORT
Consumer Spending
DOWNLOAD: NATIONAL CONSUMER SPENDING REPORT | REGIONAL CONSUMER SPENDING REPORT
- At the national level, a K-shaped economy in which there are sharp divergences by income, education, and race/ethnicity persisted for both retail ex-auto and gas spending.
- At the regional level, a K-shaped economy by income and race/ethnicity persisted in retail ex-auto, albeit the gaps between the groups with the highest and the lowest increase are smaller than in the nation.
DOWNLOAD: NATIONAL CONSUMER SPENDING REPORT | REGIONAL CONSUMER SPENDING REPORT
Wealth (data through 2026:Q1)
DOWNLOAD: NATIONAL WEALTH REPORT
- At the national level, since 2023, growth in net worth and in financial assets has been especially pronounced for high-income, high-wealth, college-educated, and white households.
DOWNLOAD: NATIONAL WEALTH REPORT
About the Data
From the Bureau of Labor Statistics: Consumer Expenditure Survey microdata, National and Regional CPIs, and Current Population Survey microdata. From other sources: Quarterly Workforce Indicators (U.S. Census Bureau), consumer spending (Numerator), Distributional Financial Accounts (Federal Reserve Board of Governors), and Small Business Credit Survey (a collaboration of all twelve Federal Reserve Banks).
DOWNLOAD: NATIONAL DATA | REGIONAL DATA
EHI Report Archive
2026
2025
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 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.
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 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 not official estimates of the Federal Reserve Bank of New York, its President, the Federal Reserve System, or the Federal Open Market Committee.
Release Schedule
Released at or shortly after 10 a.m.
2026
Feb 3 National | Regional
May 28 National | Regional
Sept 24 National | Regional*
Oct 2 Regional Consumer Spending
2027
Jan 29 National | Regional
Apr 30** National | Regional
Jun 25 National | Regional* (Both include Small Business)
Jul 2 Regional Consumer Spending
Oct 1 National | Regional
* Excludes Consumer Spending EHIs, released a week later
** Charts reflect the complete EHI dataset
Video: A K-Shaped Pattern in Consumer Spending
Economic Research Advisor Raji Chakrabarti discusses new work showing that the recent growth in household spending in the U.S. has not been broad based, but driven primarily by high-income households.
Related New York Fed Content
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