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 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, 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.
FEBRUARY UPDATE (Data Through December 2025)
DOWNLOAD: FULL REGIONAL REPORT | DATA
DOWNLOAD: FULL NATIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | CONSUMER SPENDING | WEALTH | SMALL BUSINESS
DOWNLOAD: FULL NATIONAL REPORT | DATA
Jump to:
INFLATION | EARNINGS | EMPLOYMENT | CONSUMER SPENDING | WEALTH | SMALL BUSINESS
- Low-income households experienced higher inflation than middle- and high-income households did in the region.
- At the national level, Hispanic, high-income, Southern, and young households saw lower inflation than the national average, while low-income, Northeastern, Western, and rural households experienced higher inflation than the national average.
DOWNLOAD: REGIONAL INFLATION REPORT | NATIONAL INFLATION REPORT
- Average real earnings are higher in the region compared to the national average.
- At the national level, Black and Hispanic workers experienced an increase in the earnings ratio to white workers relative to August 2025, while workers without a college degree earned more as a fraction of the earnings of workers with a degree than they did during most of the past six years.
DOWNLOAD: REGIONAL EARNINGS REPORT | NATIONAL EARNINGS REPORT
- Currently in the region, racial and gender employment gaps are decreasing, and the college employment premium has partially rebounded from record lows in accordance with national trends.
- At the national level, employment losses and unemployment increases have leveled off for Black men and women, though employment remains low and unemployment remains high for them relative to the post-pandemic period.
DOWNLOAD: REGIONAL EMPLOYMENT REPORT | NATIONAL EMPLOYMENT REPORT
- At the national level, since 2023 high-income households have increased nominal and real consumption by a higher percentage than have middle-income and low-income households.
DOWNLOAD: NATIONAL CONSUMER SPENDING REPORT
- At the national level, growth in wealth after 2019 was faster for some groups with little wealth growth relative to population.
DOWNLOAD: NATIONAL WEALTH REPORT
- Small businesses, and particularly the very smallest firms, in the region took a bigger hit during the COVID-19 pandemic with employment and revenue growth yet to catch up to national averages.
- At the national level, small business conditions improved after the COVID-19 pandemic but have largely plateaued, with the smallest businesses struggling the most.
DOWNLOAD: REGIONAL SMALL BUSINESS REPORT | NATIONAL SMALL BUSINESS 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; Quarterly Workforce Indicators from the U.S. Census Bureau; consumer spending from Numerator; Distributional Financial Accounts from the Federal Reserve Board of Governors; and the Small Business Credit Survey from the Federal Reserve Bank of Cleveland.
DOWNLOAD: REGIONAL DATA | NATIONAL DATA
Release Schedule
Released at or shortly after 10 a.m.
2026
Feb 3 Regional Report | National Report
Apr 23
July 23
Oct 22
2025
January 7 Regional Report | National Report
April 8 Regional Report | National Report
July 8 Regional Report | National Report
October 7 Regional Report | National Report
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:
A New Dataset for Consumer Spending in the New York Fed EHIs (February 2026)
New York Fed EHIs Reveal Small Business Struggles (February 2026)
Less for You, More for Me: Credit Reallocation and Rationing Under Usury Limits (December 2025)
The College Economy: Educational Differences in Labor Market Outcomes
(May 2025)
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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