Federal Reserve Economic Data

The FRED® Blog

To what degree do we have degrees?

Bachelor’s degrees grow more common every year. The Census Bureau estimates, as of 2015, that 32.5% of the U.S. population 25 years or older have at least a bachelor’s degree. Yet, the GeoFRED map shows that the percentages of the vast majority of counties are lower than the national average: Almost 90% of counties are at 29.5% or less.

Looking at the regions with the highest and lowest percentages can give us some important insights. The southern U.S. claims 9 of the bottom 20 counties, which goes up to 16 of 20 if we include Kentucky and Texas. Loving County, Texas, has the lowest percentage: With a population of 112, it has only 3.7% with at least a bachelor’s degree. The top 20 counties are spread throughout the country, 7 of which are from the state of Virginia: Falls Church City and Arlington County, respectively, have 72.8% and 71.2% with at least a bachelor’s degree. This above-average cluster around Washington D.C. is home to many Fortune 500 companies and multiple federal government agencies, including the Department of Defense’s main base of operation, the Pentagon.

How the graph was created: The original post referenced an interactive map from our now discontinued GeoFRED site. The revised post provides a replacement map from FRED’s new mapping tool. To create FRED maps, go to the data series page in question and look for the green “VIEW MAP” button at the top right of the graph. See this post for instructions to edit a FRED map. Only series with a green map button can be mapped.

Suggested by Joshua Berry

Consols: The never-ending bonds

FRED just added an exciting new dataset from the Bank of England: Three Centuries of Macroeconomic Data in the United Kingdom. It provides, among many others, a series on the yields of consols. These are bonds without a maturity date. Pardon? Well, that means there’s no scheduled date for final redemption, until the government decides to pay it back, and coupon payments are made until that time. Consols were first introduced in 1751 at 3.5% and have been in circulation ever since, although interest rates have varied. In 2015, the British government decided to redeem all consols in circulation.

A consol is like a stock, in that it last forever…or until the debtor decides to buy it back. However, consols have a fixed interest rate, while stocks have varying dividends. Consols are also considered to be bonds and thus have seniority over stocks in cases of bankruptcy. Another unconventional debt instrument that comes close to consols is the 100-year mortgage introduced in Japan in the 1980s to try to make homes more affordable.

How this graph was created: Search for “consol” and you should find the series among the first results.

Suggested by Christian Zimmermann.

View on FRED, series used in this post: YCLTUK

Of the people: Federal and local government employment

Here, FRED shows us the total number of U.S. federal government employees over time. Take a minute to examine the graph… For one thing, it sure is spikey. The highest level was during World War II, and the next highest was during the war in Korea. Clearly, war has driven this type of employment. There are also short spikes every ten years, which correspond to temporary hires for the census, including the spike in April 2009. Overall, these spikes have grown as the U.S. population has grown. What may be surprising is that there hasn’t been any significant upward trend, despite substantial population growth—in fact, the U.S. population has more than doubled over this period.

The graph below shows state and local government employment, and the story here is quite different: Except during the recent recessions, both these have grown steadily, despite the fact their growth isn’t affected by wars or the census.

How these graphs were created: Look for the Current Employment Statistics (Establishment Data) releases and select Table B-1. Choose “Federal, except U.S. Postal Service” for the first graph. For the second graph, select the three series shown and add them to the graph.

Suggested by Christian Zimmermann.

View on FRED, series used in this post: CES9091100001, CES9092000001, CES9093000001


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