From the President

Charles Evans
President and CEO

Features

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Measuring Fiscal Impetus: The Great Recession in Context

Economic Perspectives article finds that fiscal policy was more expansionary than average during the 2007 recession and has been significantly more contractionary than average during the recovery; it is forecasted to remain depressed well into the future. Read More

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New Issue of Risk Perspectives Available

Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends.  Recent issue of Risk Perspectives highlights risk monitoring. Read More

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Health and Community Socioeconomic Status

This edition of ProfitWise News and Views provides a look at how indicators of health parallel economic conditions, and at how one Chicago neighborhood, to some degree, provides an exception to this general relationship. Read More

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Industry Clusters and Economic Development in Midwest's Largest Cities

Economic Perspectives article examines industry structure, performance, and economic development plans of the largest metro areas in Illinois, Indiana, Iowa, Michigan, and Wisconsin. Read More

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Industrial Cities Initiative Profiled in New Report

Federal Reserve Bank of Chicago's Community Development and Policy Studies department recently published profiles of a group of 10 cities that experienced significant manufacturing job loss in recent decades.  Read More

Recent News

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Economic Growth Decelerated in August

The Chicago Fed National Activity Index was –0.21 in August, down from +0.26 in July. Read More

New Survey-Based Activity Indexes

In a recent blog posting, Federal Reserve Bank of Chicago's Rebecca Friedman discusses a new Chicago Fed business conditions survey conducted in conjunction with the Beige Book.  Read More

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Using the Federal Reserve’s Beige Book to Track Economic Activity

Chicago Fed Letter provides a first look at a new set of indexes constructed from the Chicago Fed’s Beige Book survey. Read More

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The Relationship between Real Wage Growth and Labor Market Conditions

Chicago Fed Letter finds that real wage growth is strongly correlated with the medium-term unemployed (five to 26 weeks unemployed) and involuntary part-time workers. Read More

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Midwest Farmland Values Up Slightly in Second Quarter

Latest AgLetter reports Seventh District farmland values in the second quarter of 2014 were 3 percent higher than a year ago. Read More

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Economic Impact of Slowdown in New Business Formation

Chicago Fed Letter finds decline in new business entry did not add much to employment losses of 2008–09, but effects might be long-lasting. Read More

Around the System

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FOMC Statement

Access Federal Open Market Committe statements, forecasts and minutes.

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The Fed App: Now for Android and iOs

Download The Fed app onto your smartphone or tablet for the latest speeches, news releases and tweets from the Board of Governors and all 12 Banks.

Economic Snapshot

Chicago Fed National Activity Index (CFNAI)


National Financial Conditions Index (NFCI)


Midwest Economy Index (MEI)


Chicago Fed Midwest Manufacturing Index (CFMMI)


Latest Indicators — July*  
Unemployment Employment
Growth
GSP     
Growth**
Monthly YoY      YoY
US:
IL:
IN:
IA:
MI:
WI:
6.2%
6.8%
5.9%
4.5%
7.7%
5.8%
0.2%
0.2%
0.0%
0.0%
0.4%
0.1%
1.9%
0.6%
2.2%
1.1%
1.4%
1.6%
0.4%
1.5%
-0.2%
0.0%
2.7%
2.0%

*All data are seasonally adjusted.
**Year-to-date estimates of annual growth in real gross state product (GSP) are through 2014:Q1.
Source: Bureau of Economic Analysis and Bureau of Labor Statistics/Haver Analytics
More about the Midwest Economy

CFNAI
August
Monthly Index:  -0.21
3-month MA:  +0.07
Diffusion Index:  +0.14

NFCI
September 12, 2014
NFCI:  -0.92
Adjusted NFCI (ANFCI):  -0.40

Midwest Economy Index (MEI)
July
MEI:  +0.62
Relative MEI:  +0.29

CFMMI

+0.4% in October

Farmland Values

3% in 2Q14 over 2Q13

'Beige Book'

Growth in economic activity remained moderate in July and August, and contacts maintained their optimistic outlook for the rest of the year.

Michigan Retail Index

+7.2 for sales outlook
+8.2 for sales performance