Economic Recovery and Jobs in the Seventh District
The states of the Seventh Federal Reserve District (Illinois, Indiana, Iowa, Michigan, and Wisconsin) suffered employment losses of over five percent (683,000 jobs) during the economic downturn of 1981-82. This compares with a three percent national decline. During the short but sharp recession of 1980, District states' employment fell by three and one-half percent compared with one percent nationally. Between these recessions the 1980-81 national recovery never materialized in the Seventh District; Indiana alone recorded an employment increase during this period.The Seventh District endured, in effect, a single long and deep recession over the years 1980 to 1982.