Information about the Seventh Federal Reserve District states, Illinois, Indiana, Iowa, Michigan and Wisconsin; economic indicators; articles on Midwest issues; and news about conferences and projects.
Research Vice President Bill Testa and special guest commentators offer unique perspectives on the Midwest economy through this blog including topics such as energy, regional production and the auto industry.
Automakers and suppliers have long faced the need to adapt to ever-changing global competition, customer preferences and industry regulation. In an effort to get insights into future challenges and opportunities for the auto industry questions, the Federal Reserve Bank of Chicago — Detroit Branch and Detroit Association of Business Economists (DABE) together with WardsAuto will host a half-day conference on January 12, 2017. Read the blog to learn more about the conference and to register.
The Michigan Retail Index survey for February found 45 percent of the state’s retailers increased sales over the same month last year, while 43 percent recorded declines and 12 percent reported no change. The results create a seasonally adjusted performance index of 52.8, up from 40.5 in January. A year ago February the performance index stood at 58.7.
Looking forward, 76 percent of retailers expect sales during March – May to increase over the same period last year, while 3 percent project a decrease and 21 percent no change. That puts the seasonally adjusted outlook index at 79.0, nearly level with 79.4 in January. A year ago February, the outlook index stood at 75.2.
The Midwest Economy Index (MEI) edged down to –0.10 in September from –0.08 in August. However, the relative MEI moved up to +0.17 in September from +0.13 in August. September’s value for the relative MEI indicates that Midwest economic growth was somewhat higher than what would typically be suggested by the growth rate of the national economy.
In September 2015, Volkswagen admitted to having programmed nearly 11 million of its diesel vehicles to cheat on tailpipe emissions tests. To put VW’s emissions rigging into a broader context, the authors review the different approaches that the U.S. and Europe for testing and managing vehicle emissions.
According to the most recent AgLetter, Seventh District farmland values in the third quarter of 2016 were 3 percent lower than a year ago. Values for "good" agricultural land in the third quarter of 2016 were 1 percent lower than in the second quarter.
On December 2, 2016, the Federal Reserve Bank of Chicago held its annual economic outlook symposium. Presentations and a press release from the symposium are online.
On May 31, 2016, the Federal Reserve Bank of Chicago held its annual automotive symposium. Twenty-seven industry experts provided a consensus on the economy in 2016 and 2017. Presentations and a press release from the symposium are online. A Chicago Fed Letter offers a summary of the symposium and the participants' forecasts.
Seventh District farmland values in the first quarter of 2014 were 1 percent higher than a year ago. Values for “good” agricultural land in the first quarter of 2014 were 1 percent lower than in the fourth quarter of 2013.
Interested in community and economic development? Follow the latest posts in the Community Devolopment and Policy Studies blog!
Data reports for Illinois, Indiana, Iowa, Michigan and Wisconsin
- Gross State Product (GSP) for 1980 and 2008
- Employment by industry sector for 1980 and 2008
- Employment trends by industry sector for 1980-2008
- Midwest Economy Index (MEI)
Employment and Gross State Product
|Unemployment rate||Employment growth||GSP growth**|
*All data are seasonally adjusted.
**Annualized quarterly growth in real gross state product (GSP) is for 2016:Q2.
Sources: Bureau of Economic Analysis and Bureau of Labor Statistics/Haver Analytics.
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Midwest Economy events dating back through 2010 are available below. Many of our earlier events are available on our Past Events page and our conference series pages (links in the sidebar).