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Thomas Walstrum

Principal Business Economist

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Thomas Walstrum

About

Thomas Walstrum is a principal business economist in the economic research department at the Federal Reserve Bank of Chicago. His responsibilities include the Seventh District's contribution to the Beige Book, the Chicago Fed Survey of Economic Conditions, and briefings for the Chicago Fed president on Seventh District economic conditions. He also is a contributing author to the Bank's Chicago Fed Insights article series.

Walstrum holds a B.A. in economics from Wheaton College, Illinois, and a Ph.D. in economics from the University of Illinois at Chicago, with concentrations in labor and urban and regional economics.

Bank Publications

Chicago Fed Insights

Seventh District Midyear Review: Economic Growth Continued to Be Solid in the First Half of 2024
Elizabeth Kepner, Thomas Walstrum | 2024 | August
An Update on the Status of Remote Work from the Chicago Fed Survey of Economic Conditions
Becky Schneirov, Thomas Walstrum | 2024 | May
How Is the Challenge of Finding Childcare Affecting Labor Force Participation? Perspectives from Employers Across the Seventh District
Susan Longworth, Thomas Walstrum, Martin Lavelle | 2024 | February
Seventh District Year in Review for 2023: Faster-Than-Expected Economic Growth
Elizabeth Kepner, Thomas Walstrum | 2024 | February

Chicago Fed Letter

Can the CFSBC Activity Index Nowcast U.S. Real GDP Growth?
Thomas Walstrum | 2017 | No. 378 Download
The Illinois Budget Crisis in Context: A History of Poor Fiscal Performance
Thomas Walstrum | 2016 | No. 365 Download
Using the Federal Reserve’s Beige Book to Track Economic Activity
Scott A. Brave, Thomas Walstrum | 2014 | No. 328 | November Download

Economic Perspectives

The Chicago Fed Survey of Business Conditions: Quantifying the Seventh District’s Beige Book Report
Scott A. Brave, Thomas Walstrum, Jacob Berman | 2015 | Vol. 39 | 3rd Quarter Download

Michigan Economy Blog

Michigan’s Automotive R&D Part II
Thomas H. Klier, William Testa, Thomas Walstrum | 2014 | April
Michigan Automotive, More Than Production
Thomas Walstrum, William Testa | 2013 | November

Midwest Economy Blog

Regional Differences in Home Price Growth Since the Start of Covid-19 Are a Continuation of Long-Run Trends
Elainia Gupta, Thomas Walstrum | 2023 | September
Seventh District Midyear Review: Economic Growth Slowed Further in the First Half of 2023
Elizabeth Kepner, Thomas Walstrum | 2023 | August
Seventh District Year in Review for 2022: Economic Growth Slows, Moving Closer to Long-Run Trend
Elizabeth Kepner, Thomas Walstrum | 2023 | February
The Pandemic Business Cycle Is an Outlier for State Economies
Katherine Bennett, Thomas Walstrum | 2022 | October
State Economies Hit Hardest by the Pandemic Are Still Playing Catch-up
Levi Bognar, Thomas Walstrum | 2022 | May
Are Slow-Growth States Growing Slower Again?
Nicholas Kumamoto , Thomas Walstrum | 2022 | February
Seventh District Year in Review—A Speedy yet Halting Recovery
May Tysinger, Thomas Walstrum | 2022 | January
Results from a Special Chicago Fed Survey of Business Conditions on Remote Work
May Tysinger, Thomas Walstrum | 2021 | August
How Much Has the Employment Response to the Covid-19 Pandemic Differed Across States?
Thomas Walstrum | 2021 | January
Results from a Special Chicago Fed Survey of Business Conditions on the Impact of Covid-19 on Manufacturers
Jada Houser, Thomas Walstrum | 2020 | June
Results from a Special Chicago Fed Survey of Business Conditions on the Impact of Covid-19
Martin Lavelle, Thomas Walstrum | 2020 | May
Fourth Quarter 2019 Review—Seventh District Growth Remained Below Trend
Thomas Walstrum | 2020 | February
The Role of Manufacturing in Explaining Employment Growth in the Midwest Since 2000
Patrick Szurkowski, Thomas Walstrum | 2020 | February
Third Quarter 2019 Review—Growth Remained Moderately Below Trend
Thomas Walstrum | 2019 | November
Has Chicago’s Employment Growth Accelerated? Probably Not
Thomas Walstrum | 2019 | October
Second Quarter 2019 Review—Growth Continued to Slow and Is Now Below Trend
Thomas Walstrum | 2019 | August
First Quarter 2019 Review—Slower, but Respectable Growth
Thomas Walstrum | 2019 | May
How Did the Government Shutdown Affect the Chicago Fed’s Business Survey Contacts?
Thomas Walstrum | 2019 | March
Fourth Quarter 2018 Review—Growth Continued to Slow, but Remained Solid
Thomas Walstrum | 2019 | February
Fourth Quarter 2018 Review—Growth Continued to Slow, but Remained Solid
Thomas Walstrum | 2019 | February
Third Quarter (Plus October) Review—Seventh District Still Doing Well, but Growth Has Slowed Some
Thomas Walstrum | 2018 | December
How Have Rising Domestic and Foreign Tariffs Affected the Chicago Fed's Business Contacts?
Thomas Walstrum | 2018 | November
First Half Review—A Good Year So Far for the Seventh District
Thomas Walstrum | 2018 | August
First Quarter Review—A Good Start to the Year for the Seventh District
Thomas Walstrum | 2018 | May
How do the Chicago Fed’s business contacts expect the steel and aluminum tariffs to affect their businesses?
Thomas Walstrum | 2018 | May
How Should the State of Illinois Pay for its Unfunded Pension Liability? The Case for a Statewide Residential Property Tax
Thomas Haasl, Rick Mattoon, Thomas Walstrum | 2018 | May
Mid-Winter Review—Economic Activity in the Seventh District Picked Up After a Bit of a Lull
Thomas Walstrum | 2018 | February
How Do the Chicago Fed’s Business Contacts Expect to Spend Their Federal Tax Windfall?
Thomas Walstrum | 2018 | February
Early Fall Review—Economic Conditions Continued to Be Good in the Seventh District
Thomas Walstrum | 2017 | November
Late Summer Review—Seventh District Economy Still in Decent Shape
Thomas Walstrum | 2017 | September
2017 Mid-Year Review—A Solid First Half for the Seventh District, Thanks to Revivals in Global Growth and U.S. Oil Production
Thomas Walstrum | 2017 | August
Seventh District Update, July 2017
Thomas Walstrum | 2017 | July
Seventh District Update, May 2017
Thomas Walstrum | 2017 | June
Seventh District Update, April 2017
Thomas Walstrum | 2017 | April
Job growth in the Seventh District in 2016—A post-benchmarking update
Thomas Walstrum | 2017 | March
Seventh District Update, March 2017
Thomas Walstrum | 2017 | March
Our First Look at Job Growth in the Seventh District in 2016—New Estimates Using Early Benchmarking
Thomas Walstrum | 2017 | February
Seventh District Update, January 2017
Thomas Walstrum | 2017 | January
Seventh District Update, October 2016
Thomas Walstrum | 2016 | October
Poor fiscal performance a problem for both state and local governments in Illinois
Thomas Walstrum | 2016 | October
Seventh District Update, September 2016
Thomas Walstrum | 2016 | September
Seventh District Update, July 2016
Thomas Walstrum | 2016 | July
Seventh District Update, June 2016
Thomas Walstrum | 2016 | June
Seventh District Update, April 2016
Thomas Walstrum | 2016 | April
Early Benchmarking the State Payroll Employment Survey—Update
Thomas Walstrum | 2016 | March
Seventh District Update, March 2016
Thomas Walstrum | 2016 | March
Seventh District Update, January 2016
Thomas Walstrum | 2016 | January
Understanding the Seventh District’s economic slowdown in 2015
Thomas Walstrum | 2016 | January
Seventh District Update, December 2015
Thomas Walstrum | 2015 | December
Seventh District Update, October 2015
Thomas Walstrum | 2015 | October
Seventh District Update, September 2015
Thomas Walstrum | 2015 | September
Seventh District Update, July 2015
Thomas Walstrum | 2015 | July
Seventh District Update, June 2015
Thomas Walstrum | 2015 | June
“Early Benchmarking” the State Payroll Employment Survey
Thomas Walstrum | 2015 | June
Seventh District Update, April 2015
Thomas Walstrum, Scott A. Brave | 2015 | April
Seventh District Update, March 2015
Thomas Walstrum, Scott A. Brave | 2015 | March
2014 in Review: Strength in Manufacturing Led to Solid Growth in the Seventh District
Thomas Walstrum | 2015 | February
Seventh District Update, January 2015
Scott A. Brave, Thomas Walstrum | 2015 | February
Seventh District Update, December 2014
Scott A. Brave, Thomas Walstrum | 2014 | December
A Seventh District Labor Market Dashboard
Thomas Walstrum | 2014 | November
Seventh District Update, October 2014
Thomas Walstrum, Scott A. Brave | 2014 | October
Gross State Product Growth and the Midwest Economy Index
Scott A. Brave, Thomas Walstrum | 2014 | October
Seventh District Update, July 2014
Thomas Walstrum, Scott A. Brave | 2014 | July
Seventh District Update
Thomas Walstrum, Scott A. Brave | 2014 | June
Seventh District Update
Thomas Walstrum, Scott A. Brave | 2014 | April
Michigan’s Automotive R&D Part II
William Testa, Thomas H. Klier, Thomas Walstrum | 2014 | March
Seventh District Update
Thomas Walstrum, Scott A. Brave | 2014 | March
Seventh District Update
Thomas Walstrum, Scott A. Brave | 2014 | January
Seventh District Economic Update
Scott A. Brave, Thomas Walstrum | 2013 | December
Michigan Automotive, More Than Production
Thomas Walstrum, William Testa | 2013 | November
Seventh District Update
Thomas Walstrum, Scott A. Brave | 2013 | October
Seventh District Update, September 2013
Thomas Walstrum, Scott A. Brave | 2013 | September
Will Efforts to Fix Illinois Budget Hamper Economic Growth?
William Testa, Thomas Walstrum | 2013 | April
Midwest Outlook Workshop
Thomas Walstrum, Norman Wang | 2012 | January
Manufacturing in the Seventh District: Agriculture, Construction, and Mining Machinery
Thomas Walstrum, William Testa | 2011 | March

ProfitWise News and Views

Education and the Evolution of Earnings Across Population Groups Since 2000
Kelley Sarussi, Thomas Walstrum | 2019 | No. 5 Download

Working papers

Working Papers

Predicting Benchmarked US State Employment Data in Realtime (REVISED March 2021)
Scott A. Brave, Charles Gascon, William Kluender, Thomas Walstrum | 2019 | No. 2019-11 Download
Evidence on the Within-Industry Agglomeration of R&D, Production and Administrative Occupations
Benjamin Goldman, Thomas H. Klier, Thomas Walstrum | 2016 | No. 2016-20 Download
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