Midwest Economy Blog
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By Thomas Walstrum       August 8, 2017

With the recent release of the Chicago Fed's June Midwest Economy Index (MEI), we now have a good picture of how the Seventh District's economy has done in the first half of this year. Overall, things went pretty well, and it appears that revivals in global growth and U.S. oil production are behind the good results. These revivals have lifted some long-struggling manufacturing industries ... Read More

By Thomas Walstrum       July 17, 2017

A summary of economic conditions in the Seventh District from the latest release of the Beige Book and other indicators of regional business activity: Overall conditions: Growth in economic activity in the Seventh District picked up to a moderate pace in late May and June and respondents' outlooks for growth over the next 6 to 12 months also improved some. Employment and Wages: Employme... Read More

By Thomas Walstrum       June 1, 2017

A summary of economic conditions in the Seventh District from the latest release of the Beige Book and other indicators of regional business activity: Overall conditions: Growth in economic activity in the Seventh District slowed to a modest pace in April and early May. Respondents' outlooks for growth over the next 6 to 12 months also pulled back some, but remained positive on balance. ... Read More

By Thomas Walstrum       April 20, 2017

A summary of economic conditions in the Seventh District from the latest release of the Beige Book and other indicators of regional business activity: Overall conditions: Growth in economic activity in the Seventh District continued at a moderate pace in late February and March, and contacts expected activity to continue rising at a moderate pace over the next six to twelve months. Em... Read More

By Scott A. Brave       April 19, 2017

Updated forecasts of Seventh District GSP growth Each year, the Chicago Fed provides estimates of annual gross state product (GSP) growth for the five states in the Seventh Federal Reserve District.1 While presenting last year's projections, we proposed a new forecasting model incorporating the U.S. Bureau of Economic Analysis's (BEA) quarterly GSP data. In this post, we again use... Read More

By Rick Mattoon       April 18, 2017

Broadly speaking, fiscal federalism is a theory of public finance concerned with how to most appropriately and efficiently provide government services (or public goods) through different levels of government. This theory also involves how to set up the fiscal relationships (e.g., conditional versus unconditional transfers) between the different levels of governments to best provide these services... Read More

By Thomas Walstrum       March 20, 2017

Here at the Chicago Fed, we closely track one of the most important regional economic indicators, the U.S. Bureau of Labor Statistics' (BLS) payroll employment survey (also known as the Current Employment Statistics, or CES). The survey is important because it provides a good picture of the overall state of an economy and its initial results are released quickly (unlike some other regiona... Read More

By Thomas Walstrum       March 1, 2017

A summary of economic conditions in the Seventh District from the latest release of the Beige Book and from other indicators of regional business activity: Overall conditions: Growth in economic activity in the Seventh District picked up to a moderate pace in January and early February, and contacts expected activity to continue rising at a moderate pace over the next six to twelve months. ... Read More

By Thomas Haasl       February 6, 2017

In a recent Chicago Fed Letter, Thom Walstrum examined the fiscal performance of Illinois's state and local governments beginning in the late 1980s. His analysis showed that since at least the late 1980s, Illinois's governments (as a whole) have consistently run a budget deficit. His analysis also revealed that the degree of overspending (or alternatively, undertaxing) by Illinois was gre... Read More

By Thomas Walstrum       February 1, 2017

Last week we received the December 2016 report from the U.S. Bureau of Labor Statistics' (BLS) state payroll employment survey (also known as the Current Employment Statistics, or CES), so it's our first opportunity to look at how well the Seventh Federal Reserve District1 did in 2016. The recent report is not the final word on job growth in 2016 because the data will eventually be benchm... Read More

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