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Chicago Fed Letter, No. 80, April 1994
The Revival of the Rust Belt: Fleeting Fancy or Durable Good?
The Midwest economy expanded at a robust clip in 1993, with employment, consumer spending, industrial output and housing activity showing substantial gains for the year as a whole. Flooding, supply interruptions in the auto industry and some slippage in consumer and producer confidence slowed the upswing around mid-year, but business activity strengthened markedly as 1993 came to a close. Harsh winter weather put a chill on growth in the region in recent months, but the underlying economic momentum remained quite positive.
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