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Chicago Fed Letter, No. 92, April 1995
The Midwest Economy: Still a Swan

The Midwest has a longstanding reputation as an ugly duckling during national economic slowdowns. This reputation was acquired and richly deserved as a result of the region's performance in the 1970, 1973-75, 1980 and 1981-82 recessions. During these episodes manufacturing activity, housing, retail sales and employment all posted sharply greater declines in the Midwest than the national average.

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