From the President

Charles Evans
President and CEO

Features

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New Issue of Risk Perspectives Available

Federal Reserve Bank of Chicago's supervision group follows current and emerging risk trends.  Recent issue of Risk Perspectives highlights risk monitoring. Read More

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Health and Community Socioeconomic Status

This edition of ProfitWise News and Views provides a look at how indicators of health parallel economic conditions, and at how one Chicago neighborhood, to some degree, provides an exception to this general relationship. Read More

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Industry Clusters and Economic Development in Midwest's Largest Cities

Economic Perspectives article examines industry structure, performance, and economic development plans of the largest metro areas in Illinois, Indiana, Iowa, Michigan, and Wisconsin. Read More

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Industrial Cities Initiative Profiled in New Report

Federal Reserve Bank of Chicago's Community Development and Policy Studies department recently published profiles of a group of 10 cities that experienced significant manufacturing job loss in recent decades.  Read More

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Homebuilders, Affiliated Financing Arms, and the Mortgage Crisis

Economic Perspectives article finds that although homebuilder financing affiliates make loans to riskier borrowers, they have lower delinquency rates than unaffiliated lenders. Read More

Recent News

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Midwest Economic Growth Increased in July

The Midwest Economy Index was +0.62 in July, up from +0.56 in June. Read More

Are Midwest Labor Markets Still Slack?

In a recent blog posting, Federal Reserve Bank of Chicago's William Testa and Jacob Berman discuss labor markets variation across states.  Read More

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Economic Growth Picked Up in July

The Chicago Fed National Activity Index was +0.39 in July, up from +0.21 in June. Read More

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The Relationship between Real Wage Growth and Labor Market Conditions

Chicago Fed Letter finds that real wage growth is strongly correlated with the medium-term unemployed (five to 26 weeks unemployed) and involuntary part-time workers. Read More

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Midwest Farmland Values Up Slightly in Second Quarter

Latest AgLetter reports Seventh District farmland values in the second quarter of 2014 were 3 percent higher than a year ago. Read More

Economic Impact of Slowdown in New Business Formation

Chicago Fed Letter finds decline in new business entry did not add much to employment losses of 2008–09, but effects might be long-lasting. Read More

Fed’s Evans Addresses Economic Summit

Charles Evans July 11 slide presentation to the Sixth Annual Rocky Mountain Economic Summit in Jackson Hole, Wyoming. Read More

Around the System

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FOMC Statement

Access Federal Open Market Committe statements, forecasts and minutes.

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The Fed App: Now for Android and iOs

Looking for Federal Reserve System news in one location? Download The Fed app onto your smartphone or tablet for the latest speeches, news releases and tweets from the Board of Governors and all 12 Reserve Banks.

Economic Snapshot

Chicago Fed National Activity Index (CFNAI)


National Financial Conditions Index (NFCI)


Midwest Economy Index (MEI)


Chicago Fed Midwest Manufacturing Index (CFMMI)


Latest Indicators — July*  
Unemployment Employment
Growth
GSP     
Growth**
Monthly YoY      YoY
US:
IL:
IN:
IA:
MI:
WI:
6.2%
6.8%
5.9%
4.5%
7.7%
5.8%
0.2%
0.2%
0.0%
0.0%
0.4%
0.1%
1.9%
0.6%
2.2%
1.1%
1.4%
1.6%
0.4%
1.5%
-0.2%
0.0%
2.7%
2.0%

*All data are seasonally adjusted.
**Year-to-date estimates of annual growth in real gross state product (GSP) are through 2014:Q1.
Source: Bureau of Economic Analysis and Bureau of Labor Statistics/Haver Analytics
More about the Midwest Economy

CFNAI
July
Monthly Index:  +0.39
3-month MA:  +0.25
Diffusion Index:  +0.31

NFCI
August 22, 2014
NFCI:  -0.94
Adjusted NFCI (ANFCI):  -0.48

Midwest Economy Index (MEI)
July
MEI:  +0.62
Relative MEI:  +0.29

CFMMI

+0.4% in October

Farmland Values

3% in 2Q14 over 2Q13

'Beige Book'

Growth in economic activity remained moderate in June and contacts maintained their optimistic outlook for the rest of the year.

Michigan Retail Index

+7.2 for sales outlook
+8.2 for sales performance