Over the past few years, the drop in employment has been steep and painful. A recent reassessment of the job count shows that even steeper declines have taken place than initially thought—both across the U.S. as a whole and in the Seventh Federal Reserve District, which covers all of Iowa and most of Illinois, Indiana, Michigan, and Wisconsin. The U.S. Bureau of Labor Statistics ... Read More

According to economists' reckoning, the recession very likely ended this past summer, meaning that the U.S.'s national output has begun to grow once again (from a deep trough). But for many households, the direction of recovery has much more to do with job growth, job opportunities, and hours worked. And so, the job watch is on. We continued to lose jobs during 2009, but employment is exp... Read More

Has the Chicago area lost its mojo? Given the poor economic conditions pervading so many regions of the United States, Chicagoans are not alone in asking whether their path of growth and development has gone off track. When the nation's economy as a whole is down, it is especially difficult for individual regions to interpret economic signals concerning their long-term performanc... Read More

The degree to which a state's population has grown can tell us a lot about that state's economic conditions and prospects. Many U.S. households move very far to find a better quality of life. They seek not only more sunshine and recreational amenities, but also higher income and wages, more employment opportunities, and better housing affordability. Local public leaders and businesses car... Read More

The autumn season brings full tilt to Chicago's convention and tourism activity. Out on the sidewalks of downtown Chicago, office workers such as me find themselves dodging out-of-towners who are gazing upward at the tall buildings. This year, sidewalk hazards of this sort are especially abundant. The professional building gazers of the world, otherwise known as the Council on Tall Buildi... Read More

The Midwest automotive belt faces an extraordinary challenge of work force transition; namely, profound structural change in the auto sector on top of the cyclical impact of a deep national recession. At an upcoming conference, the Federal Reserve Bank of Chicago will partner with the Brookings Institution's Metropolitan Policy Program, the Federal Reserve Bank of Cleveland, and the Upjo... Read More

Waukegan, IL, has responded to the challenges of a diminished manufacturing base by looking to its assets and opportunities. Over the past decade, the U.S. has experienced steep declines in manufacturing jobs, especially in Midwest towns—the heart of the industrial belt. Many of these same towns have come to recognize that manufacturing may never be what it once was for them. Therefore, w... Read More

Demographer William H. Frey calls to our attention a striking turnaround in population growth in the central cities of metropolitan areas. Since the 2005-06 peak of the housing construction boom in the United States, the growth rates of central cities have begun to gain ground on surrounding suburban areas. Beginning with 2005 and ending with population estimates reported by the Census Bu... Read More

In part, American households have adjusted to local economic shocks by picking up and moving to regions where job and income opportunities are more abundant. Some of these movements have been broad and steady, such as the shift in population westward from the east over the past two centuries, and the north to south migration during the latter 20th century. Other migrations are more dramat... Read More

A few weeks ago, at the Detroit Branch of the Federal Reserve Bank of Chicago, we held a workshop that discussed the significant challenges in meeting the federal government's new fuel efficiency standards. To help meet these challenges, the President recently signed into law a “cash-for-guzzlers” bill. Funded to the tune of $1 billion dollars, this program is designed to subsidize the sa... Read More