This issue of the Chicago Fed Letter presents a consensus outlook for 1988, based on the median of 22 forecasts submitted by these business economists. Their views do not necessarily represent the views of the Federal Reserve Bank of Chicago. However, we value the judgements of these experienced economists and we hope our readers will find their insights useful.
At the invitation of the Federal Reserve Bank of Chicago, 26 Midwestern business economists met on December 9, 1987 to discuss the 1988 economic outlook. They represented the major manufacturing industries in the Midwest—steel, autos, consumer appliances, and capital goods, as well as the financial and retail sectors. The focus was on the national economy, but the discussion reflected economic issues relevant to the industrial Midwest.