Hello, bosco123-ga!
The Federal Reserve Beige Book is a good place to keep track of
overall economic activity and forecasts for various regions throughout
the United States. The forecasts are updated several times a year.
Each month's report provides a general overview of the economy in the
selected area, and then proceeds to examine various sectors in more
depth.
I have excerpted the main overview for reports pertaining to Chicago
in 2006. Please click on each link to read more about each sector. As
highlighted in my answer to your other question, you can read
information from previous years all the way back to 1996.
FROM THE BEIGE BOOK
====================
October 12, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20061012/7.htm
"Economic activity in the Seventh District expanded at a moderate pace
during late August and September. Consumer spending continued to
increase modestly, and business spending expanded again. Labor market
conditions were little changed, with small gains in employment on net.
Residential construction and real estate activity declined again in
most areas, while nonresidential construction advanced at a steady
pace. Manufacturing activity expanded again, though at a modestly
slower pace than in the previous reporting period. Mortgage lending
declined, while commercial lending increased at a slightly slower rate
than in the previous reporting period. Nonenergy price pressures and
overall wage increases held steady. Corn and soybean harvests in the
District were delayed by cool and rainy weather in September, and
early results indicated mixed yields relative to a year ago."
==
September 6, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20060906/7.htm
"Economic activity in the Seventh District expanded at a moderate pace
during July and early August, with most reports suggesting a similar
pace of expansion as in the previous reporting period. Consumer
spending continued to increase modestly, and business spending
expanded again. Overall labor market conditions were little changed,
with small gains in employment on net. Residential construction and
real estate activity declined again in most areas, while the pace of
new commercial construction continued to be solid. Manufacturing
activity remained strong. Mortgage lending declined, while commercial
lending expanded, albeit at a slightly slower pace than in the
previous reporting period. Nonlabor input cost pressures remained firm
in July and early August, and there were reports of stronger pressures
on retail prices and wages. Corn and soybean conditions improved as
above-average precipitation reduced the area of the District affected
by drought. Expectations were for a "good, but not great," harvest."
==
July 26, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20060726/7.htm
"Economic activity in the Seventh District expanded at a moderate pace
again during June and early July, though a few reports suggested the
pace of expansion slowed from earlier in the year. Consumer spending
continued to increase modestly. Business spending and hiring increased
again. Manufacturing activity remained strong, though some contacts
noted a slower pace of growth than in the previous reporting period.
Residential construction and real estate activity continued to decline
from high levels. Demand for commercial real estate space continued to
increase; however, the pace of new commercial construction slowed.
Mortgage demand was down again, while the expansion in commercial
lending continued at a slower pace than in the previous report.
Nonlabor input cost pressures remained firm in June and early July,
but increases in retail prices and wages were modest. Growing
conditions for corn and soybeans retreated some, due to below-average
rains."
==
June 14, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20060614/7.htm
"Economic activity in the Seventh District continued to expand at a
moderate pace during April. Spending by both consumers and businesses
increased at rates similar to those in the last report. Overall labor
market conditions were little changed, with small gains in employment
on net. Manufacturing activity remained strong. Residential
construction and real estate activity softened. Demand for commercial
real estate space continued to expand, however the pace of new
commercial construction slowed. Mortgage demand was down, while the
expansion in commercial lending continued at a slower pace than in the
last report. Nonlabor input cost pressures intensified in April and
May, while increases in retail prices and wages were similar to the
previous reporting period. Contacts reported that planting went well
in most of the District and that the growing season was off to an
excellent start."
==
April 26, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20060426/7.htm
"Economic activity in the Seventh District continued to expand at a
moderate pace during March and early April. Spending by both consumers
and businesses increased at rates similar to those in the last report.
Labor market conditions were little changed, with small employment
gains in some industries and only sporadic reports of layoffs.
Manufacturing activity remained strong. Residential construction and
real estate activity softened, while commercial real estate activity
increased at a slow pace. Mortgage demand was down, but the expansion
in commercial lending continued. Cost and price pressures remained
firm. Rains boosted moisture conditions but slowed preparations for
planting in parts of the District."
==
March 15, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20060315/7.htm
"Economic activity in the Seventh District continued to expand at a
moderate pace during January and February. Spending by both consumers
and businesses increased again. Labor market conditions improved
modestly. Manufacturing activity remained strong. Residential
construction and real estate activity softened, while commercial real
estate activity increased at a slow pace. Mortgage demand was down,
but the expansion in commercial lending gained some momentum. Cost and
price pressures remained firm in January and February. Warmer weather
allowed some field preparation for spring planting, but the lack of
moisture in portions of the District kept farmers cautious."
==
January 18, 2006 - Federal Reserve Districts - Seventh District--Chicago
http://www.federalreserve.gov/Fomc/BeigeBook/2006/20060118/7.htm
"Economic activity in the Seventh District continued to expand at a
moderate pace during December. In general, spending by both consumers
and businesses increased at a modest pace. Employment expanded further
in most locations and industries. The manufacturing sector expanded
again, with the pace of growth firming in some industries. Residential
construction and real estate activity tapered off, while commercial
real estate activity increased at a slower pace than in the previous
reporting period. Mortgage demand was down, and the expansion in
commercial lending continued to slow. Cost and price pressures
remained firm in December. Farmers expressed concern about the lack of
snowfall in the District, which deepened worries about spring soil
moisture levels and contributed to a shift in planting intentions from
corn acres to soybean."
ADDITIONAL SOURCES
==================
"ECONOMIC REPORT - Chicago economy strong in September, index says,"
By Rex Nutting, MarketWatch. Sep 29, 2006
http://www.marketwatch.com/News/Story/Story.aspx?guid=%7B2B69B4B2-D665-4965-8133-C3EEE2377ADC%7D&siteId=mktw
"Chicago - Regional capital or global business center?" September 28, 2005
http://midwest.chicagofedblogs.org/archives/2005/09/chicagodestinys.html
From 2003 - Moody's: Chicago economy most balanced in U.S." June 23, 2003
http://www.worldbusinesschicago.com/about/upload/20ChicagoSunTimes6-23-03.pdf
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I hope this information is helpful.
Sincerely,
umiat
Chicago economy
chicago economic forecast |
