Growth slowing in Midwest, Fed says

A chunk of the Midwest saw economic growth slow in October and early November, the Federal Reserve Bank of Chicago said yesterday in its Beige Book report.

However, even though businesses ratcheted back spending, spending by consumers was mixed.

The report is issued eight times a year based on interviews and other means of gathering information on economic trends. The area of the Midwest included in the Chicago district includes Iowa and most of Indiana, Illinois, Michigan and Wisconsin.

The report said residential construction continued an ongoing decline, but nonresidential construction climbed. A manufacturing expansion under way in the prior reporting period cooled.

A tightening in credit standards didn’t hurt household or business spending, the Fed reported.

Please enable JavaScript to view this content.

Story Continues Below

Editor's note: You can comment on IBJ stories by signing in to your IBJ account. If you have not registered, please sign up for a free account now. Please note our updated comment policy that will govern how comments are moderated.

{{ articles_remaining }}
Free {{ article_text }} Remaining
{{ articles_remaining }}
Free {{ article_text }} Remaining Article limit resets on
{{ count_down }}