The most recent economic survey released by the Federal Reserve regional banks indicates a general slowing of economic growth in most Midwestern regions, with a mixture of good news and bad news and some increases in the cost of insurance.
The reports, as excerpted by the AP, described general economic conditions in the following Midwestern cities:
Chicago – A slow and uneven expansion in the region’s economy. Consumer spending remained sluggish. The residential housing market continued to be strong while softness persisted in nonresidential construction and real estate markets.
Cleveland – Showed mixed signals during July and August, with strength in shipping and auto components manufacturing, but weakness in retail sales and and commercial construction.
St. Louis – Slight increases in auto sales, tourism and home construction, but generally a very slow recovery with few layoffs, but very little job creation
Minneapolis – Very little overall growth; some increases in agriculture, residential construction and tourism, but generally flat output in other sectors.. The report did note “significant price increases” in insurance and housing.
Kansas City, Mo. – General optimism about future economic activity, but a decrease in earlier levels of consumer spending with manufacturing and commercial real estate markets also losing some momentum. It noted the difficulties the farm economy is facing due to the ongoing drought conditions.
Topics Trends Construction
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