![]() Employer hiring plans Source: Manpower, Inc. Hiring plans improved further in early 1994 (see figureģ. Plans in the Midwest census region than in the nation for the fifthĬonsecutive year. For 1993 as a whole, this survey showed stronger hiring Payroll survey data, and accurately foreshadowed the ultimate revision in Results echoed the household survey pattern more closely than it did the Hiring plans by a large temporary help company. One such effort is a quarterly survey of employer Private surveys have proven valuable alternative tools for assessing labor Region’s share continued to rise during the recessionary years of 1990 Since thatĭevastating period, however, manufacturing employment in the Midwest hasĪccounted for an increasing share of manufacturing employment, and the Of the early 1980s, over twice as fast as the national average. Midwest manufacturing employment fell precipitously in the twin recessions Greater portion of manufacturing employment in this area than in the nation. Adding to the pressure,Įmployment in cyclically sensitive durable goods sectors constitutes a ManufacturingĪccounts for a greater share of employment in the Midwest than in the nationĪs a whole, and manufacturing employment tends to suffer greater lossesĭuring a recession than overall employment. Traditional recessionary sensitivity of Midwest labor markets. Narrowed during 19, a remarkable development considering the The gap between the Midwest unemployment rate and the national average even Department of Labor, Bureau of Labor Statistics stateĮmployment agencies and Federal Reserve Bank of Chicago. By the end ofġ993, in each Midwest state, the unemployment rate had fallen below or close Nation has consistently narrowed in the Midwest’s favor. Since 1982, however, the gap between the Midwest and the Unemployment rate rose to a level fully 2½ percentage points above Payroll employment fell twice as fast as the national average, and the Recessions of the early 1980s is clearly evident. National and Midwest unemployment rates since 1978 the harsh impact of the Figure 1 shows the difference between the Prior to 1992, the last time the Midwest’s unemployment rate was below Than the national average in 1993 and remained below the national average The aggregate unemployment rate in the Midwest fell further The 1993 gains fit into a developing trend that dispels the region’s Help-wanted advertising, and discussions with personnel firms and largeĮmployers indicated further labor market gains in early 1994. Recently, the composite picture painted by government data, private surveys, However, with particularly strong demand for production workers. Reform, weather conditions, and special factors affecting the autoīusiness activity bolstered the labor market recovery late in the year, Mid-1993, in part because of heightened uncertainty about health care In 1993, Midwest labor markets firmed up considerably. Midwest labor markets among the strongest in the nation Midwest economy should continue to grow at least as fast as the national Term, under current consensus expectations for the national economy, the Suggesting a long-term revival in the “Rust Belt.” Over the near This Fed Letter reviews the path of the Midwest economy during 1993Īnd into early 1994, documenting how that performance fits into a pattern Underlying economic momentum remained quite positive. Winter weather put a chill on growth in the region in recent months, but the 1įlooding, supply interruptions in the auto industry, and some slippage inĬonsumer and producer confidence slowed the upswing around midyear, butīusiness activity strengthened markedly as 1993 came to a close. Substantial gains for the year as a whole. The Midwest economy expanded at a robust clip in 1993, with employment,Ĭonsumer spending, industrial output, and housing activity showing A PDF of the originally published version is available here. No substantive changes impacting the data, analysis, or conclusions have been made. The following publication has been lightly reedited for spelling, grammar, and style to provide better searchability and an improved reading experience.
0 Comments
Leave a Reply. |
Details
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |