Highlights from the Federal Reserve Board “Beige Book” on economic activity in the Chicago-based 7th District
Last week, the Federal Reserve Bank of Chicago released October 2013 figures for its Midwest Economy Index (MEI). The MEI is a weighted average of 129 indicators designed to measure nonfarm business activity in the Midwest (IL, IN, MI, WI, IA) and is a regional counterpart to the Chicago Fed National Activity Index (CFNAI).
Seasonally adjusted real average hourly earnings rose 0.2 percent from September to October; the result of a 0.1 percent increase in average hourly earnings that was magnified by a 0.1 percent decrease in inflation (as measured by the Consumer Price Index for All Urban Consumers).
This morning, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago rose 7.5 percent over last year with 2,231 sales in October 2013 compared to 2,076 in October 2012.
The Chicago Metro Area Consumer Price Index for All Urban Consumers (CPI-U) decreased from 225.16 last month to 224.42, meaning goods and services that cost $100.00 in the 1982-84 base period cost an additional $124.42 in October 2013.
September 2013 figures for the Chicago Fed National Activity Index (CFNAI), a measure of how national economy is faring relative to its historical trend rate.
August 2013 values for Standard & Poor's Case-Shiller Home Price Index, which tracks the prices of existing single-family homes in 20 MSAs and two composite indices.
This morning, the Illinois Association of Realtors (IAR) reported that residential sales in the city of Chicago rose 23.4 percent over last year with 2,352 sales in September 2013 compared to 1,906 in September 2012.
This morning, the US Bureau of Labor Statistics (BLS) released preliminary August 2013 unemployment rates for all Metropolitan Statistical Areas (MSAs). The Chicago metro unemployment rate fell to 9.2% (seasonally adjusted).