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Fed: Upper Midwest recession to continue in 2009

By ASSOCIATED PRESS Wednesday, February 11, 2009 - 11:12 a.m.

MINNEAPOLIS (AP) — The Federal Reserve Bank of Minneapolis is forecasting that the economic downturn in the Upper Midwest will continue through 2009.

Employment by year-end is expected to be down from last year's levels and unemployment rates are expected to rise.

However, Fed economist Toby Madden says that while the employment outlook is grim, there is some good news in the forecast released Wednesday.

Personal income is predicted to increase slightly and housing construction is expected to rebound a bit after hitting historically low levels in fourth quarter 2008

The areas covered by the forecast are Minnesota, Montana, North and South Dakota, northwestern Wisconsin and the Upper Peninsula of Michigan.

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(8)

rooster
Feb 12, 2009 at 9:19 p.m.
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hey, the federalreserve is looking out for us...hardly

bkrkim
Feb 12, 2009 at 9:10 p.m.
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Buy made in the USA if it's not you don't need it..

Unidentified
Feb 12, 2009 at 5:56 p.m.
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Wow, breaking news!! Thanks for the no kidding report.

sunnyside2day
Feb 12, 2009 at 12:25 p.m.
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So.....unemployment is forecasted to rise and "Personal income is predicted to increase slightly". Somehow, I think these two cancel each other out and make the income increase null and void overall.

janesvillean
Feb 11, 2009 at 4:25 p.m.
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The Fed is injecting hundreds of billions of dollars into the economy, garyprimer.

garyprimer
Feb 11, 2009 at 12:37 p.m.
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All the more reason to send some more bucks this way. What good is a forecast if you don't act upon it?

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