Regional President Speech

SILAS KEEHN REMARKS CHICAGO ASSOCIATION OF COMMERCE AND INDUSTRY CHICAGO, ILLINOIS JUNE 8, 1984 INTRODUCTION J~ A. P<'ARUe~bARL?r PLEASED TO CHAIR THIS S SSION DEALING WITH THE MIDWEST ECONOMY: OUTLOOK FOR MAJOR INDUST ES. ~ ~ ~~ ~vw ,c,t"~c&--', .p ~ ~~\1'.J' v-;~ II. ECONOMIC EVENTS OF RECENT YEARS HAVE CREATED AN INCREASED NEED TO FOCUS BOTH PUBLIC AND PRIVATE ATTENTION ON THE CONDITION OF THE MIDWEST ECONOMY. ~ o'-t,t..... A. IN FORMER YEARS THE MIDWEST, ~s GREAT CITIES AND i:::ts MAJOR INDUSTRIES WERE A DRIVING FORCE IN NATIONAL ECONOMIC TRENDS - LEADERS NOT FOLLOWERS. {).>-)~ ~ ~ ~ ~ -~ (2,v, 'r£"-e' « ~ 1. I T ~ HAT THE MIDWEST WOULD PLAY A VERY FUNDAMENTAL ROLE IN THESE CHANGES 2. BUT NO LONGER SEEMS TRUE A. THE MIDWEST AND ITS INDUSTRIES WERE SEVERLY AFFECTED BY THE ~ ~ RECESSION 1. MANUFACTURING SUFFERED ONE OF THE LARGEST AND LONGEST Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis -2- ,A-we{ ~- ~ B. CLEARLY. ON A NATIONAL BASIS WE HAVE A STRONG ECONOMIC RECOVERY IN PROGRESS (1) AND CONDITIONS IN THE MIDWEST - ESPECIALLY IN THE AUTO c/r;_~ INDUSTRY - HAVE IMPROVED CONSIDERABLY IN THE PAST ..fz!L. ~. Atl-ff'Gt:IGH THE MIDWEST RECOVERY IS STILL AT A SLOWER RATE THAN FOR THE U.S. ECONOMY. C. EMPLOYMENT NATIONALLY NOW EXCEEDS THE PRE-RECESSION LEVEL D. BUT IN THE MIDWEST THE JOB LEVEL REMAINS BELOW THE PRE-RECESSION PEAK. r ------- ----- 3. MIDWEST GENERALLY ( I A. DIDN'T RECOVER\ULLY IN LAST UPTURN (LATE 8O-EARLY 81) I 1 1 \ SINCE 1979 ---- MANY COMPANIES-- A FIVE (1) F~IES RECESSION B. ANGED 1. LONG-RUN OR SECULAR DECLINE ,- HAS Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis .. ······-- •-·- .. - -••-······· ··--·--·-- .. --· •.. ------ - ·····-·--·--------··- -------~·---·-·-···-- ~ , ' " i ~ · 6 : ~ ~ · - -- 3, - - ~ - --=---~~~ __T Q ___ }~'!•~-~ / ------- -- /£.. ~--~-~----------- _g, ~-- -~ __ J ~-~-'------~----~----- --- - J-o"s -~ ___ _ - .. ~°t ooo 1 Digitized for FRASER https://fraser.stlouisfed.org ~-~- Federal Reserve Bank of St. Louis -········- -·-···· ··-------- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis ~~~ ~ ~-------- ~ - . ' ! /__ ___ ~·--·~--·--·: ______ .. W( .. ? h~-:;,-~----l ---- _g..Q °'-'t'J ---i ~ ~ ~.'~-S-----·-jo_ . ft.r_ 1 ()":-- -~·-··- 4:zF,!t - ~ _.... . t-Q «.s»: ___ .~;;GP• ~S_ __ . --··--· _ ... ~~-°-·~ .. ~ .~. ·-~~~-·-u-, ~o-.ol~ ~ ~-c:rr':,,_~ ~~~J__J_ O"M/L._ " - ··-···--·••U>••·-··· ··---·------.. ·------··-·---···--·-···--·-··-·-------·-·-····"'·-·· ···--·-··- ----••• - ·- -----------. (. F ~.. . 1'VL_.?--.JA.1Vl.S'J"~J .~/L~ ~~~-~-..fr..,~ jf.»,../ C4>,.{1'7 ,. ... -- ------- ·--·--------------~---¥----··•··--------· --------·. . --- --••· . - ·- -... ~ ·' -'~---·-_J_. ··~-;,,, ;)~ ~ 4?~. . ~-·~ -----~"'-~- .. ~ • •- ••••••-•--•--•-••------• ••-•H--•-------••-••-••--• ••-•- -•~ '" •••••--••,s ••-• ••• • • .F~--.A-~.~~-.~~, .~A.~_ '3, iJ rs~,,,<- ct:; c;:,;,,eo_{)~'du,...r,, ~-e----~-·---r~ ~ '~-·------·-----··- .... o.::.,_.e,(._~ F~_._;s_~·-·-t_ _ bfl_~----~.rs ~ ~ "o ~~~--'---- ---·-······--·····--··· - - ·----·---·--···-· ·······--·--·· ---------··- Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis • -~---•----•••--•- • ---• ••-••--• ••-• -•• -•---•----•---~ ~• -••·• ••••• -•• - •--••--••-•~•-•~•-----•• --"--•~~••--•••~••~--ho••••·•·· ~ £~_v(~---··~·"2..c;~ - ~" e..,..t _____ ----·-----------·-------------·---:} 1 __ --···----· --·----·-·---·---·· ti;J3 ~;;,--····p~~...,.-.. c_~C ___ _ r - ~ ~, ····--·······- .. --·-···--·--·-· -···----·--· t'~--l~ .. '"'r> /frr~ ~ ~ J .......... ····-····-·-···--· --···---·--··-· ....- t' ~'!?.~-· _ I ~(JI ~~ ' ~ ' ~ · • cQ "1.,'c/ .~-◄·• ---··----------·-··~~• ........- : ____· -r··--·-~-·-··. ·- ..... ..... . Digitized for FRASER https://fraser.stlouisfed.org Federal Reserve Bank of St. Louis

Silas Keehn (1984, June 7). Regional President Speech. Speeches, Federal Reserve. https://whenthefedspeaks.com/doc/regional_speeche_19840608_silas_keehn

@misc{wtfs_regional_speeche_19840608_silas_keehn,
  author = {Silas Keehn},
  title = {Regional President Speech},
  year = {1984},
  month = {Jun},
  howpublished = {Speeches, Federal Reserve},
  url = {https://whenthefedspeaks.com/doc/regional_speeche_19840608_silas_keehn},
  note = {Retrieved via When the Fed Speaks corpus}
}