The following is the text of the Federal Reserve Board’s Seventh District -- Chicago.
Summary The rate of growth in economic activity in the Seventh District continued to be modest but slowed a bit in October and early November. Growth in consumer and business spending remained modest, while manufacturing production and construction activity continued to rise at a moderate pace. Contacts remained hopeful for improvement in 2014, although they were slightly less optimistic than they were during the previous reporting period. Credit conditions changed little on balance. Cost and wage pressures remained mild. A longer growing season contributed to higher than expected corn and soybean yields.