1. The State of the La Crosse / 7 Rivers Economy Ronald A. Wirtz Regional Outreach Director Past Editor, fedgazette

2. minneapolisfed.org Disclaimer The views expressed here are the presenter's and not necessarily those of the Federal Reserve Bank of Minneapolis or the Federal Reserve System.

3. Federal Reserve System The central bank of the U.S. (est. 1913) Regulates banks, manages (‘clears’) financial payments, and sets monetary policy (e.g., interest rates via FOMC) 12 district banks nationwide track regional economies

4. Minneapolis Fed’s Ninth District Our job is to understand this regional economy, including (and especially) its larger markets

5. “What is the state of the 7 Rivers region?” Implied question: Is the La Crosse / 7 Rivers economy performing well, or poorly? Answer: “Yes” Complex topic: Subjective framing, objective measures The “answer” depends on …  Choice of performance metrics  Relative performance (peer comparisons)  Timeframe

6. Some context: Recession in perspective

7. You decide the state of the region based on … a variety of economic indicators tabulated over time compared to similar, nearby metro regions and also broken down by county in the 14-county region

18. Micro/county analysis: The 14-county, 7 Rivers region Buffalo Crawford Jackson Juneau La Crosse Monroe Richland Trempeleau Vernon Allamakee (IA) Winneshiek (IA) Fillmore (MN) Houston (MN) Winona (MN)

21. Source: Bureau of Labor Statistics Employment growth, 2010 to 2015

27. The outlook Minneapolis Fed annual forecast for 6 (partial) states in Ninth District  Housing  Personal income  Nonfarm employment  Unemployment New forecast for 2016 in early January

28. 2015 forecast

31. Source: WISERtrade

36. Looking for more? fedgazette: Ninth District economy The Region: Monetary policy, economic theory and new research Website: minneapolisfed.org President speeches on monetary policy Banking conditions Econometric research Ninth District data and more

37. Minneapolis Fed outreach We want more feedback on economic conditions from business owners and executives in the Ninth District. Looking for business contacts willing to take periodic surveys or provide one-on-one feedback (email, phone) Confidential, and helps inform monetary policy If interested, contact me! ron.wirtz@mpls.frb.org 612.204.5262

38. Thank you! Questions? Twitter: @RonWirtz @fedgazette @MinneapolisFed