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Old October 13th, 2007, 12:49 AM   #121
spyguy
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http://chicagobusiness.com/cgi-bin/news.pl?id=26734

USOC considers HQ move to Chicago
Oct. 12, 2007
By Thomas A. Corfman and Greg Hinz


The USOC’s real estate consultant, James H. Didion, World Business Chicago chief Paul O’Connor and others toured about a half-dozen downtown office towers last month, seeking about 100,000 square feet of office space and about 3,000 square feet of street-level retail or showroom space, those sources say.
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Old October 13th, 2007, 01:00 AM   #122
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Random comment

Last week's announcement that Microsoft and Bungie Studios (makers of Halo) would separate made me wonder how cool it would have been if Bungie was still based in Chicago. Midway, EA, and Bungie would have certainly made Chicago an important player in the huge gaming industry.
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Old October 13th, 2007, 05:16 AM   #123
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Jays expected to be sold in conjunction with bankruptcy filing
By Becky Yerak | Tribune staff reporter
11:51 AM CDT, October 12, 2007
Jays Foods Inc., which has suffered substantial losses in the past two years, plans to sell its assets as part of a Chapter 11 bankruptcy filing made late Thursday, and "some job reductions are inevitable," said the Chicago-based chip maker.
Tribune



Oct. 12, 2007
By Ann Saphir

Deal talk swirls around CME, Nymex
(Crain’s) — It’s been three months since CME Group Inc.’s acquisition of the Chicago Board of Trade, and hedge funds and other investors are already champing at the bit for the next big buy.

The target of choice? No less than the world’s biggest energy market, the New York Mercantile Exchange.
Crains



Oct. 12, 2007
Acquisition of CDW completed
(AP) — Hardware and software distributor CDW Corp. said Friday its $7.3-billion sale to Madison Dearborn Partners LLC and Providence Equity Partners Inc. has been completed.
Crains
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Old October 13th, 2007, 10:06 AM   #124
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^All right! Talks of buying NYMEX! I think soon we will start to realize the benefits of the juggernaut that the CME-CBOT merger created. They mention in that article that the integration between them was ahead of schedule. As that company keeps growing and acquiring new exchanges(and hopefully moving them all to chicago), i hope we will start to see a self-incubating culture of financial companies in chicago, with lots of venture capital to fund new financial start ups and such. I hope the next acquisition is one that branches chicago out of just futures, and into stock and bond trading. If we start to run the whole gamut of financial products, there is that much more reason for companies of all kinds to be in chicago.
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Old October 16th, 2007, 06:11 AM   #125
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After further thought, I've decided I'll stop posting article links from the weekend edition of Crains, being that none of them are accessible anyhow.

However, if there is incredibly interesting news to report, I'll be sure to mention it.

This week's Crains, by the way, has a LOT of interesting articles. Anyhow, our evening update will be posted fairly shortly...
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Old October 16th, 2007, 06:29 AM   #126
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Growing stronger
The resurgence of farming couldn't have come at a more needed time for Galesburg, which was left reeling by the closing of its top employers
By Greg Burns | Tribune senior correspondent
October 14, 2007
GALESBURG, Ill. - The seeds of renewal grow 7 feet high in the fields surrounding this historic community between Peoria and the Quad Cities, a prominent example of industrial decay in the heartland now getting a boost from record prosperity on the farm.
Tribune



High risk gets more high-tech
TECH MATTERS | Financial technology breakthroughs more likely to come from Chicago than Silicon Valley

October 15, 2007
As capital markets traders embrace emerging technologies to better buy and sell securities, new companies are born to exploit the rapidly growing financial technology industry.

The $11.3 billion merger between the Chicago Mercantile Exchange and the Chicago Board of Trade -- which was first announced a year ago this week -- has generated considerable wealth and opportunities for entrepreneurial-minded traders to start financial technology businesses.

Local venture capitalists are taking notice.

"Most venture capitalists talk about being in billion-dollar markets," said Devin Mathews, 36, a Chicago-based investor with Baird Venture Partners who has helped fund a dozen financial technology companies. "This new sector is trillions of dollars and billions of transactions."

As investors circle around the financial technology sector, which also includes payment processing and bank and insurance software firms, breakout companies are more likely to come out of financial centers such as Chicago, New York and London than they are tech centers like Silicon Valley and Boston, Mathews said.
Sun Times



Oct. 15, 2007
Tribune Co. to syndicate USA Today outside U.S.
(AP) — Gannett Co. said Monday it joined with Tribune Co. to publish and syndicate a weekly edition of USA Today outside the United States.
Crains



Notch Up Another Nobel for Chicago
By MICHAEL TARM
Updated: 6:26 p.m. ET Oct 15, 2007
CHICAGO - One of the world's most influential schools of economics has done it again.

The nearly 120-year-old University of Chicago, once the academic home of free-market advocates such as Milton Friedman, can boast of yet another Nobel prize in economics.

With Monday's naming of University of Chicago professor Roger B. Myerson as one of three winners of this year's prize, the school claims ties to 24 Nobel prize winners in economics _ more than a third of the 61 individuals so honored since the first Nobel in the field was given in 1969.

Academics and admirers credit a combination of factors, including the school's ability to peg and recruit up-and-coming economics stars and its tradition of grooming fiercely independent thinkers who _ in their relative Midwest isolation _ aren't shy about challenging prevailing trends.

"Good ideas eventually get recognized, and Chicago has produced more than any other university," said David Boaz, an executive vice president at the Cato Institute, a free-market oriented think tank in Washington, D.C.

Part of the explanation for the school's influence and fame in recent decades is that many of its economists _ like Friedman, who won in 1976 _ began advocating free-market prescriptions as far back as the mid-20th century, when the notion of unfettered markets was distinctly out of favor in government and academia.

So when movements to reduce the role of government in the economy began to take hold in the '70s and '80s, led by politicians like Ronald Reagan, the stature of University of Chicago economists like Friedman soared.

Today, policy makers in fledgling markets from Eastern Europe to China look for guidance to "the Chicago school," a direct reference to the University of Chicago and the hands-off economic policies many of its economists have promoted.

But it is the dry, meticulous research _ not the politics it's inspired _ that's the focus of those who select Nobel winners.

And professors at the Chicago school say they do nitty-gritty economics better than anyone.
CNBC
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Old October 16th, 2007, 06:39 AM   #127
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No mention on the number of jobs.


http://money.cnn.com/news/newsfeeds/...15102007-1.htm

Organic Announces New Office in Chicago

New Location will Draw Fresh Digital Marketing Talent to Support Organic's Growth
October 15, 2007: 09:00 AM EST


SAN FRANCISCO, Oct. 15 /PRNewswire/ -- Organic, Inc., a leading digital communications agency, today announced the opening of a new office in downtown Chicago. The Chicago office is an expansion of the agency's existing Detroit office and reflects Organic's overall momentum and need to expand its talent base to support its long-time agency of record client, Chrysler LLC. Chuck Russo, Executive Vice President and Chief Client Development Officer, has been appointed to Managing Director of the Chicago office; he will also continue his role leading the Detroit office.

"Today, I'm happy to announce that we are opening an office in Chicago to capitalize on the momentum of the interactive marketing industry and to tap into the impressive talent pool in the Chicago area," said Mark Kingdon, CEO of Organic. "Organic is committed to attracting the best and brightest. While our current markets-Detroit, Los Angeles, New York, San Francisco, and Toronto-are wonderful sources of employees, we are looking for some fresh new pockets of talent to help us more effectively solve our clients' marketing challenges and to help us better understand, engage, and persuade our clients' customers."

The new Chicago office will be located in the newly remodeled BBDO Worldwide office located in the Wrigley Building on Michigan Avenue.

...




Also

http://www.chicagobusiness.com/cgi-bin/news.pl?id=26745

Brisk rise forecast for Chicago hotel room rates


By Alby Gallun
Oct. 15, 2007

(Crain's) - Finding a hotel room in Chicago will get a bit easier over the next three years, but staying in one could cost a lot more.


...
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Old October 17th, 2007, 05:43 AM   #128
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India's Jet orders 20 737s from Boeing
By James P. Miller | Tribune staff reporter
8:00 AM CDT, October 16, 2007
Boeing Co. said it received an order for 20 of its 737-800 aircraft from India's Jet Airways.

The Chicago-based aerospace company said the list price for the short to medium-range twin-jet aircraft ordered by the Mumbai totals "nearly $1.5 bllion." Like its rival Airbus, however, Boeing often offers price discounts to purchasers of major orders often receive discounts.
Tribune



Jays S. Side plants may shut for good
FOOD | Bankrupt chip maker still looking for a buyer

October 16, 2007
BY CHERYL V. JACKSON [email protected]
Jays Foods Inc. may close its plants in December -- permanently if a buyer doesn't step forward.

Employees received notification last week that the company plants, including those at 825 E. 99th and 1001 E. 99th, might close Dec. 10-24 and not reopen unless a buyer can be found for the company that makes Jays and Krunchers! potato chips and O-Ke-Doke popcorn.
Sun Times



Oct. 16, 2007
Zebra Technologies to buy supply chain logistics firm

(AP) — Bar code products maker Zebra Technologies Corp. said late Monday it will buy supply chain logistics provider Navis Holdings LLC for $145 million in cash.

Navis, founded in 1998, is based in Oakland, Calif.
Crains



R.R. Donnelley to acquire Cardinal Brands
By James P. Miller | Tribune staff reporter
4:26 PM CDT, October 16, 2007
R.R. Donnelley & Sons Co. said Tuesday it has agreed to pay $130 million to acquire closely held business-forms maker Cardinal Brands Inc.
Tribune



Oct. 16, 2007
By Greg Hinz
American to start O'Hare-to-Moscow non-stops
(Crain’s) — Chicago is picking up non-stop airline service to another major international destination: Moscow.

American Airlines announced Tuesday that six-day-a-week non-stop service to the Russian capital will begin next June on the 221-seat Boeing 767-300.
Crains



Oct. 16, 2007
By Lorene Yue
Chicago hedge funds outperform industry
(Crain’s) — Hedge funds managed by Chicago firms outpaced global performance in the third quarter, according to a report from Morningstar Inc.
Crains



The Ritz-Carlton Chicago (A Four Seasons Hotel) is Named 'Best Hotel in the United States in 2007' at Conde Nast Traveler's 20th Annual Readers' Choice Awards
CHICAGO, Oct 16, 2007 /PRNewswire via COMTEX/ -- The Ritz-Carlton Chicago (A Four Seasons Hotel) has been named "Best Hotel In The United States In 2007" at the Conde Nast Traveler magazine 20th Annual Readers' Choice Awards.
CNBC

^ Not really economic news, but of some interest..
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Old October 17th, 2007, 06:23 AM   #129
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Jay's Potato Chips, a true Chicago institution, looks like it's at the end. As the articles today related, it bounced from the family to new owner and back to the family again. But today's game of giants killing off regional companies seems unstoppable.

I remember touring the Jay's plant down on Cottage Grove near 99th Street when I was in grade school. It was awesome, at least to a fifth grader. You can even smell that plant sometimes of you pass it on the Bishop Ford Freeway, which runs past it.

I work one day a week nearby and sometimes pass this plant. It is strange to see, in the heart of the city, semi-trucks with their backs open filled with potatoes. They back in from Cottage Grove and have the potatoes pushed off by mini-bulldozers. It seems like something that you'd see in a farm town.

What will become of the Jay's brand? Of Krunchers? Of Oke-Doke Cheese Popcorn? (which, by the way, is the best cheese popcorn available in stores).
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Old October 17th, 2007, 12:19 PM   #130
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OH SHIT!!! I am addicted to those damn Jalapeno krunchers. They CANT shut down that plant. Man oh man, I pray that someone buys it. Those chips are a chicago institution. Apparently Capone liked them so much that he had all of his speakeasies stock them. This would be a real loss for chicago...and for all of us who grew up eating those chips.
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Old October 17th, 2007, 04:31 PM   #131
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Made in Chicago -- again!
SWEET HOME CHICAGO | Macy's picks local Cupid Candies to make some Frango mints

October 17, 2007
BY SANDRA GUY [email protected]
Macy's is bringing the No. 1-selling Frango, the mint chocolate in a one-pound box, back to Chicago.

Cupid Candies, a 71-year-old Chicago candy manufacturer, will begin making the Frango mint chocolates early in the new year, said Cupid and Macy's executives in exclusive interviews Tuesday.
Sun Times



City pulling up lame in Games campaign
OLYMPICS | Report cites need for transit, marketing help ASAP

October 17, 2007
BY FRAN SPIELMAN City Hall Reporter/[email protected]
Chicago must spend more to attract foreign tourists, expedite expansion of O'Hare Airport, and reform both its mass transit and City Colleges systems to strengthen its Olympic bid, business and civic leaders have concluded.

"The very things that strengthen Chicago's global future will also strengthen our Olympic bid. There's a real convergence of the two," said Former MacArthur Foundation President Adele Simmons, one of the authors of the report.
Sun Times



Oct. 17, 2007
By Thomas A. Corfman
UAL close to almost doubling downtown space
(Crain’s) — The parent company of United Airlines Inc. is close to a lease that would almost double its headquarters, to nearly a quarter million square feet, while it waits for Chicago City Council review of subsidy packages worth up to $15.5 million.
Crains
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Old October 18th, 2007, 06:26 AM   #132
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Silicon Valley Awash, But What About Midwest Region? 10/17/2007

Excerpt:

While venture capital is always synonymous with money-rich areas such as Silicon Valley, the Midwest is growing into its own hotbed. Though the region still doesn’t attract a financing frenzy to the tune of its coastal counterparts, individual deals in 2007 are adding up into a cluster-forming force.
Midwest Business



Oct. 17, 2007
By Bob Tita
Solo Cup to close Wheeling plant
(Crain’s) — Solo Cup Co. said Tuesday it will close a plant in Wheeling and transfer the plant’s operations to Solo’s plant on Chicago’s Southwest Side.
Crains



Oct. 17, 2007
By Thomas Mucha
Chicago’s global future — see video with Michael Moskow
(Crain’s) — Over the past two decades Chicago has transformed from a pioneering fixture of the Rust Belt to a key player on the global stage.
That evolution took center stage Wednesday as the Chicago Council on Global Affairs unveiled the findings of a comprehensive study that examined the city’s role in the global economy.
Crains

Here's the video:

http://link.brightcove.com/services/...cpid1138275514



Oct. 17, 2007
By Steve Daniels
LaSalle's Richman near deal to join Private Bank

(Crain’s) — Former LaSalle Bank CEO Larry Richman is in advanced discussions to join Chicago-based PrivateBancorp Inc., in a bid by the fast-growing lender to become a power in local business banking.
Crains

^ Filling the hole left behind by LaSalle?



Tuesday, October 16, 2007
California Drug Company Relocates R&D To Kalamazoo

KALAMAZOO - Emiliem, an oncology drug development company, has relocated its R&D Center from Emeryville, California to the Southwest Michigan Innovation Center in Western Michigan University’s Business Technology and Research Park.
MITech News



Savvis to open new data centers in Boston, Chicago
By Doug Wong
10/17/2007 9:05 am
Savvis Inc. this morning announced plans to open new data centers in Boston and Chicago.

The Town and Country based information technology services provider expects to spend $3 million this year in developing the centers and an additional $12 million in 2008. The Boston data center will have approximately 40,000 square feet of raised floor space, yielding 25,000 square feet of revenue-generating space. The Chicago data center will have 20,000 square feet of raised floor space yielding 10,000 square feet of revenue-generating space. By 2011, the data centers are expected to generate more than $50 million of revenue.

With the two new centers, Savvis’ total data center footprint will exceed 1.3 million square feet of raised floor encompassing 29 data centers worldwide.
STL Today
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Old October 18th, 2007, 07:30 AM   #133
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I am real happy that AA is going to fly to Moscow. Getting Chicago more interconnected and flying into more distant regions is great. There are only a few more regions and cities that I would really like to see fly from Chicago after Moscow and Buenos Aires have been added.
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Old October 19th, 2007, 12:24 AM   #134
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to add to the cheer of progress, my friend from luxembourg is studying international business at McGill University in Montréal and on the front of his textbook is the skyline of rio, the taj mahal, and (he had to ask me what city this was) chicago. thought that this might be aa good indicator of where chicago stands.
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Old October 19th, 2007, 01:00 AM   #135
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Good and bad...

http://chicagobusiness.com/cgi-bin/news.pl?id=26813

BP tells suburban workers of relocations, some layoffs

BP America Inc. told its 3,300 Chicago-area employees Thursday that it plans to move a large unit from the western suburbs to downtown and relocate other staff to its Houston headquarters in a shakeup that also will involve an unspecified number of layoffs.

The U.S. division told its employees based outside Chicago — its second-largest concentration of employees after 7,000 in the Houston area — that it intends to relocate its Warrenville-based supply and trading organization to downtown Chicago and transfer some of its corporate staff to Houston.

----------

If they move ~1,000 works downtown, that'll be great, although it's sad to see more go to Houston.
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Old October 19th, 2007, 03:47 AM   #136
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Quote:
Originally Posted by spyguy View Post
http://chicagobusiness.com/cgi-bin/news.pl?id=26813

BP tells suburban workers of relocations, some layoffs

BP America Inc. told its 3,300 Chicago-area employees Thursday that it plans to move a large unit from the western suburbs to downtown and relocate other staff to its Houston headquarters in a shakeup that also will involve an unspecified number of layoffs.

The U.S. division told its employees based outside Chicago — its second-largest concentration of employees after 7,000 in the Houston area — that it intends to relocate its Warrenville-based supply and trading organization to downtown Chicago and transfer some of its corporate staff to Houston.

----------

If they move ~1,000 works downtown, that'll be great, although it's sad to see more go to Houston.
^ I liked reading this excerpt from that article, as stated by BP's spokesperson:

"Chicago ranks right up there with London and New York as a major global hub for finance and trading, and by locating our supply and trading organization there it will allow us to attract the best and the brightest as we build and grow our global energy supply business," he said.
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Old October 19th, 2007, 05:00 AM   #137
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Some more articles about the BP restructuring for completeness' sake:

Oct. 18, 2007
By Eddie Baeb
BP considering West Loop sites for new tower
(Crain’s) — Oil giant BP PLC is considering at least three sites in the West Loop where the company would build a new office tower as it consolidates its Chicago-area operations.
Crains



BP's workers in western suburbs face layoffs, relocations
By David Greising | Tribune chief business correspondent
12:55 PM CDT, October 18, 2007
Roughly 3,300 people working in the western suburbs for oil giant BP PLC received notice today that many will be relocated, and some laid off, as part of the restructuring the company announced late last week, the Tribune has learned.

As many as 1,000 of those jobs may move to downtown Chicago, as BP seeks to concentrate its trading operations closer to the downtown financial markets, said a source knowledgeable about the company's plans. Real estate sources said BP has held discussions with several real estate firms about its needs.
Tribune



Oct. 18, 2007
CBOE profit more than doubles in 3rd quarter
(Reuters) — The Chicago Board Options Exchange, the largest U.S. options market, said on Thursday that third-quarter profit more than doubled, helped by a rise in record trading volume and new product offerings.
Crains



City looking into parking-meter lease
Daley considering lease plan, but not for short-term cash
By Gary Washburn | Tribune staff reporter
October 18, 2007
After cashing out on the Chicago Skyway and four publicly-owned parking garages, the Daley administration now is considering a deal to lease thousands of parking meters downtown and in city neighborhoods to a private operator.
Tribune



New Pentagon order for Navistar
By James P. Miller | Tribune staff reporter
5:38 PM CDT, October 18, 2007
Navistar International Corp. said late Thursday that it has received an additional $509 million order from the U.S. Marine Corps to build 1,000 heavily armored "MRAP" vehicles.
Tribune
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Old October 19th, 2007, 02:50 PM   #138
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http://www.suntimes.com/business/610...N-bp19.article

BP to move downtown
SHAKEUP | Some jobs head to Loop, others to Texas


October 19, 2007
BP America told its 3,300 Chicago area employees Thursday that it plans to move its supply and trading business in the U.S. to downtown Chicago from west suburban Warrenville and relocate other corporate staff to its Houston headquarters in a shakeup that also will involve an unspecified number of layoffs.
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Old October 19th, 2007, 05:44 PM   #139
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I'm concerned about Glen Tilton's (CEO of UAL) push for airline consolidation. Despite shelling out all of those TIF tax-dollars, I can totally see Chicago losing an airline HQ to Houston or some other southern boomtown via a merger. In the end, corporations have very few loyalties, IMO
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Old October 22nd, 2007, 06:14 AM   #140
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October 16, 2007
Mid-year jobs report
By Guest Blogger Vanessa Haleco-Meyer, Associate Economist

Economists and policymakers often pay close attention to payroll job numbers because they are among the most current and wide-ranging economic indicators available for states and regions. However, payroll job numbers should be viewed with caution as they are subject to revision; that is, an annual revision is undertaken during early March for the data of the previous five years.

The Midwest—comprising Illinois, Indiana, Iowa, Michigan, Minnesota, Ohio, and Wisconsin—saw moderate year-over-year employment growth in the first half of 2007. The Midwest had 0.2% nonfarm employment growth, while the U.S. had a 1.5% gain (see the figure below). Each state in the Midwest posted growth in jobs, except for Michigan and Ohio.

Most major industry sectors contributed to the Midwest’s sluggish employment growth (see the table below). The region’s manufacturing employment decreased, in large part due to the auto and housing industries’ troubles. Midwest employment expanded in the professional, education and health, and leisure and hospitality sectors, though at a slower pace than in the nation.

Rising by at least 1 percent, the professional, education and health, and leisure and hospitality industries led employment growth in the region. Because these sectors make up a good portion of the Midwest's industry mix (see the table below), they offset declines or tepid growth in other industries.
Chicago Fed
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