Why is the Cleveland Fed invested in studying manufacturing trends and impacts?
As appeared in the Cleveland Fed Digest's Ask the Expert
We want to have a good understanding of how our region is developing, and the Cleveland Fed’s multipart study—the industrial heartland working paper, the Economic Commentary, and the Industrial Heartland Series—offers a view of the area’s performance and the factors behind that performance. Our region is gradually diversifying away from manufacturing, and this change is normal. It should happen.
Yet our region is still sensitive to manufacturing trends. When Loretta [Cleveland Fed President Loretta J. Mester] speaks at the Federal Open Market Committee [FOMC] meetings, the anecdotes and analysis that are more focused on a manufacturing perspective are an important part of the regional information that the Fourth Federal Reserve District provides the committee. In order to be well-informed about manufacturing in the region, we need to know the big picture and not just the short-term issues. This study offers that big-picture view.
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