Federal Reserve Bank of Chicago

Chicago, IL, United States

Federal Reserve Bank of Chicago

Chicago, IL, United States

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NEW YORK--(BUSINESS WIRE)--The Western Union Company (NYSE: WU), a leader in global payment services, today announced that Jeffrey A. Joerres has been elected as the company’s non-executive chairman of the board of directors. Mr. Joerres succeeds Jack Greenberg, who after serving as non-executive chairman since 2006, has announced his retirement. “Jack’s vision helped guide Western Union through one of the most transformative periods for the company, while continuing as a global leader in cross-border payments. It is an honor to have worked with Jack, we are thankful for his many years of service,” said Hikmet Ersek, President and CEO. “Today, we are in the midst of a very exciting period in the company’s history. Together with the board, I look forward to working with our chairman Jeff, in building upon our solid foundation to accelerate the business and drive continued shareholder value.” Mr. Joerres has been a member of the Western Union board since 2015. During this time, he served on Corporate Governance and Public Policy Committee and the Compensation and Benefits Committee. He brings extensive global business, leadership and financial services experience, serving as CEO and chairman of the board of ManpowerGroup, as well as director of the Federal Reserve Bank of Chicago board of directors. He currently serves as a director of Johnson Controls International plc, Artisan Partners Asset Management Inc., the Committee for Economic Development, and is chair of the Future Workforce Committee of the Greater Milwaukee Committee. Mr. Greenberg helped guide Western Union as it became a stand-alone, publicly traded company in 2006. During his tenure, the company transitioned its focus to digital money transfer and introduced an online and mobile presence, including the formation of Western Union Business Solutions. The Western Union Company (NYSE: WU) is a leader in global payment services. Together with its Vigo, Orlandi Valuta, Pago Facil and Western Union Business Solutions branded payment services, Western Union provides consumers and businesses with fast, reliable and convenient ways to send and receive money around the world, to send payments and to purchase money orders. As of March 31, 2017, the Western Union, Vigo and Orlandi Valuta branded services were offered through a combined network of over 550,000 agent locations in 200 countries and territories and over 150,000 ATMs and kiosks, and included the capability to send money to billions of accounts. In 2016, The Western Union Company completed 268 million consumer-to-consumer transactions worldwide, moving $80 billion of principal between consumers, and 523 million business payments. For more information, visit www.westernunion.com.


News Article | May 24, 2017
Site: www.marketwired.com

LANSING, MI--(Marketwired - May 24, 2017) - Michigan retailers expect more of the same after posting positive retail sales during April, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. More than half of retailers posted year-over-year sales increases during April and nearly three-quarters expect gains through mid-summer. "Our index has been in positive territory the past three months, up significantly since January's slow start to the year," said MRA President and CEO James P. Hallan. "Consumers are responding to the good spring weather and Michigan's economy continues to show improvement. The state's unemployment rate fell by three percentage points last month." The Michigan Retail Index survey for April found 51 percent of the state's retailers increased sales over the same month last year, while 32 percent recorded declines and 17 percent reported no change. The results create a seasonally adjusted performance index of 54.5, down from 57.4 in March but still above the important 50 mark. The 100-point index gauges the performance of the state's overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago's Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity. Looking forward, 72 percent of Michigan retailers expect sales during May-July to increase over the same period last year, while 11 percent project a decrease and 17 percent no change. That puts the seasonally adjusted outlook index at 74.3, down from 84.0 in March but well above the 50 level. Nationally, retail sales excluding autos and gasoline, rose by 0.3 percent in April, according to the U.S. Commerce Department. Note: William Strauss, senior economist and economic advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Michigan Retail Index April 2017 results (2016 Index figures are available at https://www.retailers.com/news-events/michigan-retail-index/) April Performance Retailers reporting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same month a year ago (numbers in parentheses indicate March results) Outlook for Next 3 Months Retailers expecting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same period a year ago (numbers in parentheses indicate March results) April Sales Performance & Outlook for Next 3 Months, by Region (the first number indicates sales performance for the month; the number in parentheses indicates outlook for the next three months) *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease.


News Article | April 26, 2017
Site: www.marketwired.com

LANSING, MI--(Marketwired - April 26, 2017) - Michigan retailers' spring sales forecasts grew even stronger after their March sales rose, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. Four of every five retailers (80 percent) expect spring sales from April to June to increase over last year. That's up from the 76 percent who expected a rise in sales from March to May. "After a slow start in January, retail performance is rising sharply," said MRA President and CEO James P. Hallan. "Retailers' projections are high because spring is finally here and current sales are increasing, consumer confidence remains high, the Michigan workforce continues to grow and gasoline prices remain in check." The Michigan Retail Index survey for March found 43 percent of the state's retailers increased sales over the same month last year, while 34 percent recorded declines and 23 percent reported no change. The results create a seasonally adjusted performance index of 57.4, up from 52.8 in February. The 100-point index gauges the performance of the state's overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago's Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity. Nationally, retail sales excluding autos, gasoline, building materials and food service, rose by 0.5 percent in March, according to the U.S. Commerce Department. Looking forward, 80 percent of Michigan retailers expect sales during April - June to increase over the same period last year, while 5 percent project a decrease and 15 percent no change. That puts the seasonally adjusted outlook index at 84.0, up from 79.0 in February. Note: William Strauss, senior economist and economic advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Michigan Retail Index March 2017 results 2016 Index figures are available at https://www.retailers.com/news-events/michigan-retail-index/ March Performance Retailers reporting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same month a year ago (numbers in parentheses indicate January results) Outlook for Next 3 Months Retailers expecting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same period a year ago (numbers in parentheses indicate January results) February Sales Performance & Outlook for Next 3 Months, by Region (the first number indicates sales performance for the month; the number in parentheses indicates outlook for the next three months) *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease.


News Article | February 17, 2017
Site: www.marketwired.com

LANSING, MI--(Marketwired - February 17, 2017) - More than four of five Michigan retailers (82 percent) expect to increase 2017 sales over last year despite a slow start, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. Only 7 percent expect their sales to decline and 11 percent see no change. Taken together, retailers' individual forecasts average a gain of 2.6 percent over last year. Last January they predicted average sales growth of 2 percent for 2016. At year's end, they reported annual results averaging a positive 0.5 percent. "Retailers look at 2017 and see an economy growing more rapidly with more people working and spending money," said MRA President and CEO James P. Hallan. He pointed out that, "retail sales also started slowly last year, but then built good momentum until falling off at the end." National Retail Federation economists predict U.S. retail sales will rise between 3.7 and 4.2 percent this year, excluding autos, gasoline and restaurants. Online and other non-store sales, which are included in the economists' forecast, are expected to climb 8-12 percent. The Michigan Retail Index survey for January found 29 percent of retailers increased sales over the same month last year, while 55 percent recorded declines and 16 percent reported no change. The results create a seasonally adjusted performance index of 40.5, down from 52.0 in December. A year ago January the performance index stood at 47.1. The 100-point index gauges the performance of the state's overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago's Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity. Looking forward, 69 percent of retailers expect sales during February - April to increase over the same period last year, while 3 percent project a decrease and 28 percent no change. That puts the seasonally adjusted outlook index at 79.4, up from 65.3 in December. A year ago January, the outlook index stood at 70.5. Note: William Strauss, senior economist and economic advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Michigan Retail Index January 2017 results 2016 Index figures are available at https://www.retailers.com/news-events/michigan-retail-index/ *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease.


Klier T.,Federal Reserve Bank of Chicago | Rubenstein J.,Miami University Ohio
International Journal of Automotive Technology and Management | Year: 2011

One of the first challenges of the newly inaugurated Obama Administration in 2009 was the parlous state of the Detroit 3 carmakers (Chrysler Group, Ford Motor Company, and General Motors Company). Without government intervention, Chrysler and GM faced the strong possibility of having to close their operations and to liquidate their assets. The Obama Administration's publicly stated justification for rescuing Chrysler and GM was twofold: (1) short-term stabilisation of the national economy, (2) long-term strengthening of US manufacturing. Regional policy was not publicly stated as an important goal, but this paper concludes that one result of the rescue has been a tacit implementation of a regional industrial policy in the USA, though not an explicitly adopted strategy. Copyright © 2011 Inderscience Enterprises Ltd.


News Article | March 2, 2017
Site: www.businesswire.com

PASO ROBLES, Calif.--(BUSINESS WIRE)--IQMS, a leading manufacturing ERP software and manufacturing execution system (MES) authority, today announced the keynote speakers for the 2017 IQMS Pinnacle User Conference. Collectively the featured presenters will provide attendees with insights into how to capitalize on opportunities, mitigate risk, and spur growth in the wake of the economic conditions and technology trends impacting manufacturers today. The keynote sessions include: IQMS’ Pinnacle user conference runs April 3-6, 2017, at the Lowes Sapphire Falls Resort in Orlando, Florida. The event brings together manufacturing executives, enterprise resource planning (ERP) technical experts, and industry thought leaders in 66 sessions examining manufacturing technology and business best practices, as well as how to get the most out of IQMS software. “Our manufacturing customers’ success in growing their business and profitability is based not only on how efficiently they implement their ERP solutions but also how effectively they navigate the evolving market dynamics and technologies impacting the industry today,” said Gary Nemmers, president and CEO of IQMS. “At Pinnacle 2017, we are thrilled to complement our popular IQMS software training sessions with keynote speeches by three high-powered thought leaders in finance, manufacturing, and operational excellence. Together, they will empower our attendees with valuable insights on how to excel in today’s highly competitive global market.” Keynote presenter William A. Strauss is a senior economist and economic advisor in the economic research department at the Federal Reserve Bank of Chicago, which he joined in 1982. His chief responsibilities include analyzing the current performance of both the Midwest economy and the manufacturing sector for use in monetary policy. He organizes the Bank's Economic Outlook Symposium and Automotive Outlook Symposium, and he currently teaches at DePaul University Kellstadt Graduate School of Business, and at the University of Chicago Graham School of Continuing Liberal and Professional Studies. Strauss has been interviewed on numerous television and radio shows and quoted in the major business magazines and newspapers. He has also provided testimony concerning manufacturing issues to the U.S. Senate. Alan Hobson is an international bestselling author of seven books, Mt. Everest summiteer, and professional speaker for Fortune 500 companies. He has been featured on Oprah, is a winner of the prestigious William Randolph Hearst Award for Excellence in News Writing. and is considered to be one of the best adventure speakers in the world. A former nine-time all-American gymnast, marathon runner, hang glider pilot, white water kayaker, parachutist, and journalist, he is a tough man for tough times—an expert at overcoming adversity, managing cataclysmic change, and enduring hostile and life-threatening operating conditions. Andrew Hughes is a principal analyst at LNS Research with his primary focus being research and analysis in the manufacturing operations management (MOM) practice. He also examines the impact of technologies, such as the Internet of Things (IoT) on smart manufacturing. Hughes has 30 years of experience in manufacturing IT, software research, sales and management across a broad spectrum of manufacturing industries. Prior to LNS Research, he worked at Gartner as a research director in the manufacturing group as lead analyst in MOM and related manufacturing software fields. Before joining Gartner, Andrew led the manufacturing execution systems (MES) team in Europe at process industry software provider Aspen Technology. IQMS uniquely combines ERP and MES functionality to give manufacturers a comprehensive end-to-end suite for running the business, backed by the real-time performance and scalability that companies demand. Developed specifically for mid-market repetitive, discrete and batch process manufacturers, IQMS provides robust capabilities for addressing strict customer and regulatory certification and compliance. IQMS achieves this by delivering traditional ERP functionality for accounting, sales orders, material requirements, inventory and purchasing, plus extended native features for CRM, human resources, production scheduling, shop floor control, warehouse and quality modules. With offices across North America, Europe and Asia, IQMS serves manufacturers around the world. For more information, please visit http://www.iqms.com.


Klier T.,Federal Reserve Bank of Chicago | Linn J.,Resources for the Future
Journal of Environmental Economics and Management | Year: 2013

Several recent papers have documented an effect of fuel prices on new vehicle fuel economy in the United States. This paper estimates the effect of fuel prices on average new vehicle fuel economy for the eight largest European markets. The analysis spans the years 2002-2007 and uses detailed vehicle registration and specification data to control for policies, consumer preferences, and other potentially confounding factors. We find fuel prices to have a statistically significant effect on average new vehicle fuel economy in Europe. The effect estimated for Europe is much smaller than comparable estimates for the United States. © 2013 Elsevier Inc.


News Article | October 28, 2016
Site: www.marketwired.com

LANSING, MI--(Marketwired - October 27, 2016) - Michigan retailers are forecasting a positive holiday season, with their sales rising by an average of 2.1 percent over last year, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. "Nearly two-thirds of Michigan retailers expect to increase their holiday sales over last year," said MRA President and CEO James P. Hallan. "They're looking at a stronger consumer amid positive economic conditions such as reduced unemployment and lower gasoline prices." Sixty-three percent expect to increase sales, with 21 percent expecting increases more than 5 percent. Only 9 percent expect their sales to fall below last year. The retailers' forecasts are in line with national projections. The National Retail Federation predicts total sales to increase 3.6 percent and the International Council of Shopping Centers projects 3.3 percent. Michigan is expected to ring up nearly $20 billion of the nation's estimated $656 billion in holiday sales. Hallan noted that retail sales rebounded in Michigan and across the U.S. in September. National retail sales, excluding autos and gasoline, rose 0.3 percent in September over August, according to the U.S. Commerce Department. The September Michigan Retail Index survey found 45 percent of Michigan retailers increased sales over the same month last year, while 32 percent recorded declines and 23 percent reported no change. The results create a seasonally adjusted performance index of 56.9, up from 50.8 in August. A year ago September the performance index stood at 51.1. The 100-point index gauges the performance of the state's overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago's Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity. Looking forward, 54 percent of retailers expect sales during October-December to increase over the same period last year, while 17 percent project a decrease and 29 percent no change. That puts the seasonally adjusted outlook index at 65.5, down from 71.6 in August. A year ago September, the outlook index stood at 75.4. Note: William Strauss, senior economist and economic advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Michigan Retail Index September 2016 results Index figures dating to July 1994 are available at https://www.retailers.com/news-events/news/. September Performance Retailers reporting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same month a year ago (numbers in parentheses indicate August results) Outlook for Next 3 Months Retailers expecting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same period a year ago (numbers in parentheses indicate August results) September Sales Performance & Outlook for Next 3 Months, by Region (the first number indicates sales performance for the month; the number in parentheses indicates outlook for the next three months) Question of the Month What is your projected holiday sales performance versus last year? *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease.


News Article | December 21, 2016
Site: www.marketwired.com

LANSING, MI--(Marketwired - December 21, 2016) - Michigan retailers are optimistic about the home stretch of holiday shopping and the first two months of the new year, according to the Michigan Retail Index, a joint project of Michigan Retailers Association (MRA) and the Federal Reserve Bank of Chicago. The three-month outlook component of the Index reached 83.5 (out of 100) in November, the highest monthly figure in 12 years. "The Index shows the season got off to a good start in November and it appears to have remained positive going into the final days before Christmas," said MRA President and CEO James P. Hallan. "Retailers believe that a positive holiday season will provide momentum going into the new year." Going into the season, 63 percent of MRA members projected their sales would increase over last year's, while only 9 percent expected them to slip. Their forecasts averaged +2.1 percent, up slightly over last year's projection of +2.0 percent. The November Michigan Retail Index survey found 37 percent of Michigan retailers increased sales over the same month last year, while 36 percent recorded declines and 27 percent reported no change. The results create a seasonally adjusted performance index of 55.7, up from 49.8 in October. A year ago November the performance index stood at 50.2. The 100-point index gauges the performance of the state's overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago's Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity. Looking forward, 52 percent of retailers expect sales during December-February to increase over the same period last year, while 18 percent project a decrease and 30 percent no change. That puts the seasonally adjusted outlook index at 83.5, up from 72.6 in October. A year ago November, the outlook index stood at 62.6. Note: William Strauss, senior economist and economic advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Previous Index figures are available at https://www.retailers.com/news-events/michigan-retail-index/ Retailers reporting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same month a year ago Retailers expecting increased, decreased or unchanged sales, inventory, prices, promotions and hiring compared to the same period a year ago November Sales Performance & Outlook for Next 3 Months, by Region Currently, what's your most significant cost driver? *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease.


News Article | November 23, 2016
Site: www.marketwired.com

LANSING, MI--(Marketwired - November 23, 2016) - Holiday shoppers in Michigan this Thanksgiving weekend will quickly get into the thick of what retailers expect to be a positive holiday season. Nearly two-thirds (63 percent) of Michigan Retailers Association (MRA) members project their sales to increase over last year's, while only 9 percent expect them to slip. Their forecasts average +2.1 percent, up slightly over last year's projection of +2.0 percent. Twenty-one percent this year expect to increase sales more than 5 percent. Michigan retail sales for the season could account for nearly $20 billion of the nation's estimated $655 billion holiday spending. The performance of the state's retail industry was off slightly during October, but didn't reduce retailers' expectations for the holidays, according to the latest Michigan Retail Index survey. The Index is a joint project of MRA and the Federal Reserve Bank of Chicago. "All signs point to a positive holiday season, including more Michiganders working this year and consistently low gasoline prices," said MRA President and CEO James P. Hallan. "More than half of holiday shoppers already have started making purchases, and most plan to be out and about during this extended weekend -- the busiest of the year." Hallan also urged holiday shoppers to "Buy Nearby" at stores and websites that have invested in Michigan by building stores or Internet sites here, creating jobs and supporting their local communities and the state's economy. "Before making purchases, shoppers should think about where their shopping dollars are going," he said. "If they shop in Michigan, they are helping their families, neighbors, local communities and their state. If they send those dollars out of the state to an online, remote seller with no connection to Michigan, they're not." MRA's year-round Buy Nearby campaign encourages consumers to buy from retailers that are invested in Michigan. Research shows Michigan's economy would create 75,000 new jobs and add $9 billion in economic activity if everyone practiced Buy Nearby. The October Michigan Retail Index survey found 40 percent of Michigan retailers increased sales over the same month last year, while 40 percent recorded declines and 20 percent reported no change. The results create a seasonally adjusted performance index of 49.8, down from 56.9 in September. A year ago October the performance index stood at 54.1. The 100-point index gauges the performance of the state's overall retail industry, based on monthly surveys conducted by MRA and the Federal Reserve Bank of Chicago's Detroit branch. Index values above 50 generally indicate positive activity; the higher the number, the stronger the activity. Looking forward, 55 percent of retailers expect sales during November-January to increase over the same period last year, while 20 percent project a decrease and 25 percent no change. That puts the seasonally adjusted outlook index at 72.6, up from 65.5 in September. A year ago October, the outlook index stood at 66.6. Note: William Strauss, senior economist and economic advisor with the Federal Reserve Bank of Chicago, can be reached at 312.322.8151. Michigan Retail Index October 2016 results Previous Index figures are available at https://www.retailers.com/news-events/michigan-retail-index/ *Seasonally adjusted diffusion index. A diffusion index, which is the sum of the percent of respondents indicating increase and half the percent indicating no change, is calculated and then seasonally adjusted using the U.S. Census Bureau's X-11 Seasonal Adjustment procedure. Index values above 50 generally indicate an increase in activity, while values below 50 indicate a decrease.

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