MINNEAPOLIS (AP) — The Federal Reserve Bank of Minneapolis is predicting a gradual economic recovery next year in the Upper Midwest.
The bank’s economists are optimistic about agriculture and are predicting modest increases in consumer spending.
They say unemployment in the region will level off, but warn that jobless rates will remain at historic highs for a while. According to the Fed, the construction industry will remain weak.
The Fed predicts a stronger recovery in the region’s western states of Montana, North Dakota and South Dakota. The rest of the district — Minnesota, northwestern Wisconsin and the Upper Peninsula of Michigan — will lag behind.