Latest Beige Book report positive

Northwestern Financial Review, Nov 15-Nov 30, 2004

Economic growth was evident in the Upper Midwest during September and early October, according to the Federal Reserve, which issued its Beige Book report. Growth was noted in commercial real estate, manufacturing, energy, agriculture, consumer spending and tourism. Conditions were steady in residential real estate and mixed in mining.

Job growth and wage increases were modest. While overall price increases appear to have been moderate, significant increases were noted for manufacturing and construction materials, retail food, heating and petroleum.