Index Shows Midwest Economic Growth Below Average in November
Today, the Federal Reserve Bank of Chicago released November 2015 figures for its Midwest Economy Index (MEI). The MEI is a weighted average of 129 indicators designed to measure non-farm business activity in the Midwest (IL, IN, MI, WI, IA).
The overall MEI moved down to -0.17 in November from -0.14 in October. The relative MEI increased to +0.13 in November from -0.32 in October. A negative MEI and a positive relative MEI index value indicate that the Midwest economy grew at a slower rate in November than would typically be suggested by its historic growth rate and at a rate faster than the growth rate of the national economy, respectively.
Michigan and Indiana made positive overall contributions to the MEI, led by Michigan’s +0.05 manufacturing contribution and Indiana’s +0.02 consumer services contribution. Negative manufacturing contributions from Illinois (-0.04), Wisconsin (-0.08), and Iowa (-0.11) had the greatest impact on the overall MEI’s negative value. All states made positive consumer spending contributions.
The following chart illustrates contributions to the MEI by sector for Illinois and the Midwest as a whole.
The following chart illustrates five-year trend lines for the MEI and Relative MEI indexes. The MEI captures both national and regional factors driving Midwest growth and the relative MEI provides a picture of Midwest growth conditions relative to those of the nation.
Source: Federal Reserve Bank of Chicago
Please refer to the Chicago Federal Reserve Bank press release for more information.
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WBC’s “Economic Briefs” track indicators from month to month to gauge the strength of several aspects of Chicago’s economy, including unemployment, population, venture capital, job openings and new hires, home sales, tourism, etc. This data provides a clear analytic framework for specific Plan strategies and initiatives. For a summary of these and other economic indicators, refer to WBC’s monthly Chicago By The Numbers.
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