Index Shows Midwest Economic Growth Declined Slightly in November
Today, the Federal Reserve Bank of Chicago released November 2016 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 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.
While November’s negative MEI value indicates that the Midwest economy grew at a slower rate in November than would typically be suggested by its historic growth rate, it declined only slightly from October. The overall MEI decreased to -0.01 in November from 0.00 in October.
November’s positive relative MEI index value indicates that the Midwest economy grew at a rate faster than the growth rate of the national economy. The relative MEI decreased slightly to +0.20 in November from +0.22 in October.
By state, Michigan and Indiana made positive overall contributions to the MEI, while Illinois, Iowa and Wisconsin made negative contributions. By sector, overall contributions were positive in consumer spending (+0.04) and manufacturing (+0.01) and negative in services (-0.02) and construction (-0.03).
The following chart illustrates five-year trend lines for the MEI and Relative MEI indexes.
The following chart illustrates contributions to the MEI by sector for Illinois and the Midwest as a whole.
Source: Federal Reserve Bank of Chicago
Please refer to the Chicago Federal Reserve Bank press release for more information.
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