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Midwest economic growth slower in February
The Midwest Economy Index (MEI) declined in February, indicating that regional economy was growing at a rate consistent with national economic growth.
The index is a weighted average of 129 state and regional indicators encompassing the five states in the Seventh Federal Reserve District (Illinois, Indiana, Iowa, Michigan and Wisconsin). The index measures growth in non-farm business activity based on indicators of four broad sectors of the Midwest economy: 1) manufacturing, 2) construction and mining, 3) services, and 4) consumer spending.
February’s pace of manufacturing activity decreased in Illinois, Iowa, Michigan and Wisconsin, but increased in Indiana. The construction and mining sector’s contribution was lower in Indiana and Iowa, but higher in Michigan and Wisconsin, and unchanged in Illinois. The pace of service sector activity decreased in Illinois, Indiana, Michigan and Wisconsin, but was unchanged in Iowa. Consumer spending indicators were, on balance, down in all five states.
MEI historical data and background information are available at www.chicagofed.org/mei.
Gross state product (GSP) growth forecasts are available at www.chicagofed.org/webpages/region/midwest_economy/index_data.cfm.