Source: Federal Reserve Bank of Chicago
Release: Chicago Fed Midwest Economy Index
This series represents the contributions of the consumer spending sector to the Midwest to the Relative Midwest Economy Index (RMEI). This series is a weighted average of state and regional indicators encompassing the entirety of the five states in the Seventh Federal Reserve District (Illinois, Iowa, Iowa, Michigan, and Wisconsin).
The series measures the growth in nonfarm business activity in the Midwest Region based on the consumer spending sector.
A zero value represents an average contribution to RMEI by the Midwest consumer spending sector, a rate historically consistent with the growth of the national economy, whereas positive values indicate above-average relative contribution; and negative values indicate below average relative contribution.
For further information about the Relative Midwest Economy Index, go to http://midwest.chicagofedblogs.org/archives/2011/03/mei_by_scott_br.html and http://chicagofed.org/digital_assets/publications/chicago_fed_letter/2010/cflnovember2010_280.pdf .
Federal Reserve Bank of Chicago, Contributions to the Chicago Fed Relative Midwest Economy Index: Consumer Spending Contribution [RCONSUMERM683SFRBCHI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/RCONSUMERM683SFRBCHI, March 21, 2023.