Source: Federal Reserve Bank of Chicago
Release: Chicago Fed Midwest Economy Index
This series represents the contributions of Michigan's manufacturing sector to the Relative Midwest Economy Index (RMEI). This series is the weighted average of state variables measuring the growth in nonfarm business activity based on manufacturing sector indicators for the Michigan.
A zero value represents an average contribution to RMEI by the state of Michigan manufacturing 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: Michigan Contribution: Manufacturing Sector [RMANUMIM683SFRBCHI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/RMANUMIM683SFRBCHI, February 29, 2024.