Source: Federal Reserve Bank of Chicago
Release: Chicago Fed Midwest Economy Index
This series represents the contributions of Michigan 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 indicators of four broad sectors of the Michigan's economy: 1) manufacturing, 2) construction and mining, 3) services, and 4) consumer spending.
A zero value represents an average contribution to RMEI by the state of Michigan, 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 [RMIINDEXM683SFRBCHI], retrieved from FRED, Federal Reserve Bank of St. Louis; https://fred.stlouisfed.org/series/RMIINDEXM683SFRBCHI, January 25, 2021.