Index Suggests Midwest Growth Increased, but Remained Well Below Trend Through July
The Midwest Economy Index (MEI), which approximates quarterly growth at a monthly frequency, rose to –3.60 in July from –9.54 in June. Contributions to the July MEI from all four broad sectors of nonfarm business activity and all five Seventh Federal Reserve District states increased from June. The relative MEI increased to –3.86 in July from –6.51 in June. Contributions to the July relative MEI from three of the four sectors and four of the five states increased from June.
