Index Suggests Midwest Growth Well Above Trend Through September
The Midwest Economy Index (MEI), which approximates quarterly growth at a monthly frequency, rose to +4.30 in September from +1.55 in August. Contributions to the September MEI from all four broad sectors of nonfarm business activity and all five Seventh Federal Reserve District states increased from August. The relative MEI rose to +0.83 in September from –6.12 in August. Contributions to the September relative MEI from all four sectors and all five states increased from August.