Economic growth slowed in the Midwest in July, according to the latest Midwest Economic Index.
The MEI, which is compiled by the Federal Reserve Bank of Chicago and includes Wisconsin, Illinois, Indiana, Iowa and Michigan, is a weighted average of 129 state and regional indicators measuring growth in non-farm business activity in manufacturing, construction and mining, services and consumer spending.
The MEI reading was -0.12 in July, down from a neutral measure in June. The index’s average value is zero, with a standard deviation of one. A positive reading signifies economic growth above trend, while a negative reading indicates growth below trend.
The index also indicated that Midwest economic growth also declined relative to the national rate of economic growth.
For Wisconsin specifically, the MEI measured -0.20 in July, with the construction sector contributing most to the decline. Illinois was at -0.07, Iowa measured -0.05, Indiana saw positive growth at 0.05 and Michigan grew at a rate of 0.13.
