Economic growth in the five state region covered by the Chicago Federal Reserve slowed in June, but compared to the country as a whole the growth was stronger, according to the Chicago Fed’s latest Midwest Economy Index.
The index registered at 0.42 for the region as a whole, down from 0.51 in May. A reading of zero indicates growth at historical averages. As in the previous month, June’s growth was driven primarily by the manufacturing and consumer sectors.
The relative MEI, which measures the region’s growth against the country as a whole, improved from 0.09 in May to 0.24 in June with improvement in the manufacturing sector leading the way.
Wisconsin continued to be the top contributor to the region’s MEI, despite a decline from 0.22 in May to 0.15 in June suggesting a slowdown in the state’s economic growth. The decline was seen in all four sectors included in the index but was led by a drop from 0.03 to zero in services.
Michigan and Illinois were the other top performers on the June index, both with readings of 0.12. Iowa registered a 0.03 and Indiana was at -0.01.
On the relative MEI, Illinois passed Wisconsin for the top spot, registering a reading of 0.15. Wisconsin was second at 0.13, down from 0.15 in May. Michigan was third at 0.08, followed by Iowa at -0.04 and Indiana at -0.08.
Wisconsin’s relative MEI saw an improvement in the manufacturing sector from 0.09 to 0.12, but that was not enough to overcome declines in service, construction and consumer sectors.
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