Index Shows Midwest Economic Growth Near Average in March
Led by declines in the service sector, the Midwest Economy Index (MEI) decreased to –0.02 in March from +0.05 in February, falling below zero for the first time since June 2013. Moreover, the relative MEI decreased to –0.13 in March from +0.27 in the previous month. March’s value for the relative MEI indicates that Midwest economic growth was somewhat lower than would typically be suggested by the growth rate of the national economy.