State leads Chicago Fed region in economic growth

Wisconsin tops Midwest Economy Index for third straight month


Wisconsin has shown the strongest growth for three straight months among the five states making up the Chicago Federal Reserve region, according to new data released Wednesday.

Economic indicators

The state posted the highest reading on both the Midwest Economy Index, which measures growth against historical norms, and a relative MEI measure intended to compare growth to the country as a whole. On the standard measure, a reading of zero indicates growth at historical norms, while zero on the relative measure indicates growth on pace with the country.

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In April, Wisconsin posted 0.27 for the standard measure, led by 0.12 in manufacturing. Services contributed 0.07, the consumer sector added 0.06 and construction added 0.02.

The next closest state was Illinois at 0.16, led by manufacturing and consumer sectors. Michigan was at 0.14, Iowa at 0.11 and Indiana was at .03.

On the relative MEI, Wisconsin posted 0.30, again led by manufacturing and service sectors. Illinois was at 0.18. Michigan was third at 0.12, followed by Iowa 0.04 and Indiana at zero.

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Wisconsin has had the highest reading in all three Midwest economy releases the Chicago Fed has made in 2017 after finishing 2016 in negative territory.

Those findings match with recent job data which showed in 2016 Wisconsin had its worst 12-month period for job growth since mid-2010, while more other data has shown the unemployment rate falling to 3.2 percent in April and the state adding 7,500 private sector jobs.

Read more economic data reports at the BizTracker page.

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