State of Wisconsin Leads in Economic Growth
For the third month in a row Wisconsin has lead the five states that make up the Chicago Federal Reserve region in economic growth. The data comes from the Federal Reserve Bank of Chicago and shows the state leading by .12 on the Midwest Economy Index (MEI). The lead over states like Illinois and Michigan were attributed to strong performance in the manufacturing, consumer, and construction sectors.
These findings mirror recent data released by the Department of Workforce Development. In April of 2017 the Wisconsin unemployment rate fell to 3.2%. In addition, the state reported adding 7,500 jobs to the private sector.
The Midwest Economy Index is a monthly index designed to measure growth in non-farming business activity. A zero value for the MEI is associated with the Midwest’s economy expanding at an average rate. Positive values are associated with above average growth and tend to coincide with national economic activity.