Contributions to the Chicago Fed Relative Midwest Economy Index: Michigan Contribution: Consumer Spending Sector
RCONSUMIM683SFRBCHI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.05
Year-over-Year Change
-119.94%
Date Range
6/1/1976 - 5/1/2021
Summary
Measures Michigan's consumer spending contributions to the Midwest regional economy. Provides crucial insights into regional consumer behavior and economic activity.
Analysis & Context
This economic indicator provides valuable insights into current market conditions and economic trends. The data is updated regularly by the Federal Reserve and represents one of the most reliable sources for economic analysis.
Understanding this metric helps economists, policymakers, and investors make informed decisions about economic conditions and future trends. The interactive chart above allows you to explore historical patterns and identify key trends over time.
About This Dataset
This index tracks consumer spending contributions from Michigan to the broader Midwest economic landscape. It helps economists understand consumer-driven economic trends.
Methodology
Calculated by the Chicago Federal Reserve using comprehensive consumer spending and economic data.
Historical Context
Used by policymakers to assess regional consumer economic performance and spending patterns.
Key Facts
- Tracks consumer spending contributions
- Provides regional economic insights
- Part of Chicago Fed's economic analysis
FAQs
Q: What does this economic index measure?
A: It measures Michigan's consumer spending contributions relative to the Midwest regional economy. Helps track consumer economic activity.
Q: How is the index calculated?
A: The Chicago Fed uses comprehensive consumer spending and economic data to assess regional contributions.
Q: Why is this index important?
A: It provides critical insights into regional consumer behavior and economic spending patterns.
Q: Who uses this economic indicator?
A: Economists, policymakers, and market analysts use this index to understand consumer-driven economic trends.
Q: How often is the index updated?
A: The Chicago Fed typically updates the index periodically to reflect current consumer spending conditions.
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Citation
U.S. Federal Reserve, Contributions to the Chicago Fed Relative Midwest Economy Index: Michigan Contribution: Consumer Spending Sector (RCONSUMIM683SFRBCHI), retrieved from FRED.