Contributions to the Chicago Fed Relative Midwest Economy Index: Michigan Contribution: Services Sector
RSERVMIM683SFRBCHI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.10
Year-over-Year Change
-111.41%
Date Range
6/1/1976 - 5/1/2021
Summary
The Chicago Fed Relative Midwest Economy Index for Michigan's Services Sector tracks the economic performance of service industries within Michigan relative to broader regional trends. This metric provides insights into the state's service sector health and its contribution to the Midwest's overall economic dynamics.
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 economic indicator measures the relative performance of Michigan's services sector compared to the broader Midwestern regional economy. Economists use this index to understand sectoral economic shifts, regional competitiveness, and potential structural changes in service industry productivity.
Methodology
The index is calculated by the Federal Reserve Bank of Chicago using comprehensive economic data sources, comparing Michigan's service sector performance against regional benchmarks.
Historical Context
Policymakers and investors use this index to assess regional economic trends, inform strategic economic development initiatives, and evaluate Michigan's economic positioning within the Midwest.
Key Facts
- Tracks Michigan's service sector economic performance relative to Midwest benchmarks
- Provides insights into regional economic structural changes
- Developed by the Federal Reserve Bank of Chicago
FAQs
Q: What does this economic index measure?
A: The index measures Michigan's services sector performance relative to the broader Midwestern regional economy, indicating economic health and comparative productivity.
Q: Why is this index important?
A: It helps economists, policymakers, and investors understand regional economic dynamics and potential structural shifts in the services sector.
Q: How is the index calculated?
A: The Federal Reserve Bank of Chicago calculates the index using comprehensive economic data sources and comparative regional benchmarks.
Q: How can businesses use this index?
A: Businesses can use the index to assess regional economic trends, evaluate market opportunities, and inform strategic planning in the services sector.
Q: How frequently is this index updated?
A: The index is typically updated periodically, with specific update frequencies determined by the Federal Reserve Bank of Chicago.
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Citation
U.S. Federal Reserve, Contributions to the Chicago Fed Relative Midwest Economy Index: Michigan Contribution: Services Sector [RSERVMIM683SFRBCHI], retrieved from FRED.
Last Checked: 8/1/2025