Contributions to the Chicago Fed Midwest Economy Index: Illinois Contribution: Services Sector
SERVILM683SFRBCHI • Economic Data from Federal Reserve Economic Data (FRED)
Latest Value
0.05
Year-over-Year Change
-106.28%
Date Range
6/1/1976 - 5/1/2021
Summary
The Chicago Fed Midwest Economy Index: Illinois Contribution: Services Sector tracks the performance of service industries within Illinois' economic landscape. This metric provides critical insights into regional economic health and sectoral productivity.
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 contribution of service sectors to Illinois' overall economic performance, reflecting the state's service industry dynamics. Economists use this trend to understand regional economic shifts, service sector resilience, and potential growth trajectories.
Methodology
The data is compiled by the Federal Reserve Bank of Chicago using comprehensive economic surveys, statistical sampling, and industry-specific economic indicators.
Historical Context
Policymakers and investors utilize this index to assess regional economic trends, inform strategic decisions, and evaluate potential investment opportunities in Illinois' service sectors.
Key Facts
- Focuses specifically on service industry contributions in Illinois
- Part of the broader Midwest Economy Index tracking regional economic performance
- Provides granular insights into service sector economic dynamics
FAQs
Q: What services are included in this economic index?
A: The index typically covers professional services, healthcare, finance, hospitality, and other service-oriented industries within Illinois.
Q: How frequently is this data updated?
A: The Chicago Fed typically updates this index monthly, providing current snapshots of service sector performance.
Q: Why is the service sector important for economic analysis?
A: Service sectors represent a significant portion of modern economies, often driving employment, innovation, and economic growth.
Q: How can businesses use this economic indicator?
A: Companies can leverage this index to understand regional economic trends, assess market potential, and make strategic investment decisions.
Q: What are the limitations of this economic indicator?
A: While valuable, the index represents a snapshot in time and should be considered alongside other economic metrics for comprehensive analysis.
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Citation
U.S. Federal Reserve, Contributions to the Chicago Fed Midwest Economy Index: Illinois Contribution: Services Sector [SERVILM683SFRBCHI], retrieved from FRED.
Last Checked: 8/1/2025