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You are employed by the state bureau of economic development. There is a demand for a...

You are employed by the state bureau of economic development. There is a demand for a leading economic index to review past economic activity and to forecast future economic trends in the state. You decide that several key factors should be included in the index: number of new businesses started during the year, number of business failures, state income tax receipts, college enrollment, and the state sales tax receipts. Here are the data for 2000 and 2016. 2000 2016 New businesses 1,200 1,070 Business failures 550 298 State income tax receipts ($ millions) 196.7 187.7 College student enrollment 242,279 290,934 State sales tax ($ millions) 50.6 55.8 Click here for the Excel Data File The weights you assign are: new businesses 21%, business failures 10%, income tax 41%, enrollment 14% and sales tax 14%. Compute the leading economic indicator for 2016. (Round your answer to 2 decimal places.) Interpret the indexes. (Round your answer to 2 decimal places.)

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