A special-purpose index is to be designed to monitor the overall economy of the Southwest. Four key series were selected. After considerable deliberation, it was decided to weight retail sales 20%, total bank deposits 10%, industrial production in the area 40%, and nonagricultural employment 30%. The data for 2000 and 2022 are:

Construct a special-purpose index for 2022 using 2000 as the base period and interpret.

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Year 2000 2022 Retail Sales ($ millions) 1,159.0 1,971.0 Bank Deposits ($ billions) 87 91 Industrial Production (1990 = 100) 110.6 114.7 Employment 1,214,000 1,501,000