The economy in the Midwest and Plains region continued to slump in August, according to two Creighton University surveys that serve as economic indicators.
The Rural Mainstreet Index is based on a survey of rural bankers in Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming. It focuses on about 200 rural communities with an average population of 1,300 people.
Its overall index in August sank below growth-neutral for a 12th straight month, to 40.9 from July’s 41.3. Any readings above 50 on the index that ranges from 0 to 100 suggests economic growth in the months ahead, with readings below 50 indicating decline.
The Mid-America study surveys supply managers in Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota. Its overall index in August sank below growth neutral for the fourth time this year, to 48.7 from 50.7 in July.
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The Mid-America survey’s business confidence index, which looks ahead six months, dropped to 26.7 from July’s 30.6. The Rural Mainstreet confidence index slipped to 27.3 from 28.3 in July.
“Weak agriculture commodity prices and farm exports, combined with downturns in farm equipment sales over the past several months, continued to constrain banker confidence,” said Creighton economist Ernie Goss, who oversees the monthly surveys.
He also said that more than one-third of supply managers surveyed in the region see a recession as the greatest economic threat.
North Dakota data
North Dakota’s overall index in the Mid-America survey in August rose above growth neutral after five straight months below, to 50.7, up from 49.8 in July. Components were: new orders at 49.3, production or sales at 44.8, delivery lead time at 53.6, employment at 60.9 and inventories at 44.9.
The state’s year-to-date exports sank to $2.4 billion from $3.6 billion for the same period in 2023, a 33.4% reduction, according to the latest U.S. International Trade Administration data.
North Dakota’s overall index in the Rural Mainstreet survey also increased, to 40.3 from 38.1 in July, but remained below growth-neutral. The state’s farmland price index declined to 44.7 from 46.5 in July. The state’s new hiring index dropped to 44.7 from 50.2 in July.
Year-to-date exports of North Dakota agriculture goods and livestock were up by $33 million, or 7.3%, from the same period in 2023, according to ITA data.
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Publish date : 2024-09-24 00:45:00
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