(Omaha, NE) — A Midwest economic report had some unwelcome news, including a slow-down in growth.
According to Creighton University’s Ernie Goss, his November report of Midwest states shows Missouri with a 14-point drop in its Business Conditions Index. Goss cites a decline in imports, exports, and manufacturing. He said that’s on top of the agricultural slowdown throughout the Midwest. He said adding to Missouri’s issues: the state’s manufacturing unemployment rate is higher than it was one year ago.
For the the third time in the past five months, the Mid-America Business Conditions Index moved slightly below growth neutral. The overall index ranges between 0 and 100. The latest report finds the Index at 49.5, down one point from October.
“Creighton’s latest survey indicates that the regional manufacturing economy continues to move sideways with the wholesale inflation gauge moving lower,” said Goss, PhD, Director of Creighton University’s Economic Forecasting Group and the Jack A. MacAllister Chair in Regional Economics in the Heider College of Business. “Supply managers reported weakness in both imports and exports.”
As reported by one supply manager, “Our business outlook has changed from positive to cautious.”
The report focuses on nine Midwest states and found most showed slight declines in growth. Missouri ‘s 14 point decline was the exception.
Goss noted the global economic shutdown is a factor that’s beginning to show up across the U.S. He said there’s some positive news, including his expectation that the U.S. Federal Reserve will lower interest rates slightly next week.
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