Rural economy slows in June

The latest Rural Mainstreet Index has sunk below growth neutral for a tenth straight month.

Creighton University economist Ernie Goss says the agricultural and energy economies are slowing down. “Look no further than John Deere’s recent layoff announcements. That’s just a signal of our numbers capturing what’s going on there.”

The index is a monthly survey of ag bankers in 10 states including Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, and South Dakota.

Goss tells Brownfield uncertainty around the 2024 Presidential Election is another factor. “It really doesn’t help to have the two chief presidential candidates talk about trade restrictions, tariffs, and that certainly makes individuals in the agricultural sector nervous.”

He says the index also showed regional ag exports were down 4.1% from the same period in 2023.

AUDIO: Creighton University economist Ernie Goss 6-25-24

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