OMAHA, Neb. (AP) The index of a newly released monthly survey of bankers in rural parts of 10 Plains and Western states has hit a new record high, just two months after hitting its previous record high. The overall index of the Rural Mainstreet Survey for May reached 78.8 nearly 7 points higher than the previous record of 71.9 set in March and 10 points above April’s 69.0. Any score above 50 suggests a growing economy. Creighton University economist Ernie Goss credits gains in grain prices, record-low interest rates and growing exports, but said labor shortages are hold the rural economy back. Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.
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Bankers survey for parts of 10 states hits new record high kbur.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from kbur.com Daily Mail and Mail on Sunday newspapers.
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OMAHA, Neb. The economy in rural parts of 10 Plains and Western states is booming and would be soaring even higher if not for a regionwide labor shortage, according to a monthly survey of bankers released Thursday that hit a new record high just two months after setting the previous record.
The overall index of the Rural Mainstreet Survey for May reached 78.8 nearly 7 points higher than the previous record of 71.9 set in March and 10 points above April’s 69.0.
Any score above 50 suggests a growing economy, while a score below 50 suggests a shrinking economy.
Strong grain prices, the Federal Reserve’s record-low interest rates and growing exports have underpinned the regional economy’s growth, said Creighton University economist Ernie Goss, who oversees the monthly survey.