Report Suggests Midwest States Economic Growth Slowed Due to Ag Prices
OMAHA, Neb. (AP) -- A new report suggests that healthy economic growth slowed down this month in rural areas of 10 Midwest and Plains states.
The overall economic index for the region slipped to 55.8 in August from 57.3 in July but was far ahead of the 47.1 in August 2012.
Creighton University economist Ernie Goss oversees the monthly survey of rural bankers. He says drought weighed down the economy last year. He says lower farm commodity prices are dampening the current outlook for the farm economy.
The index ranges from 0 to 100, with 50 representing growth neutral. A score above 50 suggests economic growth in the months ahead.
The index is based on a survey of rural bankers in Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming.
Copyright 2013 The Associated Press.