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MARYVILLE

KXCV-KRNW


News Brief

May 1, 2024Omaha, Neb. |  By: Jeremy Werner

Latest economic indicator shows continued downturn

economy

OMAHA, Neb. - For the eighth consecutive month, the Rural Mainstreet Index (RMI) has remained below growth neutral, indicating ongoing economic challenges in rural areas reliant on agriculture and energy.

According to a survey of bank CEOs across a 10-state region, including the KXCV/KRNW listening area, the overall RMI for April increased slightly to 45.8 from March's 38, though still marking its lowest level since June 2020.

Officials with the RMI attribute the continued downturn to factors such as higher interest rates, weaker commodity prices in agriculture, and increased grain storage costs.

Key highlights from the April 2024 survey include a record level of farm loans, farmland prices expanding for the 53rd consecutive month, and a decline in farm equipment sales for the 10th time in the past 11 months.

Furthermore, barely one percent of bankers reported higher farm delinquency rates over the past six months, indicating a relatively stable picture despite the economic challenges.