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June 3, 2024Omaha, Neb. |  By: Jeremy Werner

Local economic indicator shows growth remains neutral

economy

OMAHA, Neb. - A key economic indicator for nine states including Kansas, Missouri, Iowa and Nebraska, fell below the growth neutral threshold for May, marking the third decline in four months.

The Creighton University Mid-America Business Conditions Index has fluctuated at a neutral level since December 2023.

Officials noted that supply managers remain pessimistic, with 42% expecting slower economic growth for the remainder of 2024. The employment gauge, while slightly improved from April, shows a five-month decline.

Despite this, the region's manufacturing sector saw a 0.4% job growth and a 4.8% hourly wage increase over the past year.

May’s price gauge indicated continued elevated inflation, with input prices expected to rise by 4.9% over the next six months.

Economic optimism saw a slight improvement, though 42% of supply managers still foresee worsening conditions. Inventories dipped, and trade numbers were weak due to a stronger U.S. dollar affecting exports.