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June 24, 2024Omaha, Neb. |  By: Jeremy Werner

Regional survey shows Midwest economy down for 10th straight month

economy

OMAHA, Neb. - For the tenth consecutive month, the overall Rural Mainstreet Index has fallen below growth neutral, according to the June survey of bank CEOs in rural areas across a 10-state region, including Missouri, Iowa, Nebraska and Kansas.

The index dropped to 41.7 in June from 44.2 in May. Officials attribute the overall decline to higher interest rates, weak agricultural commodity prices, and decreased agriculture equipment sales.

Farm operating loans have increased by 20%, indicating reduced cash flow for farmers. The region's farmland index dipped to 49.9, while the farm equipment sales index fell to 31.8, marking a continued trend of low readings.

Loan volumes remained strong at 79.2, though slightly down from May’s 82. Rural bankers expressed a need for interest rate cuts to boost commodity prices and alleviate financial pressures on farmers.

The hiring index also saw a drop to 47.7, its lowest since January 2021, and banker confidence remains low, with the confidence index at a weak 29.2.