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Report: Midwest Economic Index Drops Again

1 min read

OMAHA, Neb. – A monthly economic survey index for nine Midwestern and Plains has dropped again.

A survey report issued early Monday says the overall Mid-America Business Conditions Index fell in October to 51.8 from 54.3 in September. The figure was from 57.2 in August.

Creighton University economist Ernie Goss oversees the survey, and he says sharp declines in grain and crude oil prices drove down the overall index for the month. He says the index figure points to slow economic gains ahead.

The survey results from supply managers are compiled into a collection of indexes ranging from zero to 100. Survey organizers say any score above 50 suggests economic growth, while a score below that suggests decline.

The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.

The overall index for Arkansas rose to 49.3 from September’s 47.0. Components of the index were:

  • new orders at 50.7
  • production or sales at 48.8
  • delivery lead time at 60.9
  • inventories at 43.5
  • employment at 42.7

“Pullbacks among nondurable-goods producers and technology firms more than offset growth for durable-goods manufacturers for October,” Goss said.

Businesses continue to expand construction activity, he said, but average weekly wages declined by 1.2 percent over the past 12 months for private workers in Arkansas.

(Copyright 2014 The Associated Press. All rights reserved. This material may not be published, rewritten, broadcast or distributed.)

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