Bankers Survey Suggests Drought Hurting Economy

By: The Associated Press
By: The Associated Press

OMAHA, Neb. (AP) -- A new survey of bankers suggests the economy is slowing down in rural areas of 10 Midwest and Western states because of drought conditions.

The overall economic index dropped into negative territory at 47.9 in June from May's 56.7. Any score below 50 on the index, which ranges from 1 to 100, suggests contraction in the months ahead.

The survey covers parts of Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming. It focuses on communities with 1,300 residents, on average.

Creighton University economist Ernie Goss says the drought is hard on farmers, livestock producers and ethanol plants in the region.

The confidence index collapsed to 40.9 in June from May's strong 58.5. That suggests bankers aren't confident in the economy over the next six months.


Comments are posted from viewers like you and do not always reflect the views of this station.
powered by Disqus
23 WIFR 2523 North Meridian Road Rockford, IL. 61101 Business: 815-987-5300 Fax: 815-965-0981 News: 815-987-5330 Fax: 815-987-5333
Gray Television, Inc. - Copyright © 2002-2014 - Designed by Gray Digital Media - Powered by Clickability 163135906