OMAHA, N.E.(KELO)- Regional bankers say our economy is struggling, with readings turning more negative.
Creighton University’s Rural Mainstreet Economy survey shows the economy in negative territory for a tenth straight month.
But, Economist Dr. Ernie Goss says in the long run, the farm outlook is still bright.
The report also shows farmland prices in negative territory for a second straight month…after heading higher for more than four straight years.
South Dakota prides itself for having one of the lowest unemployment rates in the nation…but that may not tell the whole story.
Creighton University’s monthly Main Street Index shows the state’s economy in negative territory for the second straight month.
Goss says the jobless numbers only tell part of the story.
South Dakota’s new hiring index reading slipped into slightly negative territory last month.
Even with that decline, the state’s readings are still higher than the regional average.
Creighton University’s monthly Main Street Index…a survey of community bankers in a ten-state region…is in negative territory for the tenth straight month.
That isn’t surprising, considering low commodity prices and high input costs.
Goss, says even farm land prices are retreating.
Farmland prices had a run of 53 straight months of growth…but now we’ve seen two months of negative readings.
Still, Goss says, the long-term outlook for the farm economy is good.