OMAHA, Neb. (WNAX) – For the first time since April, the Creighton University Mid-America Business Conditions Index, a leading economic indicator for the nine-state region stretching from the Dakotas and Minnesota to Arkansas, fell, but remained above growth neutral for the month.
In April of this year, COVID-19 pushed the overall index to its lowest level in 11 years. Since April, the overall index has climbed above growth neutral 50.0 for six of the past seven months.
Ernie Goss, director of Creighton University’s Economic Forecasting Group, says growth is slowing a bit.
Goss says employment also continued to grow in November.
Since bottoming out in April, regional manufacturing has gained back roughly 37,000, or about three percent of the initial nonfarm job losses.
Goss says the wholesale inflation gauge for the month rose to 84.8, its highest level since June 2018, up from 76.8 in October as costs rise.
Goss says looking ahead six months, economic optimism, as captured by the November Business Confidence Index, dropped to 50.0 from October’s very strong 70.4.