OMAHA, N.E.(KELO)- There’s a flashing light ahead on the regional economy…and it says recession.
That’s the latest reading from Creighton University’s Mid-America Manufacturing Index.
Creighton Economist Ernie Goss says it’s been a few years since we’ve seen readings like this.
Goss expects the lower performance in manufacturing will spill over into the rest of the economy early next year.
Portions of our regional economy are in a recession.
Creighton University’s Mid-America Manufacturing Index shows trouble ahead for the economy.
Goss says the mood is not bright among manufacturing supply managers.
Goss says 45-percent of the manufacturing sector reports job losses.
Manufacturing wages struggled to keep pace with inflation, growing by 3.4-percent in the last year.
Goss says manufacturing wages have increased in the past year, but the numbers are a bit deceiving.
The regional manufacturing index dropped to its lowest level since June of 2020…the early days of the pandemic.