Economic Outlook
Recent Survey Results
Mid-America Manufacturing Expands for the Month:
Job Losses Continue with Elevated Inflation
April 2024 Survey Highlights:
• Overall, or Business Conditions Index, climbed to its highest level since September 2023.
• The wholesale price remained at a level indicating elevated inflationary pressures.
• The region’s manufacturing sector lost jobs for a fourth straight month.
• Supply managers expect input prices to expand by 5.3% over the next six months.
• Survey participants reported a wage gain of 3.5% over the past 12 months, or below the rate of inflation.
• The number of discharges and layoffs in the region soared by 24.5%, or 35,000 involuntary separations over the past 12 months.
Rural Mainstreet Economy in Negative Territory Again
Farm Loans Soared to Record Level
April 2024 Survey Results at a Glance:
• For an eighth straight month, the overall Rural Mainstreet Index sank below growth neutral.
• Only 0.9% of bankers reported higher farm delinquency rates over the past six months.
• For the 53rd straight month, farmland prices expanded.
• The farm equipment sales index slumped below growth neutral for the 10th time in the past 11 months.
• Approximately half of bank CEOs reported that ethanol production was very important to their local economy.
• According to trade data from the International Trade Association, regional exports of agriculture goods and livestock for 2024 year-to-date were down 7.2% from the same period in 2023.
