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Economic Outlook

Recent Survey Results

Mid-America Manufacturing Falls for the Month:
Job Losses Continue with Elevated Inflation

May 2024 Survey Highlights:

• For the third time in the past four months, the overall, or Business Conditions Index, sank below growth neutral.
• The wholesale price remained at a level indicating elevated inflationary pressures. 
• Supply managers expect prices for goods and services their company purchases to climb by 4.9% over the next 12 months.
• The region’s employment index slumped below growth neutral for a fifth straight month. 
• Supply managers remained pessimistic regarding the economic outlook with approximately 42% expecting slower economic growth for the remainder of 2024.

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Rural Mainstreet Economy in Negative Territory Again
Farmland Prices Fall for First Time in Almost Five Years

May 2024 Survey Results at a Glance:

• For a ninth straight month, the overall Rural Mainstreet Index sank below growth neutral.
• The farmland price index dropped below growth neutral after 53 straight months above the 50.0 threshold. 
• Farm equipment sales sank below growth neutral for the 11th time in the past 12 months.
• Bankers registered average yearly cash rents of $245 per acre for non-irrigated crop land in the region.  
• According to trade data from the International Trade Association, regional exports of agriculture goods and livestock for 2024 year-to-date were down 9.5% from the same period in 2023.

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