Economic Outlook
August survey highlights:
* The regional Business Conditions Index expanded to its highest level in two years.
* For the first time since January, the employment index rose above growth neutral.
According to U.S. Bureau Labor Statistics data, the region has lost approximately one million jobs since the onset of COVID-19, for a 7.3% decline, of its non-farm jobs.
* Four of five manufacturers reported difficulty in finding and hiring qualified workers.
* Business confidence climbed to its highest level since February 2018.
September Survey Results at a Glance:
* Overall index advanced for seventh straight month, but remained below growth neutral.
* Bank CEOs estimate farm income, including government support, to be down 1.5% from last year at this time.
* Almost one of four bankers, or 23.1%, reported that their local economies were back to pre-coronavirus levels.
* Approximately 38.5% of bankers reported that the CARES Act and the PPP programs provided crucial support for their local economy.
* Economic confidence climbed to its highest level since the onset of Covid-19.
