Economic Outlook
Recent Survey Results
Mid-America Manufacturing Index Solid in July Elevated Wholesale Inflation Makes Rate Cuts Unlikely
July 2026 Survey Highlights:
- The overall index moved above growth neutral for a sixth straight month.
- For only the second time in the past 12 months, the employment index rose above growth neutral.
- As reported by one supply manager, “It is encouraging to see reshoring taking place. Two major customers have moved operations from Mexico to the U.S.”
- Not since the beginning of the pandemic has the wholesale price gauge fallen below growth neutral.
- Continued elevated inflation at the wholesale level is shrinking any chance of Federal Reserve rate cuts for the next several months.
- More than 93% of supply managers indicated that their firm was able to pass along cost increases related to the Iran War to their customers.
