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Economic Outlook

Recent Survey Results

Mid-America Economy Growing, But Slowly:
Wholesale Inflation Still Too High

March 2023 Survey Highlights:

•  For a second straight month, the region’s overall index climbed above growth neutral. 
•  The regional wholesale inflation gauge continues to indicate significant inflationary pressures. 
•  On average, supply managers expect a 3.4% wage gain for 2023, or well below the rate of inflation. 
•  In terms of the greatest 2023 economic challenges, four of ten supply managers named supply chain disruptions and delays, and three of ten identified labor shortages as top threats. 

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Rural Mainstreet Banks Lose Deposits Again
Bank CEOs Expect Flat Farmland Prices Over Next 12 Months

May 2023 Survey Results at a Glance:

• The May 2023 Rural Mainstreet Index (RMI) rose above growth neutral to its highest reading since May 2022. 
• On average, bankers estimated that farmland prices in their area rose 4.3% over the past 12 months.
• On average, bankers expect farmland prices in their area to remain stagnant (0%) for the next 12 months.  
• For the second straight month, checking deposits decreased to a record low.  
• Approximately 84.6% of bank CEOs expect banks to continue to report insolvency challenges. 
• Between the 2008-09 banking crisis and December 2022, the region lost 41.5% of its banks through mergers and insolvencies. 

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