Economic Outlook
May survey highlights:
* The Business Conditions Index moved above growth neutral for the 18th straight month and to its highest level in 14 years.
* The regional wholesale inflation gauge climbed to its highest level in more than seven years. Points to Federal Reserve rate hike in June.
* Hiring gauge soars for the month.
* More than half of supply managers indicated that finding and hiring qualified workers was biggest 2018 challenge.
* Almost 13 percent reported that data security was the most important factor in choosing a supplier.
May Survey Results at a Glance:
* For a fourth straight month the overall index rose above growth neutral.
* On average, bankers expect farm loan defaults to rise by only 3.0 percent over the next 12 months.
* Over the past year, average annual cash rents on farmland declined by 3.0 percent to $239 per acre.
* More than one-third of bank CEOs identified rising regulatory costs as the top economic challenge to their banking operations over the next five years.
