(Radio Iowa) – Creighton University economist Ernie Goss says the Midwestern agricultural sector is now in a “significant recession,” and the region’s economic picture is lagging.
Creighton’s monthly survey of business leaders and supply managers in Iowa and eight other states finds the overall Business Conditions Index fell below growth neutral during September — for the fifth time this year. On a scale of zero-to-100, a score of 50 is considered growth neutral, and the Midwest economy showed a score of just over 48 last month.
Iowa’s score was even lower, dropping about a point from August to just above 43 for September, indicating the state’s economy is significantly slowing. Goss says the overall economy is not in a recession, but the manufacturing sector is in a slight recession, while the ag sector is in a “fairly significant recession.”
