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News Brief

Sept. 26, 2023Omaha, Neb. |  By: Jeremy Werner

Rural Mainstreet Index shows decline in growth

economy

OMAHA, Neb. - The rural economy has hit a speed bump. The Rural Mainstreet Index dropped below the growth-neutral threshold in September, the first time since March.

According to the recent survey, around 50% of bankers anticipate worsening economic conditions in the coming six months.

Farm income decline is the top challenge for banking profitability over the next year, as stated by bank CEOs. Additionally, farming equipment sales have dropped for the fifth time in the last 12 months.

On a more positive note, farm loan delinquencies remain low, with less than four percent of bankers reporting an increase in the past six months.

However, rising interest rates are seen as a significant concern for banking operations in the next year. Alarmingly, nearly half of bank CEOs expect another banking crisis in 2023.

Agricultural exports from the region have also suffered, falling seven-point-four percent from the same period last year.