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News Brief

Aug. 20, 2024Omaha, Neb. |  By: Jeremy Werner

Economic indicator shows the Midwest is struggling

economy

OMAHA, Neb. - According to a Midwest economic index, falling farmland and commodity prices are dragging down the rural economy.

Creighton University’s Rural Mainstreet Index dropped below growth neutral for the 12th consecutive month, with August’s rating at 40.9, its lowest since November 2023.

The report shows that weak prices for corn, soybeans, and wheat are the primary reasons for the economic slump.

Agricultural exports are down $198 million from last year, partly due to a strong U.S. dollar and weakened foreign currencies in key markets like China and Japan.

Additionally, August’s farm equipment sales index plummeted to its lowest level since January 2017, with farmers hesitant to invest in new equipment amid lower farm income and higher interest rates.

Despite these challenges, the August loan volume index rose as more farmers sought financial help to weather the downturn.

However, only 22.8% of bankers surveyed said business conditions have worsened since before the pandemic, while a majority indicated little change.