It appears the charging state economy has stalled, at least somewhat.
The latest survey of the state economy conducted by the University of Nebraska-Lincoln Bureau of Business Research indicates erratic growth at best.
Bureau Director Eric Thompson says the agriculture economy continues to show strength.
“Those are still positives for the Nebraska economy, but it’s not driving our growth, helping us outperform the nation anymore,” Thompson tells Nebraska Radio Network affiliate KLIN. “We seem to be growing at kind of a moderate, tepid pace, like the rest of the U.S.”
Thompson says the Leading Economic Indicator for Nebraska compiled by the bureau forecasts modest growth the rest of this year and the first part of next. The indicator, which showed a strong increase in June, declined by 1.05% in July.
Thompson says every time is appears the state economy is back on track, it derails.
“It just seems like the Nebraska economy has been one step forward, one step back all of this year and we’re still waiting for signs of robust, sustained economic growth.”
The Leading Economic Indicator compiles data from six sectors to predict future economic growth. In July, the indicator found manufacturing hours and airline passage counts declined. Initial unemployment claims rose. Business executives expressed slight negativism. An increase in the value of the dollar could put pressure on exports, which would hurt agriculture. The indicator also surveys single-family building permits.
The full Nebraska Monthly Economic Indicators report and a Technical Report describing the indicators are available at the College of Business Administration website, cba.unl.edu.
Jane Monnich, KLIN, contributed to this report.