The latest results of a monthly survey taken by the Bureau of Business Research at the University of Nebraska – Lincoln discloses a loss in confidence by both Nebraska consumers and businesses.
Bureau Director Eric Thompson is cautious in evaluating these latest results.
“I’ll be very interested as the surveys come in in June and July to see if this trend continues. It may suggest some loss of momentum in the Nebraska economy,” Thompson tells Nebraska Radio Network affiliate KLIN. “But, it’s just one month of results. So, it probably will be best to wait a few months to see if the trend continues.”
The agricultural economy continues in its slump with commodity prices still unable to fully rebound.
Thompson says concerns are being raised in the health care industry. Rising co-pays and falling reimbursements have dampened demand from consumers. Payments have lagged in some cases.
Thompson says consumer worries seem to center on two things.
“We see more households worry about their level of income and wages and, increasingly, with more and more people talking about retirement, with the baby boomers reaching retirement age, we’ve been hearing more concern about whether people have an adequate level of savings,” Thompson says.
The latest survey results halt what had been steady growth in the state economy.
The Bureau of Business Research says surveys were sent to 500 randomly selected Nebraska businesses and households. In May, 134 businesses responded to the Survey of Nebraska Business; 120 households responded to the survey.
Click here for more information on the survey results.
Jane Monnich, KLIN, contributed to this story.