OMAHA, Nebraska -- The regional economy in the month just past is showing some decline.
"It's just indicating that the manufacturing economy nationwide, and the regions, and in the states is moving sideways to a bit down, so it was not good," says Creighton University Economist Ernie Goss in Omaha, NE.
The nine-state Mid-America Business Conditions Index for May is 48.2, which puts the economy below the growth-neutral rating of 50.
The index has been below growth-neutral in three of the last four months.
Goss says the survey is continuing to show pessimism, with business leaders expecting slower economic growth for the rest of the year.
He says inflation also continues to be an issue.
"These inflation numbers are well-above what the Fed's (the Federal Reserve) is comfortable with. No rate cut any time soon. I'm expecting--the earliest I see a rate cut--is September 17th and 18th," Goss says.
The monthly Mid-America Business Conditions Index surveys business leaders in Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.