OMAHA, Nebraska -- The Mid-America Business Conditions Index shows the regional economy is slowing down.
"The overall number dropped below growth-neutral, and I was surprised it didn't drop further. It dropped to 46.2 from 52.8 in February" says Creighton University economist Ernie Goss.
He says the nine-state index, which includes Iowa and Nebraska, is showing the economic effects of the COVID-19 coronavirus--especially in unemployment.
"The February number was already weak. We saw across the region first time claims for unemployment insurance well up, significantly up. I expect that to worsen in the months ahead" Goss says.
Goss says looking ahead six months, economic optimism, as captured by the March Business Confidence Index, plunged to a record low 14.5 from February’s 51.4 and January’s 58.8.
He also says the national economy is already in a recession, and if a vaccine for the COIVD-19 coronavirus isn't discovered in the coming months, the nation could slip into a depression.