Photo: Dave Weaver
OMAHA, Nebraska -- A regional business survey is showing another positive month when it comes to economic growth.
The new Mid-America Business Conditions Index for April climbed to 54.8 from 50.8 in March--the third consecutive month it's been above the growth neutral mark of 50 on the 0 to 100 scale.
"Still not back up to the readings we saw at this time of last year--April of 2022. But still, it's a good reading," says Creighton University Economics Professor Ernie Goss, in Omaha, Nebraska.
He says says the monthly survey of regional business managers also shows slowing inflationary pressure.
"When you look at the trend, it's definitely down--inflationary pressures are coming down as the Federal Reserve is raising interest rates. That's putting downward pressure on prices," Goss says.
Despite the positive numbers, he says more than half of those business managers still expect a recession sometime in yet this year.
"The probability of a recession, according to the manufacturing supply managers is still above 50 percent (about 58 percent, according to the Index), so most of them are thinking a recession's in the cards looking ahead for 2023," Goss says.
The monthly Mid-America Business Conditions Index survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.