Survey: Regional economy slows to a crawl in September
1:58 p.m. Wednesday, October 1, 2008
A new survey of business executives says inflation and job losses are weighing on the economy in nine Midwest and Plains states.
The report released Wednesday also suggested the region's economy won't be growing in the coming months. The overall economic index for the region fell to 49.6 in September from August's 51.4.
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The Creighton Economic Forecasting Group has conducted the survey monthly since 1994. See its most recent economic outlook here.
Any score below 50 on the index, which ranges between 0 and 100, indicates a contracting economy over the next three to six months.
Creighton University economics professor Ernie Goss says business leaders remain pessimistic about their prospects because of problems in the national economy.
"There is no way that this part of the country can continue to avoid the fallout from the national housing downturn and related mortgage issues," said Goss, who oversees the survey. "Banks in this part of the country, while not engaging in the reckless activity seen elsewhere in the country, will bear some of the costs in the months ahead."
The report covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
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