Bankers say economy remains weak in rural parts of 10 states, including Wyoming

Bankers say economy remains weak in rural parts of 10 states, including Wyoming

{{featured_button_text}}
Rural economy

Newborn calves stand on wobbly legs Feb. 24, 2016, in rural Natrona County.

OMAHA, Neb. (AP) — A new survey of bankers in rural parts of 10 Plains and Western states, including Wyoming, suggests the economy remains weak in those areas as the coronavirus outbreak continues to affect the region.

The overall economic index for the region more than doubled to 37.9 in June from May's 12.5, but it remained at a weak level. Any score below 50 suggests a shrinking economy, while a score above 50 suggests a growing economy, survey organizers say.

Creighton University economist Ernie Goss, who oversees the survey, said crop prices remain low, and more than one-third of the bankers survey expect that to be a significant challenge over the next year. Only 3% of bankers reported economic growth in their areas.

The bankers' outlook for the economy remains negative, but the confidence index improved in June to 43.8 from May's 22.1.

“Weak agriculture commodity prices, and layoffs have decimated economic confidence among bankers,” Goss said.

But job growth exceeded layoffs in rural areas as more businesses reopened. The hiring index jumped to 51.5 in June from May’s 17.1, but employment remains well below what it was before the coronavirus outbreak began.

Bankers from Wyoming, Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota and South Dakota were surveyed.

Copyright 2020 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.

0
0
0
0
1

Be the first to know

* I understand and agree that registration on or use of this site constitutes agreement to its user agreement and privacy policy.

Related to this story

Get up-to-the-minute news sent straight to your device.

Topics

News Alerts

Breaking News