OMAHA, Neb. (`) — Iowa’s economy posted a slight increase in October while the Midwest’s economy declined, according to the monthly survey of business leaders and utility managers in the nine-state region.
Creighton University economist Ernie Goss says the Business Conditions Index, a leading economic indicator for the Midwest, is measured on a scale of zero to 100, with 50 being growth neutral. The region’s economy slipped a full point, from 52.5 in September to 51.5 in October.
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Iowa’s economy is just below growth neutral, meaning it is contracting, but has shown glimmers of growth, rising from 48.5 in September to as much as 49.0 in October. Goss said the survey asked supplier managers what they see as the biggest challenge facing the Midwest economy in the coming months.
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The regional hiring indicator fell below growth neutrality in October as job losses outpaced hiring.
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According to U.S. Bureau of Statistics data, Iowa’s manufacturing sector increased employment by 0.9% last year, with average hourly wages rising 2.3%, well below the 3.7% increase in consumer prices .
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