An economic index from the University of Nebraska-Lincoln suggests the state’s economy will continue to grow, albeit slowly.
Nebraska’s leading economic indicator, which is designed to predict economic activity over the next six months, rose 0.3% in October, according to the latest report from UNL’s Bureau of Business Research.
“The modest rise in the leading indicator suggests that economic growth will continue in the first half of 2024, but growth will be slow,” said economist Eric Thompson, director of the Bureau of Business Research.
The six components of the Leading Economic Indicator are business expectations, single-family home building permits, airline passenger numbers, initial unemployment insurance claims, the value of the U.S. dollar and hours of production.
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Two out of six indicator components improved significantly in October.
Single-family home building permits increased after declining in the previous three months, but Thompson said the increase “may reflect a recovery from low levels rather than the start of sustained growth.”
In Nebraska, business expectations were also positive in October.
“Nebraska companies reported plans to increase employment over the next six months,” Thompson said.
The UNL report was much less pessimistic than a report released by Creighton University earlier this month.
The Rural Mainstreet Report, which covers a 10-state region, showed economic activity hit its lowest level in three years in November. The report also found that economic activity in Nebraska was lower than the region as a whole.
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