OMAHA, Neb. —
The economy in nine Midwest and Plains states continues to strengthen, but a new report released Tuesday suggests businesses are reluctant to hire new workers so unemployment will likely remain high.
The overall Mid-America Business Conditions index rose for the sixth month in a row in May, but economic doubts remain because of the financial turmoil in Europe and concerns that exports will suffer if the dollar continues strengthening.
“There is just too much economic uncertainty right now for firms to hire more aggressively. It is going to take many months before most states in the region recover jobs lost since the recession,” Creighton University economics professor Ernie Goss said.
The report, which is based on a survey of supply managers and business leaders, uses a collection of indexes that range from zero to 100, and any score above 50 suggests economic growth in the next three to six months. Scores below 50 suggest a contracting economy.
The overall index grew to 64.2 in May from April’s already-strong 61.7, suggesting good things for the economy in Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
Goss, who oversees the survey, said it will take many months for most states in the region to recover the jobs they lost during the Great Recession, so unemployment won’t improve quickly even though the employment index hit its highest level in nearly four years. The employment index increased to 60.1 in May from April’s 58.4 and March’s 57.9.
Business
Midwest economic index up for 6th straight month
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