By Dave Thompson
Omaha, NE – A Creighton University professor says the latest survey of business conditions in the Upper Midwest shows the regional economy limping along.
Ernie Goss says he's been using the "r" word -- recession -- to descibe the current downturn. The Mid American Business Conditions Index for September index was one of the lowest in the ninth-state region in seven years. The regional index was 44-point-nine, down from 45-point-six in August. An index above 50 indicates growth.North Dakota's September index rose to 52-point-eight from a 44-point-seven in August. But Goss says North Dakota's economy is still negative -- though at a slower pace than in the other eight states.
"In North Dakota, if you look at some of the manufacturing industries, particularly non-durable -- the products that consumers continue to buy and have to buy, such as food products -- those industries have been doing a little bit better in North Dakota."
But Goss says durable goods manufacturing has slowed -- which is also common in the other states.
On the bright side, Goss says the agriculture economy is looking a little better.
"We're going to see up to levels we haven't seen since 1996. And that's going to be good for the North Dakota economy and the businesses that we track in North Dakota that sell to the farm are going to see somewhat better conditions."
Goss says a lot of that will be driven by federal agriculture subsidies.