Bismarck, ND – An economic survey finds a tenth straight month of economic decline in the Midwest.
Creighton University professor Ernie Goss surveys business leaders and purchasing managers. And that survey finds an overall business index in August of 45-point-six in nine states. Under his formula, an index of 50 indicates growth-neutral status -- while above 50 signifies economic growth.
Goss says North Dakota business leaders are among those who reported a pullback in economic activity. He says North Dakota's overall index dropped to 44-point-seven. That compares to 56-point-eight in July. And that means a slower-than-expected recovery:
"I think it's pretty clear that the overall recovery when it does begin to any significant extent is going to be somewhat slower than what we anticipated, even with seven federal reserve rate cuts and even with the tax rebates and moderating energy prices."
The Federal Reserve has cut interest rates seven times this year...and Goss says he expects another Fed rate cut in October.