North Dakota's economy is in a recession.
Creighton University economics professor Dr. Ernie Goss conducts a monthly survey of supply managers in the 9-state Mid-America region to measure economic activity. He says North Dakota's business conditions index sank to 40.8 in July, which is down from June's 41.3. Both indexes are regional lows. Any reading below 50 indicates a slowing economy.
Goss says North Dakota's dependence on agriculture and energy continues to contribute to its slowing economy. He says the state continues to lose jobs and experience more pullbacks in economic activity.
"North Dakota's been shedding jobs since really, May of last year 2015. I expect, unless we see oil prices moving up to above $50 and toward $60, North Dakota's going to continue to shed jobs. The lost jobs - the pace is not going to be as nearly what it was, so we are seeing a bottoming out or stablizing, for the North Dakota economy - even though it's stablizing at a rate that we don't want to see."
Goss says manufacturing firms tied to ag and energy are also suffering. He says the Fed *might* increase interest rates later this year, but Goss doubts that will happen before December. He says his own judgment is that the Fed should return to "non-crisis level" interest rates sometime soon, but he has doubts that will happen.