Goss: ND economy 'stabilizing'
A Creighton University economics professor says North Dakota’s economy is stabilizing.
Dr. Ernie Goss publishes the monthly Mid American Business Conditions Index. He surveys purchasing managers in 9 states, including North Dakota. An index of 50 is growth-neutral; below that number indicates a contracting economy, while above it shows growth.
For November, North Dakota’s index was 47.6. That’s below growth-neutral, but an improvement from October’s 40.5.
"We're talking about a person with one hand in the refrigerator and one hand in the fireplace," Goss said. "On the average, you're doing okay."
Goss said the refrigerator is the agricultural sector, the energy sector and manufacturing, while the fireplace would be non-manufacturing, which Goss said has been doing "reasonably well."
"It depends on what business or what industry you're in, as to how well the economy is doing," Goss said.
Goss said there’s also a difference between urban areas and rural areas of North Dakota – and he believes the urban areas are doing better.
The overall index for the 9-state region was 46.5 in November. That's up from October's 43.8.