Is U.S. agriculture in a recession? At least one economist thinks so. Dr. Ernie Goss, a Creighton University professor, says it depends on what sector of agriculture and the overall economy you’re talking about.
“We are in terms of agriculture, on the grain side, certainly, and manufacturing, one could argue there as well that it’s moving sideways,” says Dr. Goss. “The manufacturing sector in the U.S. has lost about 45,000 jobs this year alone, and you’re looking at agriculture also right there with manufacturing, but manufacturing is not down as much as agriculture.”
What kind of impact are the economic challenges having on jobs both in and out of agriculture?
“On the hiring side on rural Main Street, it’s not as tough as you might think out there, and that’s outside of agriculture,” says Dr. Goss. “That would be the businesses on Main Street, whether we’re talking about leisure and hospitality, dry cleaners, and other businesses out there. Optimism is not there right now. It’s still very weak. Again, these indices range between zero and 100, and the October Confidence Index was at almost 30, 29.6, actually.”
Dr. Goss heads up the Rural Mainstreet Index survey of bank CEOs in ten Midwest states each month. The overall index, which ranges between zero and 100, has been below growth neutral for 14 straight months.
Story courtesy of NAFB News Service
