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Midwest Economic Report For October Has Mixed Indicators

November 02, 2023 Steve Schwaller

(Omaha)– A monthly Midwest economic report for October is a bit of a mixed bag. The nine-state Mid-America Business Conditions Index is down from last month, but still showing growth. Creighton University Economist Ernie Goss says it’s also showing some pessimism among business leaders…

“60 percent of the manufacturing supply managers expect a downturn in economic activity over the next six months. Only one in 10 sees growth ahead, so that’s not exactly what we’re looking for.”

He says he’s still holding onto the prospect that the Midwest could see a recession in the next six months…

“I’m expecting a slow down and a fairly significant slow down. I’ll call it a rolling recession, meaning certain parts of the economy are not doing well right now, particularly banking.”

He says the most likely time for a downturn would be in early 2024.