Economist: Higher fuel prices slow Midwest economy
Monday, May 2, 2011
OMAHA, Neb. (AP) — A survey in nine Midwestern and Plains states suggests that higher fuel prices are slowing the regional economy.
According to a report released Monday, the Business Conditions Index for the Mid-America region dropped in April for a second straight month, to 57.7 last month from 61.4 in March.
Economist Ernie Gross says the region is beginning to see high energy prices cut into economic growth.
The survey of supply managers and executives and the report use a collection of indexes ranging from zero to 100. Organizers say any score above 50 suggests economic growth in the next three to six months, while a score below 50 suggests a contracting economy.
States in the survey are Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
Creighton Economic Forecasting Group: http://www.outlook-economic.com