Mainstreet Index Bounces Above Growth Neutral
The Creighton University Rural Mainstreet Index (RMI) for September climbed above growth neutral, according to the monthly survey of bank CEOs.
The overall index rose to 50.1 from 46.5 in August. This marks the third time in the past five months that the overall index has risen above growth neutral.
The farm equipment-sales index improved to 35.9 from August鈥檚 30.3.
鈥淭his month, bank CEOs were asked to project farm equipment sales in their area,鈥 said Ernie Goss, who is chair of regional economics at Creighton University. 鈥淥n average, bankers expected farm equipment sales to decline by another 7.4 percent in the next 12 months.鈥
The borrowing index expanded to 72.2 from August鈥檚 66.3. The confidence index, which reflects expectations for the economy six months out, climbed to 42.9 from August鈥檚 40.
Each month, bank presidents and CEOs in communities dependent upon agriculture and energy respond to questions about economic conditions in their communities and their projected economic outlooks. The survey is distributed in Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming.