The Creighton University Rural Mainstreet Index fell from May's solid reading, sinking below growth neutral for the first time since September 2020, according to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.
The region's overall reading for June slumped to 49.8, its lowest level since September 2020, and down from May's 57.7. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral.
This month, bankers were asked their U.S. recession expectations for the next 12 months. Approximately 92.9% rate the likelihood of a U.S. recession above 50%. Only 7.1% rated a recession probability below 50%.
The Kansas RMI for June sank to 42.0 from May's 54.4. The state's farmland-price index rose to 74.9 from May's 69.4. The new-hiring index for Kansas dropped to 57.8 from 60.1 in May. Over the past 12 months, Kansas's Rural Mainstreet Economy experienced a 1.2% increase in non-farm employment while urban areas in the state gained 2.0% in non-farm employment.
