The Creighton University Rural Mainstreet Index for July remained in the growth positive range, but decreased slightly in July. The RMI is a monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.
The region's overall reading in July slipped to 55.6 from June's 56.9. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral. It is the 4th straight month with a reading above growth neutral.
The Kansas RMI for July dipped to 55.2 from June's 55.3. The July new-hiring index for Kansas improved to 58.3 from 54.7 in June.
Bank CEOs were asked to comment on the Federal Reserve's current short-term interest rate policy. More than nine of ten, or 92.5%, indicated that the Fed should cease raising rates. Only 7.5% indicated that the Fed should continue to raise short-term interest rates.
