The Creighton University Rural Mainstreet Index fell below growth neutral for a sixth consecutive month. The the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy found 1 of 5 bank CEOs expect farmland prices to decline in 2023. Farm equipment sales dropped for the second time in the past three months, and the economic confidence index plummeted to its lowest level since May 2020.
The region's overall reading for November once again sank below the growth neutral threshold. The November index did increase to a weak 45.7 from 44.2 in October. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral. This was the sixth straight month the overall reading has fallen below growth neutral.
The Kansas RMI for November expanded to a still weak 43.7 from 39.3 in October. The new-hiring index for Kansas rose to 49.6 from 48.5 in October. Over the past 12 months, BLS data show that Kansas' Rural Mainstreet Economy experienced a 3.2% increase in non-farm employment, while urban areas in the state gained 1.6% in non-farm employment.
