Missouri's economy reported negative growth in April, according to the Business Conditions Index compiled by Creighton University.
The index is an economic indicator that surveys supply managers. Missouri's index increased to 49.7 from March's 47.8, but a score less than 50 indicates negative growth. Regionally the Mid-America region reported a score of 55.5 suggesting positive growth overall.
The producer confidence index for Missouri fell to 35.6, its lowest point since Sept. 2001.
"April weakness was recorded among durable-goods producers, especially transportation equipment and parts manufacturers and computer and electronic component producers," said Creighton University economist Ernie Goss. "Trucking firms also detailed pullbacks in economic activity for the month. "
Goss says the poor economic performance in Missouri is linked to rising unemployment in the state, the highest in four years, which he predicts will get worse before getting better.
"Missouri’s unemployment rate has risen by a full percentage point over the past year," Goss said. "Based on our surveys over the past several months, I expect the jobless rate to expand by another 0.2 percent by the end of the summer."
Related Links:
Creighton University Missouri Business Conditions Index
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Sunday, May 4, 2008
Missouri economy not growing; producer confidence reaches new low
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