Business leaders in nine Midwestern and Plains states have seen their confidence in the economy plummet in recent weeks, according to a monthly survey released Friday that reflected the lowest executive confidence rating since the start of the pandemic of COVID-19 last year.
But the survey’s business confidence index, which forecasts six months, fell more than 16 points, from 53.5 to 37 in August – the lowest level since March 2020.
Creighton University’s overall Central America trading conditions index for September fell to 61.6 from 68.9 in August. Any score above 50 on the survey indices suggests growth, while a score below 50 suggests recession.
Creighton University economist Ernie Goss, who is overseeing the survey, ticked off other concerns revealed in the latest survey, including that nearly one in three procurement executives said finding and hiring skilled workers would be their biggest challenge over the next year. Survey respondents also noted continued pressure from supply chain bottlenecks and high inflation, which will affect the upcoming holiday shopping season.
The monthly survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma, and South Dakota.
“Almost 3 in 4, or 73.3%, of procurement officials expect holiday and Christmas shoppers to face significantly higher prices and empty shelves this season,” he said. Goss said. âThe message from procurement officials is to order early.
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- Business security in economy is collapsing, says Midwest report
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