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Economy

Drought putting a drain on Midwest economy

A monthly survey suggests that the continuing drought and lessening export demand for U.S. products are among the drains on the economy in nine Midwest and Plains states.

A report released Tuesday says August's Mid-America Business Conditions Index remained below growth neutral for a second month. It rose to 49.7 from 48.7 in July. June's figure was 57.2.

The survey of business leaders and supply managers uses a collection of indexes ranging from zero to 100. Any score above 50 suggests growth while a score below 50 suggests decline for that factor.

Creighton University economist Ernie Goss oversees the survey, and he says supply managers remain pessimistic about future economic conditions.

The survey covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.

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5/1 Jumbo ARM Graph 3.52% up 3.49%  
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$75K Loan Graph 4.40% dw 4.51%  
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1 yr Graph 0.68% -- 0.68%  
5 yr Graph 1.38% up 1.37%