Survey sees worsening recession in Midwest, Plains

[Omaha Steve]

http://www.omaha.com/index.php?u_page=2798&u_sid=10528167

Published Friday January 2, 2009
Survey sees worsening recession in Midwest, Plains
BY JOE RUFF
WORLD-HERALD STAFF WRITER

An overall economic index developed from a monthly survey of manufacturing executives in a nine-state region that includes Nebraska plunged to a record low in December, indicating a deepening recession. Unemployment also worsened.

Creighton University economics professor Ernie Goss conducts the monthly survey, which was released today.

Goss says the recession will get worse in coming months and could be similar to what the U.S. experienced in the early 1980s, when the national unemployment rate soared above 10 percent.

Goss says he expects the recession to be a bit less steep in the region that he surveys. Goss' region includes North Dakota, South Dakota, Oklahoma, Iowa, Arkansas, Kansas, Minnesota and Missouri.

The overall index in the regional survey dropped to 33 in December from November's record low of 37.8. An index of 50 is considered growth neutral. The region's unemployment index was 34.5, down from November's 39.

Nebraska's overall index for December was 37.1. Iowa's was 30.4.