Nebraska’s leading economic indicator declines in August
LINCOLN, Neb. (WOWT) - Nebraska’s leading economic indicator dropped in August.
A report from the University of Nebraska-Lincoln said the indicator, designed to forecast economic activity six months out, declined 0.93% last month. UNL economics professor Eric Thompson said the drop is telling of a slowdown in economic growth to come during the first quarter of 2024.
Manufacturing hours and airline passenger counts dropped, according to the report. There were also signs of slowing in the state’s labor market, as first-time unemployment claims rose. The value of the U.S. dollar also rose last month, contributing to the slide.
The indicator comprises six components: business expectations, building permits for single-family homes, airline passenger counts, initial unemployment insurance claims, the value of the U.S. dollar, and manufacturing hours worked.
Copyright 2023 WOWT. All rights reserved.