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Rural banker survey shows drought hurting confidence in the economy

Fri, 20 Jul 2012 09:33:44 CDT
By: AP

A new survey of rural bankers in Illinois and 9 other Midwestern and Western states suggests the economy is slowing down in rural areas because of drought conditions. The overall economic index dropped into negative territory at 47.9 in June from May's 56.7. Any score below 50 on the index, suggests contraction in the months ahead. The survey focuses on communities with 1,300 residents, on average. Creighton University economist Ernie Goss says the drought is hard on farmers, livestock producers and ethanol plants in the region. The confidence index collapsed even further suggesting bankers have doubts about the economy over the next six months.

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