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A monthly survey of rural bankers declined for a second straight month, mostly because the weak global economy has affected the region's farm sector, said Ernie Goss, a Creighton University professor and one of the authors of the study.
The Rural Mainstreet index, a survey of bankers in 11 states, slipped to 32.6 this month from 34.0 in June. A reading of 50.0 is considered growth neutral. Although the index has improved considerably from February's record low, it is several points off May's reading of 36.2.
“The (reading) has remained below growth neutral for 17 consecutive months. After appearing to bottom out earlier in the year, the index, which gauges overall economic activity, is now trending downward,” said Goss and Bill McQuillan, CEO of City National Bank in Greeley, Neb.
They created the monthly survey as an overall gauge of economic health in 2005.
The 11 states covered are Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming.
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