Economic indicators that predict future growth in the state's economy failed in May to build on the solid growth seen in April, a University of Nebraska-Lincoln economist said.
The state's leading economic indicator now predicts only moderate growth this fall, said economist Eric Thompson of the UNL College of Business Administration.
Three of the components of the indicator rose in May: Business owners who responded to a survey said they expect improvements in sales and employment over the next six months. Airline passenger counts rose, as did the number of single-family building permits issued.
But the other three components fell: Manufacturing hours declined, more people filed initial unemployment insurance claims and the value of the U.S. dollar rose, making exports more difficult.
A separate UNL measure of the current size of the state economy declined between April and May. Private wages grew, but electricity sales fell, as did agricultural commodity prices and general business sales activity, according to a survey of business owners.
The decline followed two months of moderate increase, and Thompson said, “Taken together, these results indicate that there has been anemic growth in the Nebraska economy over the last three months.”