SIOUX FALLS, S.D. (KELO AM) - For the fourth consecutive month, a survey of business leaders suggests the economy will continue slowing in 9 Midwest and Plains states including South Dakota.
Creighton University economist Ernie Goss attributes the downtick to manufacturing weakness.
Goss says the region's economy is not in a recession but it is negative for manufacturing. He says it is spilling over in terms of slower growth for the overall economy.
The Business Conditions Index, ranging from zero to 100, fell last month to 43.8. A score of 50 is considered growth neutral. He says economic optimism in the region slumped to a weak 39.7 from 48.5 in September.
Goss says October's job gauge dropped to 44.4 from September's 46.8.
He says over the last 12 months the region has lost just over 19,000 manufacturing job. But at the same, Goss says, the 9 state region has gained 104,000 non-manufacturing jobs.
Goss says businesses concentrated on exports.
He says almost 35% of the respondents said exports were important to the firm's sales and profitability. Almost 37% indicated that buying from abroad was important to their profitability.
Goss says "weakness among manufacturers linked to agriculture and energy continue to weigh" on the local economy.
The survey includes Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota
