The latest study from the University of Nebraska-Lincoln reveals that Nebraska’s top economic indicator increased in May. This indicator, which is designed to forecast economic activity six months ahead, rose by 0.26%. Economist Eric Thompson, director of the Bureau of Business Research, explained that the monthly report suggests growth in the Nebraska economy in the second half of the year.
The six components that make up this indicator include business expectations, building permits for single-family homes, airline passenger counts, initial claims for unemployment insurance, the value of the U.S. dollar, and manufacturing hours worked. Four of these components showed improvement in May.
Nebraska’s manufacturing hours worked increased significantly in May due to strong demand for food products. Business expectations were also positive, with survey respondents indicating plans to increase sales and employment in the next six months. There was also a slight increase in airline passenger counts during the month.
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