North Dakota’s economy has been struggling for the fourth consecutive month, according to Dr. Ernie Goss, an economics professor at Creighton University. He conducts a monthly survey of manufacturing supply managers in the Mid-America Region and noted that North Dakota’s business conditions index for June was 45.5, slightly higher than May’s 40.2 but still below the 50 threshold that indicates a shrinking economy. Goss attributes this slowdown to the energy and agriculture industries in North Dakota, both of which have seen a decrease in activity.
Despite these challenges, Goss remains optimistic about the overall economic outlook. He highlights the fact that North Dakota is a major producer of food and energy, which are essential commodities. He believes that the state’s productivity will ultimately lead to long-term success, despite the current tough spell. However, Goss mentions that the USDA has projected a decrease in farm income for 2024, which has affected industries like agricultural equipment manufacturing. Companies like John Deere are feeling the impact of this economic downturn.
In addition to the slowdown in key industries, Goss notes that inflationary pressures have also decreased. He predicts that the Federal Reserve will lower interest rates at their upcoming meeting in September to stimulate economic growth. Despite the current challenges facing North Dakota’s economy, Goss remains hopeful that the state’s inherent strengths will help it weather this tough period and emerge stronger in the long run.
North Dakota has experienced a slowdown in its economy for four consecutive months according to Dr. Ernie Goss, an economics professor at Creighton University who conducts a monthly survey of manufacturing supply managers in