The agricultural economy continues to shrink across President Joe Biden’s (D) America as inflation burdens the industry.
Creighton University’s Rural Mainstreet Economic Index currently sits below the growth neutral score of 50, Black Hills Fox reported Sunday.
The outlet noted the number meant it was the fifth straight month farming and ranching economies have seen the industry shrink.
In a post on its website Thursday, the university said:
The Creighton University Rural Mainstreet Index (RMI) fell for the sixth time in the past seven months, sinking below growth neutral for a fifth consecutive month, according to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy.
Overall: The region’s overall reading for October once again sank below growth neutral to 44.2 from 46.3 in September. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral. This was the fifth consecutive month the overall reading has fallen below growth neutral.