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Mid-america States, Including Nd, Expect a Recession Later in 2023

(KXNET) — Data from the February Mid-America Business Index suggests, while business rebounded somewhat in the nine-state region, expectations are for a recession some time in 2023.

North Dakota is one of the states surveyed monthly on business conditions.

The region’s overall index, or monthly business barometer, rose to a high not seen since July 2022.

In North Dakota, for example, the state’s February Business Conditions Index climbed above the threshold to 53.3 from 38.1 in January.

Anything above 50 is considered growth; anything below 50 is considered a decline.

Components of the overall index for February in North Dakota were: new orders at 54.9, production or sales at 51.2, delivery lead time at 50.3, employment at 51.2 and inventories at 55.1. Durable goods and non-durable goods producers, including food processors, are experiencing solid growth in economic activity.

In the nine-state region, hiring, orders and inventory are all up — but so are wholesale costs, in part prompting four out of ten supply managers to say they expect a recession later in the year.

The Creighton Economic Forecasting Group has conducted the monthly survey of supply managers in nine states since 1994 to produce leading economic indicators of the Mid-America economy.

States in the Mid-America region include North Dakota, South Dakota, Minnesota, Arkansas, Iowa, Kansas, Missouri, Nebraska and Oklahoma.

Source: KX Net