Midwest in Recession According to Economist

The latest gauge of the economies cross the Midwest shows the critical impact of the pandemic. Creighton University economist Ernie Goss says the nine-state region is “solidly in recession” as the Business Conditions Index plummeted to its lowest level in more than a decade. Goss says the effort to stop the spread of COVID-19 by temporarily closing businesses is doing much more financial harm than good.
Goss says, “Right now, the economy is suffering more for the lockdown and the economic downturn than it’s suffering from the coronavirus.” The survey of business leaders and supply managers in Iowa and the eight other states indicates abysmal results and does not take into account efforts to jump-start businesses and consumer spending through the federal CARES Act.
“This was, the April reading, was the lowest since the recession of February 2009,” Goss says. “I think when the dust settles, we’re going to see the decline in Quarter Two is probably going to be larger than what we experienced in 1932.” Vast numbers of people across the region lost their jobs in recent weeks, with 170-thousand now collecting unemployment benefits in Iowa. It was a double-whammy for businesses as Goss says the employment reading for the region slumped to its lowest level since the survey began in 1993.
“Six of ten employers in our survey reduced employment due to the COVID-19,” Goss says. “Sixty-three percent of the firms reported worker absences, so, not only did they reduce employment but there were worker absences because of the virus.” On a scale of one to one-hundred, where 50 is considered “growth neutral,” Goss says the Business Conditions Index reading specifically for Iowa fell from a 46 in March to a 34 in April.
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The Old School of Cameron Farmers and Makers Market
The Old School of Cameron Farmers and Makers Market
The Old School of Cameron Farmers and Makers Market runs every Saturday from 9-1 at the Old […]
Second Harvest Fresh Mobile Pantry (August)
Catholic Charities Serve and Lift Mobile Food Pantry (August)
Cameron New Life Shoppe – August
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NWMO State Fair (Bethany)
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Second Harvest Fresh Mobile Pantry (September)
Catholic Charities Serve & Lift Mobile Distribution (September)
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Party in the Park (Albany)
Party in the Park (Albany)
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The Old School of Cameron Farmers and Makers Market
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Catholic Charities Serve & Lift Mobile Distribution (September)
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Cameron New Life Shoppe September End of Summer Blowout
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Fresh Ayr Friday (Mount Ayr)
Fresh Ayr Friday (Mount Ayr)
Fresh Ayr Friday Friday, September 8 5 - 7 pm Shelter House Phil Shipley performing
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4th Annual Ronnie Mercer Memorial Golf Tournament
4th Annual Ronnie Mercer Memorial Golf Tournament
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P.H.A.R.M. Dog’s “A Night Under the Stars”
P.H.A.R.M. Dog’s “A Night Under the Stars”
Join us by purchasing one ticket to "A Night Under the Stars" event. Indulge in delicious dinner […]
Movie Night in the Park (Bethany)
Movie Night in the Park (Bethany)
Trail Life USA Troop MO-0202 of Bethany and FBC College & Career Small Group invites you to […]
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The Old School of Cameron Farmers and Makers Market
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Catholic Charities Serve & Lift Mobile Distribution (September)
Cameron New Life Shoppe September End of Summer Blowout
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Crossroads Marble Show
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The Old School of Cameron Farmers and Makers Market
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Catholic Charities Serve & Lift Mobile Distribution (September)
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Veterans Camping Initiative
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Harrison County Fall Festival
Harrison County Fall Festival
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Ringgold County Hunter Education Class (Mount Ayr)
Ringgold County Hunter Education Class (Mount Ayr)
The Ringgold County Hunter Education Class will be on Saturday, September 23rd from 8:30 to 3:30 at […]
Mercer County Health Department Safe Sitter Class
Mercer County Health Department Safe Sitter Class
The Mercer County Health Department will hold a Safe Sitter Class on Saturday, September 23rd from 9 […]
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4 events,
The Old School of Cameron Farmers and Makers Market
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Catholic Charities Serve & Lift Mobile Distribution (September)
Cameron New Life Shoppe September End of Summer Blowout
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Albany Heritage Day
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