A monthly survey of rural bankers in the Midwest suggests farm incomes could trend lower in 2024.
Creighton University economist Ernie Goss says the December Rural Mainstreet Index sank below growth neutral for a fourth straight month and more than half of bank CEOs expect a recession in the coming year.
“The overall index, certainly for the businesses on Main Street, is not doing well,” he said. “There are a lot of issues there, but also the farm economy is slowing down with lower agricultural commodity prices.”
The Rural Mainstreet Index is a survey of ag bankers in 10 states including: Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, and South Dakota.