Farm Equipment Index Falls to Record Low

CEOs of rural banks who participate in a monthly survey on the economic health of their communities indicated continued angst in the 10-state region surveyed.

Creighton University, which leads the assessment and reporting, released results for October, which reveal that the farm equipment sales index has declined to a record low, falling to 10.8 this month from September's 14.2.

Professor Ernie Goss of Creighton said this: "Bankers remain pessimistic about the short and intermediate prospects for agriculture equipment dealers and producers on Rural Mainstreet."

The index ranges from zero to 100, with numbers above 50 suggesting growth and below 50 suggesting contraction. The university's survey also collects data on home and retail sales, hiring, banking, farming and ranching, and confidence, which reflects bankers' expectations for the economy over the next six months.

The confidence index for October is 42.1. It was 43.8 in September.

Creighton compiles the findings into an overall index, which for this month is 44.4, down from 49.0 in September and significantly lower than the growth-neutral 50.0 reported in August. Each of the 10 states surveyed fell below the growth-neutral mark for October.

The survey focuses on economies dependent on agriculture and energy. S