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May 17, 2019Omaha, NE |  By: AP

Trade tensions & tariffs blamed for dwindling confidence in farm economy

A monthly survey of rural bankers in parts of 10 Plains and
Western states shows they're rapidly losing confidence in the region's farm
economy.

The Rural Mainstreet survey for May, released Thursday, shows the survey's
overall index dropping from 50 in April to 48.5 this month. Any score above 50
suggests a growing economy, while a score below 50 indicates a shrinking
economy.

Creighton University economist Ernie Goss, who oversees the survey, blames
trade tensions and tariffs, saying they're contributing to losses suffered by
grain farmers - although livestock producers are faring better. Still, Goss
says, bankers believe "the negatives far outweighed the positives."

The survey's confidence index, which gauges bankers' expectations for the
economy six months out, plummeted from 50 to 38.2 - its lowest level in almost
two years.

Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska,
North Dakota, South Dakota and Wyoming were surveyed.