For the sixth time in the past seven months, the rural economy has posted signs of weakness. That’s according to the Rural Mainstreet Index (RMI) from Creighton University.
For October 2022, the RMI sits at 44.2. That is down from September’s 46.3. This was the fifth consecutive month the overall reading has fallen below growth neutral.
The slowing economy, strong energy prices, higher borrowing costs and elevated agriculture input costs pushed the business confidence index down to 30.8 from 40.7 in September.
This is the lowest reading for the confidence index since May 2020.
For the second time in the past three months, the farm equipment-sales index slumped below growth neutral to 47.8 from September’s 58. The index has risen above growth neutral for 21 of the last 23 months.
