As farmers look ahead to the new year, many will be consulting the U. S. Department of Agriculture’s annual forecast for the U. S. farm economy. The USDA says the economy will cool off in the next year. Its annual projections include slowing inflation and lower interest rates in 2024. But the reports also say the labor market will be competitive – with increasing wages and relatively low unemployment — over the next decade.
Northwest Illinois corn and soybean farmer, Ryan Frieders, says that’s challenging as every year, as farmers get older, there’s a need for more and more young labor to come into the operations. So, it’ll be harder and harder for farmers to find that help they need.” Still, farmers say it looks like a good time to be a farmer, especially because the USDA predicts rising yields.
