In his monthly Mid-America Business Conditions Index Survey of supply managers, Creighton University Economist Ernie Goss says growth has gone above growth neutral for only the third time this year, but only slightly. He says about half of manufacturers surveyed have reshored a portion or all of supply chain purchasing from abroad, which is a good signal. Though, when it comes to available jobs, the manufacturing sector is struggling.
While elevated inflationary pressures persist, Dr. Goss anticipates a Federal rate cut in September due to the weakening economy. He is keeping an eye on month-to-month changes regarding the Consumer Price Index and Producer Price Index.
