In his November Mid-America Business Conditions Index Survey of Supply Managers, Creighton University Economist Ernie Goss, says the overall economic index has fallen below growth neutral for a sixth time this year. Manufacturers reported their greatest challenge ahead continues to be supply chain disruptions. Inflation also remains a big threat, but Goss doesn’t anticipate a rate change from the Federal Reserve in December:
Goss expects long-term interest rates to move slightly higher to sideways. He says mortgage rates could move up to 7% in the weeks and months ahead. Meanwhile, oil prices have broken below $70 per barrel.
He adds that labor shortages remain a big issue, particularly in the rural areas of the nine-state region.
