Iowa’s economy is continuing its gradual slowdown, according to the latest data from Creighton University. Economist Ernie Goss oversees the monthly survey of purchasing managers in nine Midwestern states.Dr. Goss says the Iowa economy is being damaged by several factors, including the steadily low unemployment rate, poor agricultural prices, high gasoline prices and predictions of high winter heating costs. He says without a turnaround, it could be a rough six to nine months ahead.Goss predicts a further slowdown in Iowa’s economy as the holiday season approaches. One factor, as mentioned above, is the high price of gasoline. He says a barrel of oil is three times more costly now than it was in January of 1999. Predictions indicate it may cost twice as much to pay our power bills between now and the spring of 2001. Goss says the high bills could make it a cool season for retailers.The Federal Reserve Board meets today in Washington. Goss says there’s almost a “zero probability” that interest rates will be altered.
