After declines every month since June, a new survey finds Iowa’s economy picked up during November and Creighton University economist Ernie Goss expects the state’s financial momentum to continue building. Goss says the November index from the survey of supply managers and business leaders in Iowa rose from October and the state economy is improving from some of the problems that were related to Hurricane Katrina.
Goss says Iowa’s employment figures also improved during November and he says it’s not just part-timers being added for the holidays. He says there was some seasonal hiring but much of the upturn was simply related to improving business conditions. Despite a lower farm income compared to 2004, Goss singles out the agricultural equipment manufacturing sector of the state as looking particularly good for the month. He says truck transportation, likewise, remains strong.
Goss says Iowa’s ratings have been falling steadily for months and the November numbers are the first uptick since June. He says it was “just a soft patch” which he attributes primarily to supply line disruptions due to Katrina. Goss says he expects the upturn that’s now being reflected in the monthly survey to continue.