Darrell Proctor is a publishing industry veteran with more than 30 years' experience writing about business, technology and sports. He spent more than a decade at the St. Petersburg Times and later the Rocky Mountain News, where he authored the Mile High Tech blog and was noted for his reviews of consumer electronics and technology. Questions for Darrell? Drop him a line at techexaminer@gmail.com.

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Index indicates nine-state region could see more severe recession

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December 1, 5:16 PM

by Darrell Proctor, Business Examiner

An economic survey released today shows the U.S. recession could be more severe in a nine-state region that includes Midwest and South-Central states.

The Business Conditions Index from Creighton University in Omaha, Neb., fell to 37.8 in November, its lowest ever. That follows on the heels of a 39.9 reading in October, the previous record low.

A 50.0 reading indicates neutral growth. The survey includes Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.

These readings are much lower than those recorded before and during the 2001 recession. The regional economy is now in a recession and I expect it to rival the recession of 1981-82 in terms of joblessness and job losses." - Ernie Goss, Creighton University economics professor

The report also contains an employment index, which dropped to a record low 39.0 in November. That's a dramatic drop from 47.4 in October.

Said Goss in a statement: "I expect regional job losses to mount in the months ahead with rapidly rising unemployment rates for most states."

Topics: Jobs , market

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