Nebraska economic indicator increases 0.42% in April

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Nebraska economic indicator increases 0.42% in April

Economic growth expected through fourth quarter of 2024
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Nebraska’s Leading Economic Indicator, designed to predict economic activity six months into the future, rose 0.42% in April.

“The monthly report suggests the Nebraska economy will grow during the fourth quarter of 2024,” said economist Eric Thompson, director of the Bureau of Business Research, department chair and K.H. Nelson College Professor of Economics. “Overall, while the Nebraska economy struggled in the first quarter of 2024, growth is expected to accelerate mid-year and continue through to the fourth quarter.”

The six components of the indicator are business expectations, building permits for single-family homes, airline passenger counts, initial claims for unemployment insurance, the value of the U.S. dollar and manufacturing hours worked. Three components improved during April.

Nebraska Bureau of Business Research Leading Economic Indicator – May 2024
Video: Eric Thompson discusses the April leading economic indicator report

“Nebraska manufacturing hours worked grew again in April, as the state and national manufacturing industry continued to strengthen,” Thompson said. “The labor market also strengthened during April.”

Business expectations were positive, as respondents to the April Survey of Nebraska Business reported plans to increase sales and employment over the next six months. Initial claims for unemployment insurance also fell.

Read the full report and a technical report describing the indicators.

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