Nebraska’s leading economic indicator fell again during April, according to the most recent report from the University of Nebraska–Lincoln.
The leading indicator fell 5.57% in April, adding to its March decline.
All components of the leading economic indicator dropped during April, as the COVID-19 pandemic continued to impact the state economy. The broad-based decline included cyclically important sectors such as manufacturing and housing construction. There also was an increase in the value of the U.S. dollar, which creates challenges for agriculture and other export-oriented industries. Initial claims for unemployment insurance also remained elevated during April.
“The Nebraska economy should bounce back strongly,” said economist Eric Thompson, director of the Bureau of Business Research at the university. “But the sharp and broad-based decline in the leading indicator suggests that the Nebraska economy will likely be smaller at the end of 2020 than it was at the beginning of the year.”