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June surveys show solid employment outlook
The outlook for employment was strong in Nebraska during June, while consumer confidence improved during the month, according to the latest monthly surveys conducted by the Bureau of Business Research at the University of Nebraska-Lincoln.
Business expectations remained positive during June, with 22 percent of businesses expecting sales to grow over the next six months, compared to 18 percent who think sales will decline. The outlook for employment was even stronger, with 18 percent of businesses expecting to add jobs versus just 6 percent planning to reduce employment.
“Business survey results indicate strong job growth in Nebraska for the rest of 2016,” said bureau director Eric Thompson, a UNL economist.
Nebraska’s Consumer Confidence Index rose to 92.4 in June, bouncing back from a drop to 89.3 in May. The index had a value of 92.2 in April. All values are well below the neutral baseline value of 100. The Consumer Confidence Index is estimated based on responses to the Survey of Nebraska Households.
“While better in June, consumer confidence remains a weak spot in the Nebraska economy,” Thompson said. “Strong growth in wages and income may be required for consumer confidence to rise above neutral.”
The surveys are sent each month to 500 randomly selected Nebraska businesses and households. In June, 130 businesses responded to the Survey of Nebraska Business, for a response rate of 26 percent. There were 114 respondents to the Survey of Nebraska Households, for a response rate of 23 percent.
For more information, the full survey report is available on the Bureau of Business Research website here.