Durable goods manufacturers, producers tied to agriculture and metal producers are all reporting downturns.
Small business employment in Iowa declined slightly in May, according to Intuit’s monthly report.
Iowa’s 0.02 percent decrease was in contrast to the nation as a whole, which saw small business employment increase 0.13 percent during May. Nebraska, Wisconsin and Illinois had rises in small business employment, while Minnesota and Missouri saw declines.
Across the country, small business’ hourly employees worked 41 minutes more than during the previous month, and pay increased 0.5 percent. Revenues per business also grew, with real estate, rental and leasing rising the most.
The Creighton University Mid-America Business Conditions Index, which includes Iowa, also fell for May. That index, which factors in new orders, production or sales, employment, inventories and delivery lead time, predicts slow economic growth over the next three to six months for the region.
“Durable goods manufacturers continue to experience pullbacks in economic activity” in Iowa, said Ernie Goss, Ph.D., director of Creighton’s Economic Forecasting Group, in the report. “Producers tied to agriculture, such as agricultural equipment manufacturers and metal producers, are reporting downturns in economic activity. On the other hand, nondurable producers in the state report positive but weak growth for the month.”
