A recent study from the University of Nebraska-Lincoln shows that Nebraska’s leading economic indicator rose in May. The indicator, which is designed to predict economic activity six months into the future, increased by 0.26%. According to Eric Thompson, director of the Bureau of Business Research, this indicates growth in the Nebraska economy in the second half of the year.
The six components of the indicator include 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. Four of these components showed improvement in May.
Nebraska’s manufacturing hours worked increased in May due to strong demand for food products. Business expectations were also positive, with survey respondents reporting plans to increase sales and employment in the next six months. There was also a slight increase in airline passenger counts during the month.
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