(KFOR NEWS  May 21, 2020)    The Creighton University Rural Mainstreet Index (RMI) increased slightly from Aprils’ record low. According to the monthly survey of bank CEOs in rural areas of a 10-state region dependent on agriculture and/or energy, May’s reading represented the third straight month with close to record lows.

The overall index for May increased to 12.5 from April’s record low 12.1, but down significantly from March’s weak 35.5. The index ranges between 0 and 100 with a reading of 50.0 representing growth neutral.

“Since this time last year, livestock and grain prices have sunk by 19.1% and 4.7%, respectively.  Accordingly, approximately 73% of bankers reported restructuring farm loans. As a result of the restructuring,  bank CEOs expect farm loan defaults to expand by only 5.4% in the next 12 months,” said Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.

The entire report is available here.

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