In April, the University of Nebraska-Lincoln economic index bounced back to growth after a significant decline in March. Nebraska’s Leading Economic Indicator, which is designed to forecast economic activity six months ahead, increased by 0.42% in April. This was a positive turn after a 1.31% decrease in March, coming off a record increase in February.
Based on the monthly report, economist Eric Thompson, director of the Bureau of Business Research, stated that the Nebraska economy is expected to grow in the fourth quarter of 2024. Even though the Nebraska economy faced challenges in the first quarter of 2024, growth is anticipated to pick up in the middle of the year and continue through to the end of the fourth quarter. 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, with three of these components showing improvements in April.
Nebraska manufacturing hours worked saw growth in April, indicating a strengthening manufacturing industry both in the state and nationally. Thompson also mentioned that
