In April, Nebraska’s Leading Economic Indicator increased by 0.42%, indicating a potential for economic growth in the state over the next six months. Despite facing challenges in the first quarter of 2024, the Nebraska economy is expected to pick up speed by mid-year and continue growing through the fourth quarter.
Eric Thompson, director of the Bureau of Business Research, pointed out that this growth is due to several factors, including an increase in manufacturing hours worked and a decrease in initial claims for unemployment insurance. The indicator is made up of six components, including 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.
Thompson highlighted that manufacturing hours worked showed significant improvement in April, which indicates a strengthening manufacturing industry not only in Nebraska but also nationally. He also mentioned that positive business expectations from the April Survey of Nebraska Business played a role in this growth. Respondents planned to increase sales and employment in the coming months.
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