(Ernie Goss – Creighton University Photo)
Western Iowa (RI) – A new survey of supply managers in Iowa and eight other Midwestern states indicates solid manufacturing growth, despite rising numbers of job losses and the highest inflation rate in four years. Creighton University economist Ernie Goss says many companies in the region are trying to get in front of looming supply troubles due to the war with Iran.
Gasoline prices in Iowa are averaging a dollar more per gallon than a year ago, and prices on a variety of other products are up, in many cases, due to the war. Looking ahead six months, Goss predicts a rise in energy prices along with supply chain disruptions, which will push the business confidence index even lower.
The monthly Creighton report shows the nine-state region lost manufacturing jobs for the 10th time in the past 12 months, while Iowa, Missouri and Nebraska accounted for more than 83-percent of the manufacturing jobs lost in the past year.
Goss says US manufacturing has lost some 80-thousand jobs in the past year, while the Midwest alone has lost 17-thousand jobs. Goss says the latest data from the U.S. Bureau of Labor Statistics indicate Iowa’s manufacturing sector shed 3,500 jobs in the past year, for a loss of 1.5% of its manufacturing base.
