The trend in economic reports from supply managers in our survey has been fairly positive since October of last year following some of the negative shipping impacts from Hurricane Katrina. Companies with strong ties to the state's growing ethanol industry reported solid growth for February but were very optimistic about future economic growth for this sector.
More Quotes from Ernie Goss:
Iowa's leisure and hospitality industry and manufacturing, both durable and nondurable, ended 2005 on a very strong economic note. On the other hand, Iowa's transportation sector and construction industry are beginning 2006 on a lackluster path.Ernie Goss
I expect positive, but weaker hiring in the region in the months ahead.
Ernie Goss
While our inflation gauge and most national inflation indicators point to somewhat lower inflationary pressures ahead, I expect the Federal Reserve Open Market Committee to raise interest rates at its next meeting on Jan. 31. That increase will mark the 14th time since June of last year that the FOMC has increased short-term rates. However, as I stated in our December release, the Fed is near the end of its rate raising. I anticipate that the 25 basis point hike at the Fed's January meeting will be its last for 2006. Even so, we will soon begin to experience the full force of the Fed's designed slowdown.
Ernie Goss
Strong growth among firms in business and professional services and truck transport offset somewhat weaker reports from manufacturers for March.
Ernie Goss
I expect higher commodity prices and escalating short-term interest rates to push regional growth down significantly in the second half of 2006.
Ernie Goss
The Mountain States region experienced growth significantly higher than the rest of the nation. The region added 53,000 jobs, an annual growth rate of 2.9 percent, in the first half of 2005 but added only 41,000 jobs, an annual growth rate of 2.2 percent, in the second half of the year.
Ernie Goss
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