Weather, energy prices hampering Midwest economy

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By The Associated Press

OMAHA — A Midwest economic index has hit a new low despite record farm income, brisk farm equipment sales and rising farmland prices.

The Rural Mainstreet Index declined this month to 42.6 from April’s 47.5. Both figures are well below a growth-neutral 50, and the May figure is the lowest since the survey began in late 2005.

An index greater than 50 indicates a growing economy over the next three to six months.

The disappointing numbers are being blamed on poor weather and higher energy prices.

The survey is taken from bank CEOs in 11 states: Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming.