- April’s overall reading, the Rural Mainstreet Index (RMI), rose above growth neutral for the month.
- More than three of four, or 76.2%, of bank CEOs oppose the recent “bailout” of Silicon Valley Bank and Signature Bank.
- Two-thirds of bank CEOs oppose all bank bailouts (i.e., community, regional and multibillion dollar banks).
- Approximately 64% of bankers reported depositors exiting due to higher financial risks.
- Checking deposits plummeted to a record low.
- Farmland prices expanded for the 31st straight month.
Overall: The region’s overall reading in April climbed to 50.1 from March’s 45.6. The index ranges between 0 and 100, with a reading of 50.0 representing growth neutral.
“The Rural Mainstreet economy continues to experience slow, to no, to negative economic growth. Only 8% of bankers reported improving economic conditions for the month with 84% indicating no change in economic conditions from March’s negative growth,” said Ernie Goss, PhD, Jack A. MacAllister Chair in Regional Economics at Creighton University’s Heider College of Business.