The Midwest’s economy hit a slump in August as energy and agricultural activities weighed on the region, a survey of purchasing managers across nine states found.
An index generated by the survey results fell to 49.6 from July’s 50.6. A reading below 50 is a sign of economic contraction. It had been on the growth side of the neutral 50 reading for a long run.
“The regional index, much like the national reading, is pointing to weak and potentially negative growth through the fourth quarter of 2015,” said a report on the index released Tuesday by Creighton University.
A more optimistic economic reading of 51.1 came from the Institute for Supply Management’s national survey of purchasing managers. The reading marked the 32nd month of economic expansion, though it was weaker than the 52.7 reading nationally in July.
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A separate index from Creighton University for Missouri recovered from a weak reading in July and climbed above neutral at 50.9 in August from 49.4 in July. An index for Kansas similarly advanced but only to a neutral 50.0 from July’s 48.2.