Nebraska’s Economic Future Looks Bright: Leading Indicator Predicts Fourth Quarter Growth in 2024

Nebraska’s leading economic indicator, which forecasts economic activity six months in advance, showed a 0.42% increase in April, according to economist Eric Thompson. This suggests that the state’s economy will experience growth in the fourth quarter of 2024. Despite struggling in the first quarter of the year, the economy is expected to pick up steam mid-year and continue to grow through the end of 2024.

The indicator is made up of six components: business expectations, single-family home building permits, airline passenger counts, initial claims for unemployment insurance, the value of the U.S. dollar, and manufacturing hours worked. Three of these components showed improvement in April.

Manufacturing hours worked increased in Nebraska during April, reflecting the overall strengthening of the state and national manufacturing industry. The labor market also showed signs of improvement during the month.

Positive business expectations were reported in April as respondents to the Survey of Nebraska Business indicated plans to increase sales and employment in the next six months. Initial claims for unemployment insurance also dropped during the month.

To access more detailed information about this important economic indicator and its individual components, please refer to our full report as well as our technical report on these indicators.