By BRENT MARTIN
St. Joseph Post
Kansas City Federal Reserve Bank President Esther George says the Midwest regional economy is strong right now, coming out of the restrictions imposed by the coronavirus pandemic.
“So, our regional economy tends to track the nation pretty closely,” George says. “We actually have lower unemployment than the nation as a whole, so we have tighter labor markets in this part of the country. The ag economy, which is really dominant here, is doing very well right now.”
George says the regional economy is a bit stronger than the national economy, helped in large part by a stronger agricultural economy.
“So after five or six years of low farm incomes, we now hear farmers much more optimistic with commodity prices where they are,” according to George. “They’re starting to recognize, though, that inflation is pushing their input costs.”
George says the biggest thing holding back both farmers and business owners in the Midwest is the tight labor market and supply shortages.
“On the whole, this region looks pretty good. I think like the nation, though, they’re looking for labor, they’re looking for supplies to ease up so that they can meet the demand that they have right now.”