Council Predicts Slow Down in Economic Growth for Remainder of the Year
LINCOLN, Neb. (AP) — A state business council predicts that Nebraska's economy will slow enough this year for the rest of the nation to catch up.
The Nebraska Business Forecast Council says the U.S. economy as a whole will outpace Nebraska's for the remaining months of 2014. Nebraska has enjoyed strong growth in recent years in farming and home construction.
The council says Nebraska will see stable farm income and relatively small increases in non-farm employment and income. The U.S. economy is expected to grow by more than 3 percent before the end of the year, before moderating in 2015 and 2016.
University of Nebraska-Lincoln economist Eric Thompson says the shift is partly due to slower population growth in Nebraska and the state's already-strong labor market, which is less in need of recovery.