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Indicator Suggests Nebraska Economy Starting to Rebound

Indicator Suggests Nebraska Economy Starting to Rebound
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Nebraska’s economy is showing signs of recovery following easing of the restrictions imposed earlier this year to combat COVID-19.

According to the most recent report from the University of Nebraska–Lincoln’s Bureau of Business Research, the state’s leading economic indicator rose 2.45% in May after sharp declines in March and April.

Most components of the indicator improved during the month, as the state economy began to recover from the COVID-19 pandemic. There was a sharp drop in initial claims for unemployment insurance relative to March and April. Building permits for single-family homes also rebounded after dropping in April. There was even an increase in airline passenger enplanements relative to the previous month, as air travel began its slow recovery.

“The increase in the leading indicator confirms that the Nebraska economy will grow over the next six months,” said economist Eric Thompson, director of the Bureau of Business Research at the university. “The pace of recovery should be strong but will depend on a variety of related factors, including the strength of the global economy, the rate of virus spread, the degree of change in consumer spending patterns and the ability of businesses to adjust to changing conditions.”

The full report and a technical report describing the indicators are available at the Bureau of Business Research website, http://www.bbr.unl.edu.

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