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For the month of June 2008, reported July 1, 2008
Widespread flooding in Iowa pushed the Business Conditions Index to its lowest level in more than two years and well below growth neutral. The index, from a survey of supply managers, plummeted to 44.3 from 56.6 in May and 60.5 in April. Components of the overall index for June were new orders at 35.7, production at 50.0, delivery lead time at 50.2, employment at 42.9, and inventories at 50.0. “Firms not directly affected by the floods were indirectly and negatively influenced by June’s weather. Transportation bottlenecks and infrastructure outages continue to be a significant negative for many firms in Iowa. Prior to weather-related business interruptions, Iowa firms had been clearly outperforming those in the rest of the region. I expect to record a burst of economic activity in the coming months from rebuilding connected with June flooding,” said Goss.