Despite a decline in the rural economy, farm equipment sales continued to be above growth neutral, according to a recent report from Creighton University.
The school's Farm Equipment Index dropped from 53.1 in June to 51.8 in July. A level above 50 indicates growth in this sector of the agricultural economy.
However, the overall rural economy didn't do as well as it witnessed its first dip below growth neutral in two months. July posted a mark of 49.3, down from 52.6 in June.
"Much like other economic indicators from across the nation, our survey is signaling slowing in economic progress. However, surveys over the past several months show an economy that has improved significantly from last year at this time," a report from the university said.
One of the major factors that will affect both the rural economy and U.S. markets as a whole is the inability of people to find work. July's unemployment rate was 9.5 percent, which was unchanged from the month before.
However, the unemployment rate being near double digits could cause consumers to shun spending, thereby delaying a potential economic recovery.
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