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Index for farm equipment sales sees decline in February

Wednesday, February 24, 2010

February saw a drop in farm equpiment sales.
February saw a drop in farm equpiment sales.

A recent report from Creighton University notes that the sale of farm equipment dropped in February.

The school's index gauging the sale of farm equipment dropped from 47.2 in January to 42.4 in February. According to Creighton University, a level above 50 on the scale indicates growth.

The overall Rural Mainstreet Index also showed a drop, declining from 41 to 36.6. In order to produce the index, the university turns to surveying bank CEOs in 10 states.

Ernie Goss, an economist at the university, said that the overall index has been below the growth-neutral mark for 24 straight months, adding that rural economies may not be faring as well in the recession as those in urban areas.

"Agriculture producers have been taking a conservative approach to their buying and this is showing up in our survey," Goss said.

Meanwhile, another report from the Association of Equipment Manufacturers shows that sales of farm equipment will continue to be down this year before picking up in 2011. However, January did post some gains for equipment sales, the AEM reported.
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