LINCOLN- A University of Nebraska-Lincoln economic index fell sharply during March, but its author, Eric Thompson, is still forecasting growth in the summer months. The Nebraska Leading Economic Indicator's 1.31% decline in March came on the heels of a record jump in February, which Thompson said still indicates "there will be rapid economic growth in Nebraska during mid-2024."

The indicator is designed to predict economic activity six months into the future, and last month's rise was revised to 3.97%, up from an earlier reading of 3.48%. Thompson said that the March decline was due to a drop in manufacturing hours worked and building permits authorized, two factors that were strong in February.

On a positive note, Thompson also pointed out that business expectations remained strong in March, with respondents to the March Survey of Nebraska Business reporting plans to increase sales and employment over the next six months.

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