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Economic Update


By Associated Press

Omaha, NE – Midwest survey suggests major recession fears

OMAHA, Neb. (AP) More than a third of supply managers in nine Midwest and Plains states surveyed for a regional business index expect a recession in 2011.

As part of the Mid-America report released Wednesday, supply managers were asked their expectations for 2011, and 35 percent said a recession was likely or very likely.

The August overall economic index dipped to 55.8 from 60.8 in July.

The report uses a collection of indexes ranging from zero to 100. Any score above 50 suggests economic growth in the next three to six months, while a score below 50 suggests a contracting economy. The report is overseen by Creighton University economist Ernie Goss.

States in the survey are Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.