By NICK GOSNELL
Hutch Post
HUTCHINSON, Kan. — Even though the economy is still shrinking, the June edition of the Rural Mainstreet Index was somewhat better than the historically bad numbers in April and May.
"This began in March, a really significant downturn," said Creighton University economist Ernie Goss. "In quarter one, we had a decline of a little over 4%, almost 5% in GDP. This is a survey of rural bank CEOs in 10 states, including Kansas."
Kansas specifically is trending down at about the same rate as the rest of the region.
"If you look at last year at this time, Kansas urban area is down in employment about 9 to 10%, likewise the rural areas, down about 9 to 10%. That's better than the region. The region is down about 12%, that's rural areas of the ten-state region, which is heavily dependent on agriculture, right down the middle of the country."
Agriculture is being challenged right now, as the global pandemic is having a negative effect on export markets.
"The question is, is the recovery, once it begins, is it going to be shaped like a V, a U, or a W?" Goss asked. "Right now, it's still up in the air."
The truth is an event like the global pandemic hasn't occurred in about a century and there aren't numbers available from back then that reflect the interconnected economy we have today.