NEW DATA: Iowa has 3,600 fewer jobs than a year ago as wholesale inflation rises at highest level in three years

Iowa Workforce development, National Bureau of Labor statistics, and Deere earnings all out Thursday

Des Moines – A slew of new economic data out Thursday painted a grim picture of Iowa’s economy following a Nebraska Republican declaring last week that Iowa and Nebraska are in a “recession economy”:

Iowa’s economy added only 300 jobs in July and annual non-farm employment is down 3,600 jobs from a year ago according to the Iowa Workforce Development. The biggest drop year-over-year has been in manufacturing, losing 5,400 jobs.

Nationally, the Producer Price index, a leading indicator of inflation, rose 0.9% and is up 3.3% year-over-year. From CNBC: “The large spike in the Producer Price Index this morning shows inflation is coursing through the economy, even if it hasn’t been felt by consumers yet,” wrote Chris Zaccarelli, chief investment officer at Northlight Asset Management.

Finally, CEO of John Deere, said Deere’s customers in the ag economy are facing “challenging times.” Deere’s revenue fell 18%.

The evidence of Iowa’s weakening economy continues to grow. Iowa ranks 49th in economic growth, and the U.S.’ growing agricultural trade deficit is helping Iowa’s own struggling ag industry. Iowa is also 48th in personal income growth, and Iowans are taking on medical debt faster than any other state.

“Last fall, Iowans made clear they wanted a better economy and lower costs. Instead, Iowa Republicans have made things worse,” said Iowa Democratic Party Chair Rita Hart. “From Washington, Republican tariffs are jacking up prices on groceries. The Republican budget will make health care more expensive and threaten rural hospitals while keeping interest rates high by adding more debt. A decade of Republican control in Des Moines has left us 49th in economic growth. Iowa needs new ideas, new energy, and new leadership.”

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