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Economist: Drought Impact will be Felt Beyond Farms
A Creighton University economist says the drought that's hit the region will "absolutely" be felt beyond the farm and will be a damper on the national economy.
Ernie Goss says his research finds the drought hitting beyond the farm field, impacting other businesses like ethanol plants and farm equipment dealers. (play audio :20 “on GDP.”)
In addition, skyrocketing feed costs will lead to increased prices for not just beef and pork, but for many other grocery store items, including eggs, milk and cheese.
Each month, Goss and his colleagues survey bankers in the Midwest and his July survey is nearly complete. (play audio :28 “this month.”)
A report released last week by the USDA estimated the drought would force a five-percent rise in food prices. The latest report shows the country's Gross Domestic Product rose by one-and-a-half percent in the second quarter.
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