Date of this Version
Business in Nebraska vol. 54, no. 634
As data accumulate, it becomes more apparent 1998 will be recorded as a year of strong or-,\nnrnic growth in the nonfarm sector. Total nonfarm employment will advance 2.8 percent in 1998. Led by gains in wages and salaries, Nebraska's total nonfarm personal income will advance 6.2 percent in 1998, just under the pace set in 1997. Net taxable retail sales will increase by 6.8 percent in 1998, led by advances in motor vehicle sales (Figure 1). Growth will slow in 1999 and 2000, largely due to labor shortages and a weakened farm sector.
Nebraska's farm sector currently is suffering from problems of abundance. Record crops of corn and soybeans in Nebraska are being brought to market at low prices. Large crops nationwide combined with a reduction of exports to Asia have set the stage for low commodity prices. Meat prices also are low due to an abundance of available product. The impact on the farm sector wi II be a reduction in overall net farm income in 1998. The full impact of reduced farm income on the state's economy, however, will not be felt until 1999.
Nonfarm Personal Income
Net Taxable Retail Sales