The stock market has remained on an impressive climb, and a new report out of Washington D.C. shows unemployment rates are at a 17-year low of 4.1 percent.
It seems as though the U.S. economy is booming after the 2008 Great Recession where unemployment peaked at 10 percent in Oct. 2009. However, the rural economy isn’t showing these robust gains.
In a report from Drovers, the Bureau of Labor Statistics shows in rural counties, jobs have decreased by 770,000 from 2007 to July 2017.
Urban areas have bounced back quicker than their rural counterparts, and there’s been an increase of 9 million jobs since before the Great Recession began.
While the USDA is reporting 2018 could be the year the farm economy turns around, some analysts are saying financial stresses will be felt regionally in the year ahead.
“Kansas and Nebraska, that area is seeing a lot of stress—there are a lot of farm bankruptcies this year than there were last year,” said Tanner Ehmke, economist with CoBank.
He says if grain prices don’t pick up soon, some farmers may have to look for jobs off the farm.