In the rural Midwestern communities-Hiring is now the problem, according to the banker’s monthly survey it is foreseen that there is an economic decline in coming six months.

For the October month, the survey main street index hit the third consecutive monthly low at 34.4. An index rate below 50 indicates the result as decline. Home sales, retail sales and farm equipment sales all declined. Nebraska’s index was also showing a decline, but it was still close to neutral at 48.1 because of farm commodities prices.

According to Creighton university economist ernie goss, National and global economic factor was also responsible to push down the index. The survey originated by He and Greeley, Neb., banker Bill McQuillan in late 2005 received responses from 142 bank executives in Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Montana, Nebraska, North Dakota, South Dakota and Wyoming.

Hiring index is showing decline for 10 months but overall index have steadily fallen in April. The reason for fall in hiring index is the lack of available labour in rural communities, so prompting it to move towards populated areas. Some bankers say that as farm index is declining, rent and purchase price of farmland is also projected to decline.

Banker’s in the survey, 54.3 percent said that they expect holiday retail sales to have been dropped from last year and rest thought the sales to be steady, none of them expect it to increase. Bank deposit increases as money from stock market flow to the bank accounts. Loans were also growing as cost of fuel and other production expenses are high.