Economic growth in North Dakota slowed for the fourth month in a row.

Dr. Ernie Goss is an economics professor at Creighton University and conducts a monthly survey of manufacturing managers in the Central America region. He says the business confidence index for North Dakota was 45.5 in June, which is up from May's 40.2 — but still below a reading of 50, indicating a contracting economy. Goss says a number of factors are contributing; he says both North Dakota's energy and agriculture industries are slowing. He says exports are also down — down 16 percent last month compared to the same period last year.

Despite the challenges, Goss says there are also some positive aspects to the overall economic outlook.

“The good news is that ultimately they need our food and our energy and we are the most productive countries in the world. In the long run, we're going to be fine. We're just going through a rough patch right now. The U.S. Department of Agriculture predicted that farm incomes would decline by 2024. We're seeing that impact manufacturing as well. For example, farm equipment manufacturing is not doing well, and of course we're seeing that with John Deere and other farm equipment manufacturers.”

Goss also says that inflationary pressures have also eased and predicts that the US Federal Reserve will cut interest rates at its next meeting in September.