Consumer and business confidence both increased sharply in Nebraska during October, according to the latest monthly surveys from the Bureau of Business Research at the University of Nebraska-Lincoln.
Results from the Survey of Nebraska Households indicate that consumer confidence rose to 108.3 in October, bouncing back from a subpar level of 97 during September and well above the neutral level of 100.
Business confidence also improved during October, rising to 117.3 according to the results of the Survey of Nebraska Business. Business confidence stood at 110.6 in September.
“Rising consumer and business confidence are encouraging signs for the Nebraska economy,” said Eric Thompson, an economist who serves as bureau director. “It will be interesting to see if strong confidence is maintained in the coming months."
According to the surveys, concerns about workforce were the top business issue, with 29 percent of respondents reporting the availability and quality of labor was the top business issue, followed by 27 percent listing customer demand and 15 percent listing competition from other businesses.
“In a stronger economy, businesses grow increasingly concerned about securing an adequate workforce,” Thompson said.
The top concerns for households were paying off debt and the cost of health care.