Several global and domestic factors will continue to impact the farm economy throughout the growing season. The three major economic movers producers should keep watch on include: inflation, global economy health and low unemployment.
While U.S. inflation maintains its 40-year high, it is not the only country seeing the impacts of rising costs. Producers should expect higher interest rates on loans in 2023. Meanwhile post-pandemic economic improvements are being seen in many countries. The U.S. saw a GDP rate of 5.5% in 2021, on par with pre-pandemic trends. China, Mexico, Canada, Japan and South Korea have seen economic growth that will benefit U.S. agriculture. The U.S. unemployment rate fell to 3.6% and is projected to fall below 3% later this year. Increased automation is anticipated as a result of the labor shortage struggle.
Read more on economic factors influencing U.S. agriculture here.
Early-Season Drought Expected to Continue Despite Scattered PrecipitationJune 6, 2023
Scout Now for Early-Season Corn Pests, DiseasesJune 8, 2023
Improve Dairy Cow Fiber Degradation to Save on Feed Costs, Improve ProductionJune 6, 2023
5 Signs of Early-Season Drought StressJune 2, 2023
Cash Cattle Market Climbs Post-HolidayJune 6, 2023