Iowa Business Council report shows downturn in that state's economy

Omaha, NE – Iowa's fourth quarter Business Conditions report shows a downturn in that state's economy.

The Iowa Business Council report was released earlier this week. It uses sales, capital spending and employment indicators to determine the overall health of Iowa's economy. For the fourth quarter, the state's overall economic indicator dropped below 50, which means businesses aren't as confident about the state of the economy.

Iowa Business Council Executive Director Elliott Smith says businesses likely won't aggressively pursue expansion or buy big-ticket items in early 2009. The report shows 48 percent of businesses expect to hire fewer workers.