Latest news with #NeilSullivan
Yahoo
08-08-2025
- Business
- Yahoo
Feds say Nebraska GDP shrunk more than 6% in early 2025, led by ag
A farmer harvests a field of dry, edible beans in Nebraska's Panhandle. (Courtesy of Gary Stone) LINCOLN — Nebraska and Iowa tied for the states with the largest losses of Gross Domestic Product in the first quarter of 2025, of 6.1%, according to a report from the U.S. Bureau of Economic Analysis. Most remaining states also saw their GDP's shrink, though by smaller amounts, while a handful saw modest increases. Overall, the real GDP nationwide decreased 0.5%. GDP represents the total market value of goods and services produced during a specific time period. There are recent signs of a bounceback, however, as the BEA released a new report Wednesday sharing that the national GDP rose 3% during the second quarter. This primarily reflects a decrease in imports and an increase in consumer spending, per the report. State-level analysis has not been released yet. The first-quarter analysis compared Nebraska's GDP to what it was one year ago. The report revealed that declines in agriculture played the biggest role in Nebraska and Iowa's rates. This is a rare economic output decrease for the U.S. as a whole — the first decrease during the first quarter since 2022, according to Stateline reporter Tim Henderson. However, Nebraska State Budget Administrator Neil Sullivan said the drop is not as severe as it might appear. He said the percentage is based on projections from the last quarter of 2024. He offered competing numbers claiming Nebraska's actual GDP difference quarter-over-quarter was down about 1.5%. John Hansen, president of the Nebraska Farmers Union, said he believes the country is facing the worst farming financial crisis since the 1980s. He helps run a crisis hotline for farmers, and said he's fielded high-stress calls from people struggling financially. 'There's desperation in their voices,' Hansen said. 'They're up against the wall.' Global clashes and trade wars hammered Midwestern states' agricultural economies this year. Row-crop farmers took a hit, and that accounts for much of Nebraska's agricultural output, including wheat, corn and soybeans. Sullivan said prices for these products are the lowest in a decade. But on the flip side, he said the market is also stable, making it safer for farmers to produce. This is primarily because of protections added to the federal budget reconciliation bill, he said. Ernie Goss, a regional economist and professor at Creighton University, said prices for these top Nebraska products have gone down, while prices of farming resources like fertilizer have not. This has ripple effects, namely that farmers are pushed to cut costs and aren't spending as much on ag equipment, he said. On the bright side, livestock prices have remained good, Goss said, which is a relief to Nebraska's ranchers. He said many of these factors are impacting farmers across the U.S. — it's just felt deeper in Nebraska because the state is a top ag producer. 'It's like Michigan having a downturn in the automobile industry,' Goss said. SUBSCRIBE: GET THE MORNING HEADLINES DELIVERED TO YOUR INBOX It's not just agriculture contributing to Nebraska's lower GDP, Goss noted. The state's manufacturing industry has also taken a hit, primarily due to job losses that have been prevalent across the country over the last year. Brad Lubben, associate professor of agricultural economics at University of Nebraska-Lincoln, said he expected record farm income in Nebraska for 2025, largely because of emergency government assistance that rolled out at the start of the year. However, he noted that uncertainty with federal policies on farming, taxes and trade can detract from production. 'Farm programs and tax policy have since been largely resolved with the recent reconciliation bill, although the impacts start to accrue in 2026,' Lubben said in an email. 'The trade outlook however remains quite uncertain and volatile, hurting prospects or at least sentiment looking forward.' Goss agreed that global trade has slowed. China, a top pork buyer, has slowed its trade with the U.S. due to tariffs, he said as an example. Goss said President Donald Trump seems to think of trade as 'a zero sum game,' though in reality he argued that both parties can benefit when it's done well. Midwest farm economies suffered while some Sun Belt states rolled in early 2025 Gov. Jim Pillen sang a different tune in a social media post on Monday, praising Trump for his recent trade deal with the European Union. Among other things, the deal imposes a 15% tariff on European goods in exchange for EU companies buying $750 billion in American energy products over three years. 'POTUS makes trade a priority — and agriculture keeps winning,' Pillen wrote in the post on X. A 6.1% GDP drop is cause for concern, Goss said. In a good year, he said Nebraska sees GDP growth of between 6-7%, adjusted for inflation. This level of decline could result in additional job losses and cuts to government services, he said. Sullivan said he does not foresee the need for cuts in Nebraska's budget due to the GDP drop. However, Lubben noted that with the state being a top ag producer and the continued strength in the cattle market, he still expects Nebraska to outperform the U.S. ag sector as a whole. Kenny Zoeller, director of policy research for Pillen's office, said Nebraska is in a strong fiscal position. Though he acknowledged Trump's tariffs contributed to the state's GDP drop, he said he expects that to improve over time. Hansen said it's too early to say what the impacts of Trump's tariffs will be. He was more confident in saying Nebraska consumers will pay higher prices because of them. Zoeller said Nebraska is in a similar position to 2017, when the state faced a more than $1 billion budget deficit and uncertainty in global trade. He argued that Nebraska has solid financial flexibility and decent reserves that should carry the state through safely. Editor's note: This story has been revised to include Wednesday's release of national GDP numbers for the second quarter. SUPPORT: YOU MAKE OUR WORK POSSIBLE Solve the daily Crossword
Irish Independent
01-05-2025
- Sport
- Irish Independent
David Beckham at 50: A look at 10 memorable moments from his playing career
Here, we look at some memorable moments from his extraordinary footballing career. Long-range stunner Beckham helped Manchester United win the domestic double in 1995-96 but truly announced himself on the opening day of the following season when he lobbed Wimbledon goalkeeper Neil Sullivan from the halfway line. Argentina nadir The lowpoint of Beckham's career came as he was sent off for petulantly kicking out at Diego Simeone during England's defeat by Argentina in the last 16 of the 1998 World Cup. Many fans blamed him for the loss and he suffered a very public vilification. Treble triumph Beckham enjoyed a glittering career at Old Trafford, the highlight being the team's famous treble-winning campaign of 1998-99, when they scooped the Premier League, FA Cup and Champions League. Beckham shone in the Champions League final against Bayern Munich, delivering both stoppage-time corners from which United scored twice to claim a dramatic 2-1 win in Barcelona. Skipper's armband It may be easily forgotten that Peter Taylor stepped in as England caretaker manager for one game against Italy in 2000, but he left quite a legacy by appointing Beckham as captain. He went on to lead the side 59 times. Greece glory Beckham achieved full redemption in the eyes of the English public when he secured a spot in the 2002 World Cup with a stunning free-kick in stoppage time of the last qualifier against Greece at Old Trafford. England were trailing 2-1 and staring at the prospect of a play-off when Beckham curled home in spectacular, trademark style. Argentina high Beckham banished his own personal demons when he stepped up to fire home a penalty against Argentina in the group stage of the 2002 World Cup. The build-up to the game had been dominated by what occurred four years previously and the relief was obvious in his jubilant celebration. Boot blow One of the most enduring images from Beckham's career came after he emerged from Old Trafford with a cut above his eye following a defeat to Arsenal in 2003. It later transpired United manager Sir Alex Ferguson had kicked a boot in frustration and it struck Beckham, who went on to join Real Madrid later that year. Ends long Madrid title wait Despite playing a prominent role in Madrid's 'galactico' era alongside the likes of Zinedine Zidane, Luis Figo, Ronaldo and Roberto Carlos, it was not until Beckham's fourth and final season at the Bernabeu he finally won LaLiga. It came in heroic fashion as, after a spell out of the side following a disagreement with manager Fabio Capello, he was recalled to play a pivotal role in the run-in. 100th cap Beckham became just the fifth player to earn 100 England caps when he featured against France in Paris in 2008. The last of his 115 international appearances came in 2009. ADVERTISEMENT Emotional final appearance After playing 724 games in a professional career that also included spells at Preston, Los Angeles Galaxy, AC Milan and Paris St Germain, Beckham broke down in tears as he made his final outing for the French side against Brest in May 2013.
