Omaha, Neb. ? Higher prices for oil, natural gas and other raw materials have slowed but not stalled the Midwest economy, a manufacturing index indicated Wednesday.

The Mid-America Business Conditions Index, which tracks a nine-state region, declined in August to 61.3 from July’s 64.2, and was at its lowest point since December 2003. The index in June was 68.2.

However, the index remained significantly above growth-neutral 50, said Creighton University economics professor Ernie Goss. Goss conducts the monthly survey of supply managers and business leaders in Nebraska, Arkansas, Iowa, Kansas, Minnesota, Missouri, North Dakota, Oklahoma and South Dakota.

An index reading below 50 means manufacturing activity is slowing; above 50 indicates the industry is growing.

The prices-paid index increased to 88.1, its highest level since April. The employment index, on the other hand, was 61.3 — virtually unchanged from July’s reading and indicating positive job gains.

“Our survey results, along with government data, suggest that the economy will continue to grow, but at a somewhat slower pace,” Goss said.

Nationally, manufacturing activity rose in August for the 15th consecutive month, but at a slower rate than reported in July, according to a monthly report by the Institute for Supply Management.