Omaha Neb. ? Although the overall Business Conditions Index for the Mid-America region declined in June, it still indicates economic growth lies ahead.

A workman is silhouetted at H&R Block's new world headquarters, which was under construction June 7, in downtown Kansas City. Spending on construction projects fell for a third straight month in May, reflecting declines in the building of homes, offices and shopping malls, the Commerce Department reported Friday.

The monthly survey of supply managers and business leaders in the nine-state region showed slower growth in nondurable-goods manufacturing.

The survey is compiled under the direction of Ernie Goss, a Creighton University economics professor.

The overall index registered 59.2 last month, down from 60.7 in May.

The index runs 0 to 100. Results higher than 50 indicate an expansionary economy over the next three to six months.

Wholesale inflation continued its downward trend, the survey said.

Lower prices for steel and imported goods pushed down the prices-paid index to 60.1, the lowest figure since October 2003. The May figure was 65.8. The index has dropped for six months in a row.

“Given our data and other national data indicating that, outside of oil, inflationary pressures are waning,” said Goss in his report. “I think the Fed should cease raising rates.”

The index for regional confidence dropped in June to 58.1, the sixth straight month of decline. The May figure was 58.6.

Rising interest rates and trade issues have hurt confidence levels among buyers and business leaders, Goss said.

“In every state, except Oklahoma, the confidence index is down significantly from this same time last year,” he said.