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Iowans are Putting More Money in the Bank
CEDAR RAPIDS, IA (CBS2/FOX28) – More Americans are living with a smaller safety net, or none at all. Jim McKeever knows the feeling.
“It’s a week to week kind of thing,” said McKeever, who is an Electrical Worker in Cedar Rapids. “Money’s a little tight, bills are high.”
It’s the feeling of living paycheck to paycheck. And he’s not alone.
Three out of every four Americans said they could not support themselves for six months on their savings. About half of the group surveyed said they would not be able to go for three months on that they have in the bank.
It could be even worse if they have an emergency that drains their savings. But for Iowans, the story is a little bit different.
“I think it would be less common in Iowa because the unemployment rate’s been better in Iowa than it has been nationally,” said Cedar Rapids’ Market President Greg Neumeyer.
“Iowa’s economy is very diversified,” said the Communications Director for the Iowa Workforce Development. “We’re very strong in manufacturing and insurance and all sorts of things in between.”
While the rest of the nation rides the economic roller coaster, Iowa has the fifth lowest rate of unemployment.
“We tend to be more steady,” said Neumeyer. “The big ups cause the big downs and we just didn’t have either one, which is good.”
For that, you can at least partially thank the farm economy.
“It’s not only the jobs directly on the farms but all the suppliers in the small towns and the larger towns where there’s a lot of agriculture processing,” said Neumeyer.
And the jobs that have to stay on American soil.
“The only thing that’s saving me is that they can’t ship the poles to China that I built,” said McKeever. “If they could, I’d be out of a job too.”
It’s an economic stability that helps Iowans get by and put away a little more for a rainy day.