The Iowa Leading Indicators Index increased to 106.9 (100=1999) in April from 106.8 in March (0.1%). The monthly diffusion index increased to 56.3 in April from 50.0 in March. The Iowa nonfarm employment coincident index recorded a 0.02% decrease in April. The Iowa nonfarm employment coincident index has experienced decreases in seven of the last eight months. However, long-term trends in the index suggest that nonfarm employment will increase over the next three to six months, according to the Iowa Department of Revenue.

The index was constructed to signal economic turning points with two key metrics that when seen together are considered a signal of a coming contraction: a six-month annualized change in the index below -2.0% and a six-month diffusion index below 50.0. Five of the eight component indicators increased more than 0.05% over the past half-year: average manufacturing hours, diesel fuel consumption, the Iowa Stock Market index, the national yield spread and residential building permits. The agricultural futures profits index (AFPI), initial unemployment insurance claims and the new orders index, were the components to decrease by more than 0.05% over the last six months.

• Diesel fuel consumption was the strongest positive contributor to the index in April. Changes are calculated based on a 12-month moving average. Diesel fuel consumption increased 8.4% between April 2024 and April 2025. The 12-month moving average increased to 65.54 million gallons in April from 65.09 million in March.
• Diesel fuel consumption, initial unemployment insurance claims, and the national yield spread went from detractors in March to contributors in April. The new orders index and the AFPI went from contributors in March to detractors in April.

The Iowa Stock Market Index was the strongest detractor to the index in April 2025. Only two of the 27 companies measured by the index gained value, and none of the nine financial-sector companies increased in value. With nearly all of the stocks experiencing losses, the index decreased to 146.36 in April from 155.22 in March.