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Search resuls for: "USDA Economic Research Service"


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Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey. Courtesy: Alstede FarmsSisters Rebekah Alstede Modery and Sarah Alstede were raised on a New Jersey farm. In February, the sisters joined their father, Kurt Alstede, and their stepmother, Mary Thompson-Alstede, as co-owners of Alstede Farms. 'A huge undertaking' as a familyCo-owners of Alstede Farms from left to right: Mary Thompson-Alstede, Rebekah Alstede Modery, Kurt Alstede and Sarah Alstede. Rebekah Alstede Modery, left, and Sarah Alstede, sisters and co-owners of Alstede Farms in Chester, New Jersey.
Persons: Rebekah Alstede Modery, Sarah Alstede, Rebekah, Kurt Alstede, Mary Thompson, It's, Dominique Sims, NASS, Agriculture hasn't, Inwood, Lance Honig, Sarah, that's, Bernt Nelson, Rachel Schattman, Alstede Organizations: Delaware Valley University, CNBC, Centenary University, Alstede, National Agricultural Statistics Service, U.S . Department of Agriculture, The Ohio State University, Agriculture, Agricultural Resource Management, USDA Economic Research Service, American Farm Bureau Federation, University of Maine, Farmers Locations: Chester , New Jersey, New Jersey, Sarah, Agriculture, U.S
Net farm income - which is a broad measure of profits in the agricultural economy, according to the agency - is forecast to reach $136.9 billion in 2023 in nominal dollars, down nearly 16% from a year earlier. The agency said the drop follows 2022 net farm income hitting a high of $162.7 billion, in nominal dollars, and $140.9 billion in 2021. When adjusted for inflation, net farm income is forecast to fall $30.5 billion, or 18.2%, in 2023 compared with a year earlier. Still, the USDA noted, this year's net farm income is expected to be nearly 27% above its 20-year average, in inflation-adjusted dollars. While farm sector debt is forecast to continue to increase, so is farm equity, mostly due to rising land and equipment values, said USDA Economic Research Service economist Carrie Litkowski.
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