The USDA is forecasting a hike in farm income and exports for this year and next. After a 20% drop in 2009, farm earnings are on the rise. USDA Secretary Tom Vilsack said agriculture is the one sector of the U.S. economy that is showing a rebound.
“Today’s reports are encouraging news," said Vilsack. "They show that while American agriculture has struggled through difficult economic times, the hard work and resilience of America’s farmers and ranchers have helped put American agriculture on the road to recovery.”
All three measures of farm sector earnings experienced a rapid rebound and are forecast to rise in 2010: net cash income is expected to rise more than 23% to $85.3 billion, the second highest on record and above its previous 10-year average. Net farm income has also rebounded, up% from 2009, when demand for agricultural products fell worldwide due to the global recession; net value-added, at $127.3 billion, is expected to be up $15.2 billion from 2009, and remain 17.7% above its 10-year average.
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