The overall economic index for the region dropped to 46.8 this month, compared with the December reading of 47.8. The November figure was 44.7. Survey organizers say any score below 50 suggests a shrinking economy in the months ahead.

The confidence index reflects expectations for the economy six months out, and it fell to 46.7 in the January survey from 51.2 in December.

Bankers from Colorado, Illinois, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, South Dakota and Wyoming were surveyed.