Healthy Growth Projected for Minnesota Economy
The latest Mid-America Business Conditions Index forecasts healthy economic growth in Minnesota over the next few months. The respected economic report put the state’s overall economic index last month at 57.6, which was up nearly 2-percentage points from January. Any reading above 50 is considered a predictor of future growth and Minnesota’s index has now been in that range since November 2016.
The most robust component of the last month’s index for Minnesota was employment. It climbed from 57.8 in January to 62.2. That is the strongest reading for employment in the state since last August. The new orders component was also especially strong last month, matching the employment component at 62.2.
The author of the report, Creighton University Professor Ernie Goss had this to say after reviewing the data for Minnesota, “Average hourly earnings for Minnesota private-sector workers expanded by a solid 3.2 percent over the past 12 months. Both nondurable and durable goods firms in the state are growing a steady pace.”
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