Key Economic Indicator For Minnesota Dipped in August
Undated (KROC-AM News) - A key indicator in a respected economic report suggests Minnesota’s economy could experience a slow down this fall.
The latest Mid-America Business Conditions Survey put the state’s overall index in August at only 48.6. That’s down from 51.7 in July and is the lowest it has been since April 2016 when hit dipped to 49.8.
Any reading below 50 is considered an indicator of a weakening economy.
The employment component of the index was especially weak last month at just 41.1. That is the lowest reading for the employment component since October 2011.
Across the entire 9 state region included in the survey of business supply managers by Creighton University, the overall economic index in August was 49.3, which marked the first time in 32-months it has been below 50.