Minnesota’s Index Hits Record High in Respected Economic Report
(Undated) (KROC-AM News) - The rapid recovery of the nation's gross domestic product in the third quarter apparently sparked a great deal of optimism among business supply managers in Minnesota.
The new Mid-America Business Conditions Survey put Minnesota's overall economic index at a record high 82.7 in October. The reading was up from 55.9 in September and was the highest among the nine states included in the respected economic report. Any index above 50 is considered an indicator of economic growth over the next 3 to 6 months.
The strongest component of Minnesota's index last month was inventories at 88.5, followed by delivery lead time at 85. The report also notes the state's employment index was very strong at 78.9, which reflects the rapid drop in Minnesota's unemployment rate from the peak of nearly 15-percent in mid-May to around 4.2-percent in the third week of October.
The average economic index for all of the nine states included in the Mid-America Business Conditions Survey was 70.2.