Optimism in Minnesota Economy May Not Translate Into Job Growth
Undated (KROC-AM News) - A respected economic report found confidence in Minnesota’s economy was strong last month, but not quite as strong as it was in August.
The monthly Mid-America Business Conditions Survey of business supply managers put the state’s overall economic index at a 58.4 in September. While that number is down from August’s 61.8 reading, it was up a full 10 points when compared to September of last year.
Of the various components of the overall index, production and sales were the strongest last month with a reading of 68.6. The weakest component was employment at 52.5, which was slightly below the reading from last September. That reflects the anemic growth experienced by Minnesota’s manufacturing sector. The author of the report says manufacturing employment in the state grew by about 3100 positions over the past months and most of those gains involved non-durable goods producers.