Report Points to Healthy Growth in Minnesota Economy
Undated (KROC-AM NEWS) - Confidence in Minnesota’s economy jumped to a two-year high last month.
The monthly Mid-America Business Conditions survey of business supply managers shows the state’s overall economic index rose from 54.3 in February to 61.8 in March. Readings above 50 are considered an indicator of growth, and the March index was the highest it has been since February 2015. Confidence in the economy is quite a bit higher than it was a year ago, when the respected report put the state’s overall index at 50.7, which was barely in the range that projects growth.
The employment component of the index was especially encouraging. The 64.5 reading was the highest for that component in three years. The author of the report says the date indicates Minnesota’s manufacturing and nonmanufacturing sectors should continue to expand at a healthy pace into the fall.