Report Points to Sluggish Minnesota Economy
Undated (KROC-AM News) - The latest edition of the respected Mid-America Business Conditions Survey suggests Minnesota will continue to experience sluggish economic conditions through the end of the year.
The report put Minnesota’s overall economic index at 48.7 last month. That was up slightly from September, but it remains slight into the range that predicts weak economic conditions over the next few months.
The new orders and production components of the index were especially weak in October with both indicators coming in around or below 40. On the flip-side, the employment component was quite strong at 57.8.
The author of the report says the data predicts some minor job losses in Minnesota’s manufacturing sector, while overall non-farm employment will continue to grow at a modest pace over the next 12 months.