Report Found Pessimistic Economic Outlook
Undated (KROC-AM News) - Minnesota business supply managers have become pessimistic about the state’s economic outlook in coming months.
The latest Mid-America Business Conditions Survey shows Minnesota’s overall economic index plunged over 10 points last month to 42.7, which is well into the range that predicts weakening economic conditions and is the lowest the index has been since May 2009.
Nearly every component of the index was below 50, with new orders and production the weakest with readings below 40.The state’s employment index was 43.1, which is the lowest that reading has been since November 2013.
The respected report states any reading under 50 is an indicator of weakness.