Report Predicts Sluggish Economic Growth for Minnesota
Undated (KROC-AM News) - A respected economic report continues to predict sluggish growth for Minnesota manufacturers in coming months.
The latest Mid-America Business Conditions Survey of Minnesota business supply managers put the state’s overall economic index last month at 51.2. That is down almost 4.5 percentage points from May and is barely in the range that indicates future growth.
The employment component of the index was surprisingly strong in June. It was pegged at 55.4 after spending several months below 50, which is an indicator of weakening conditions.
The author of the report, Creighton University professor Ernie Goss notes, “Minnesota’s manufacturing sector is adding jobs with nondurable goods producers’ job gains more than offsetting job losses for heavy or durable goods producers. But within the durable goods sector, technology manufacturers, such as medical equipment producers, continue to experience positive growth.”
A year ago, Minnesota’s overall index was modestly stronger at 54.3, while the employment index last June was a little weaker at 51.8.