The Minnesota Index, after shifting into high gear in December and January, has downshifted during the last two months. The index advanced 0.2 percent in March matching February’s pace. The unemployment rate inched down, and manufacturing hours spiked, but the index was held back by declining employment. The index, which is monthly measure of economic activity in the state, increased 1.1 percent in the first quarter compared to 1.0 percent during the first quarter last year.
The U.S. index increased 0.3 percent for the third month in a row in March, pushing U.S. economic growth over the first quarter up to 0.8 percent. Minnesota’s index, after running ahead of the national index for most of the last half of 2012, has slipped slightly behind the national pace over the last two months. Minnesota’s economy, as measured by the index, is up 2.9 percent from a year ago while the U.S. economy is up 2.8 percent.
See the Feature article from the Minnesota Employment Review, May 2010, for more information on the Minnesota Index.
Source: Philadelphia Federal Reserve Bank
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