Minnesota Index
The Minnesota Index retreated for the third straight month indicating that Minnesota’s economy has been contracting over the last few months. Minnesota’s index is among a handful of states recording sinking indices over the last few months. Other indicators are not signaling a slowdown in Minnesota’s economy, however. Recent changes in how the wage and salary employment is estimated may be dragging the index down, giving off a misleading reading.
Drops in the index as steep as the 0.8 percent decline over the last three months have appeared in the past only when the U.S. economy was in a recession. The U.S. index rolled to its 18th straight monthly increase in December climbing 0.3 percent while Minnesota’s index slipped 0.2 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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