Respected Report Predicts Weaking Economic Conditions in Minnesta
Undated (KROC-AM News) - Minnesota business supply managers remained pessimistic about the state’s manufacturing sector last month.
The latest Mid-America Business Conditions Survey put Minnesota’s overall economic index last month at 48.4. That was down a full point from August and marked the second straight month it has been below 50, which is an indicator of weak economic conditions in coming months. A year ago, the state’s overall index was a more optimistic 53.
Only two components of the overall index last month had readings above 50. Inventories were rated at 54.1, while employment was 52.6.
The author of the respected report indicated Minnesota’s food processing industries continued to expand at a solid pace in September and notes it has increased employment by almost 5 percent over the past year. Offsetting that growth, were downturns affecting metal manufacturers and machinery producers.