The Minnesota Index surged in November signaling that Minnesota’s economy has picked up some speed after four months of lackluster growth. The 0.5 percent spike in the index, the largest since May 2014, was fueled by increases in all four components of the index. Wage and salary employment rebounded from a steep drop in October, the state’s unemployment rate declined for the first time since March 2015, average weekly manufacturing climbed and inflation-adjusted wage and salary distributions rose.
The U.S. Index climbed 0.2 percent for the 12th month in a row in November. Minnesota’s monthly gauge of economic growth hasn’t outpaced the national rate by this wide of margin since September 2011. Minnesota’s index was up 2.6 percent from a year ago while the U.S. index was up 2.9 percent 12 months ago.