The Minnesota Index, after climbing 0.3 percent in June, downshifted in July advancing by 0.1 percent. Two of the index’s components were negative in July as the state’s unemployment rate ticked up for the first time since February while average weekly manufacturing hours declined. The U.S. Index increased 0.3 percent for the second straight month in July.
Minnesota’s index is up 2.8 percent from a year ago while the U.S. index is up 3.0 percent. Minnesota’s average over the year gain since 1980 is 2.8 percent which is slightly higher than the U.S. 2.5 percent average. Minnesota’s average over the year growth as measured by the Minnesota Index between 2011 and 2015 was 3.4 percent compared to the average U.S. growth of 3.1 percent. Minnesota index has average 2.8 percent through the first seven months of 2016 which is slightly behind the 3.0 percent averaged nationally.