The Minnesota Index advance by 0.4 percent in May a slight uptick from the 0.3 percent in April. The index is up 1.8 percent since December which is the largest January through May increase since 2014. The index is designed to be a monthly proxy for the state’s gross domestic product (GDP). The U.S. index moved 0.2 percent higher in May.
Minnesota’s index is up 3.2 percent over the year surpassing the 2.9 percent over the year rate for the U.S. Minnesota’s over the year increase hasn’t exceeded the U.S. by this much since May 2015. The average monthly over the year increase is 2.7 percent dating back to 1980 so May’s 3.2 percent reading suggest that economic activity in Minnesota over the last 12 months has been moderately stronger than average.