The Minnesota Index downshifted a bit in June, advancing 0.3 percent compared to May’s 0.5 percent increase, as Minnesota’s economy expanded for the 22 straight month. The index continued to show solid growth fueled by increasing wage and salary employment and climbing real wage and salary disbursements. The index combines Minnesota’s nonfarm payroll employment, average hours worked in Manufacturing by production workers, inflation-adjusted wage and salary disbursements, and the unemployment rate to summarize current economic conditions in Minnesota in one single statistic.
The comparable U.S. index increased 0.1 percent in June. Minnesota’s index was up 3.5 percent from a year ago while the U.S. index was 2.8 percent higher over the same period. Minnesota’s over-the-year increase has been above the U.S. increase since March 2017.