The Minnesota Index, after climbing over the previous three months, slipped slightly in November, declining 0.1 percent. November’s retreat was the result of an uptick in the unemployment rate, a decline in average weekly manufacturing hours, and a dip in wage and salary employment. The U.S. index increased 0.3 percent for the second time in three months. Minnesota’s index, after outpacing the U.S. index from August through October, lagged the national index in November.
November’s reading was 1.3 percent higher than a year ago, while the U.S. annual gain was 2.8 percent. Economic activity slowed in Minnesota in November after three months of solid growth. Minnesota was one of 10 states reporting a decline in their index in November.