The Minnesota Index continued to climb in October but at a slightly reduce rate compared to the previous few months. October’s 0.3 percent advance was the slowest since June but still above the 39-year average of 0.2 percent. Wage and salary employment rose as did average weekly manufacturing hours, but the unemployment rate was unchanged.
The 0.3 gain in the state’s index ranked Minnesota 28th among states and between California and Utah. Minnesota’s index, however, increased faster than the U.S. index for the sixth straight month. That is the longest Minnesota’s index has been above the U.S. index since the seven-month period from January to July 2014. The over-the-year increase was 4.0 percent for the Minnesota index compared to 2.8 percent for the U.S. Index. Over-the-year index growth in Minnesota has exceeded U.S. growth for 20 consecutive months which signals that economic activity in Minnesota has expanded at a faster rate for almost two years.