The Minnesota Index after surging by 0.8 percent in March recorded another month of strong growth, climbing 0.4 percent in April. The two-month 1.2 percent advance was the largest since late 2011. The Minnesota Index has averaged 0.2 percent increase monthly since 1979. The index is designed to be a monthly proxy for the state’s gross domestic product (GDP). Increasing nonfarm wage and salary employment and higher average weekly manufacturing hours fueled April’s advance. The U.S. index moved 0.3 percent higher in April.<\p>
Minnesota’s index is up 3.0 percent over the year matching U.S. growth over the same period. The index has avenged 2.7 percent over the year growth during the last four decades, slightly higher than the 2.5 percent nation average.