The Minnesota Index continued its hot pace in August racing to a 0.5 percent increase. The index was up despite no change in wage and salary employment in August. Another small drop in the unemployment rate and a robust jump in average weekly manufacturing hours kept the index humming along.
The average monthly gain over the last 39 years is 0.2 percent. The 0.5 percent average monthly increase since May indicates that Minnesota’s economy expanded at over twice the normal rate during the summer. Minnesota’s index is up 1.9 percent since April while the U.S index, which advanced 0.2 percent in August, is up only 0.9 percent over the same four month period. Minnesota’s index has increased 4.1 percent since last August while the U.S. index has lagged behind advancing by 2.9 percent over the last 12 months.