The Minnesota Index climbed for the third straight month advancing 0.3 percent in October. September’s advance was fueled by increasing average weekly manufacturing hours, higher real wage and salary disbursements, and a jump in wage and salary employment. The unemployment rate remained at 3.2 percent for the second month in a row. The U.S. index increased by 0.1, the lowest monthly gain since last December. Minnesota’s index has increasing faster than the than the U.S. index over the last three months.
October’s reading was 1.3 percent higher than a year ago while the U.S. U.S. annual gain of 2.8 percent. Economic growth in Minnesota has accelerated during the last few months while U.S. growth has downshifted. Minnesota’s 0.3 percent increase in October ranked 19th between Oregon and Florida.