12/17/2019 3:36:06 PM
At 126 months, the current economic expansion is the longest since the U.S. starting tracking such information back in 1857. Despite its record length, the ongoing expansion ranks in the middle of the pack when it comes to wage and salary employment growth in Minnesota and nationally. So far during the current expansion, wage and salary employment has increased just 12% in Minnesota and 16% nationally, which is far short of the job growth experienced during earlier expansions. The million dollar question is: Has Minnesota’s employment lagged behind U.S. job growth because labor demand is lower in Minnesota relative to U.S. labor demand or because labor supply in the state is lower relative to most other states’ labor supply? Dave Senf explores this question in Minnesota Economic Trends.