Minnesota Economic Indicator Drops to Great Recession Levels
Undated (KROC-AM News) - The data from a respected regional economic report illustrates the impact of the coronavirus pandemic.
The new Mid-America Business Conditions Survey shows the overall economic index for the region and Minnesota dropped to levels that haven’t been seen since 2009 during the Great Recession. The region-wide index dropped from 46.7 in March to just 35.1 last month. In Minnesota, the overall economic index fell from 45.5 in March to only 34.8 in April. That is the lowest it has been since March 2009.
There were some signs of optimism among the business supply managers surveyed for the monthly report. Dr. Ernie Goss, the author of the report, says the confidence index rebounded last month, rising from a dismal 14.8 in March to 45.5 last month. Goss says that particular component of the overall index reflects the outlook of the business supply managers over the next six months. Any reading above 50 is considered an indicator of economic strength.
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