The Minnesota Index advanced 0.2 percent for the second consecutive month in June. Wage and salary employment increased as did average weekly manufacturing hours and real wage and salary disbursements. Seasonally adjusted unemployment remained unchanged at 3.8 percent for the third straight month. The U.S. Index increased by 0.2 for the sixth month in a row in June.
Minnesota’s index is up 1.3 percent through the first six months of 2016 which is down from 1.9 percent during the first half of last year. The U.S. index increased 1.4 percent through the first half of 2016 compared to 1.8 percent during the first six months of 2015. Both indices are estimates of monthly GDP or economic activity. Last year both Minnesota and the U.S. had real GDP growth of 2.4 percent. Minnesota’s average annual GDP growth over the last five years was 2.2 percent compared to 1.8 percent nationally. Average annual GDP growth for neighboring states over the same period range from North Dakota (7.8 percent), Iowa (2.1), South Dakota (1.9) to Wisconsin (1.7).