The Minnesota Index continued to inch up in August gaining 0.1 percent for the second straight month. Falling wage and salary employment combined with the third consecutive monthly uptick in the state’s unemployment rate has limited the index’s growth rate over the last few months. The U.S. Index climbed 0.2 percent for the ninth month in a row in August.
Minnesota’s index is up 2.7 percent from a year ago while the U.S. index has gained 3.0 percent since last August. The average over the year growth for the Minnesota Index between 2011 and 2015 was 3.4 percent compared to 3.1 percent for the U.S. Minnesota index has average 2.7 percent in 2016 which is slightly behind the 3.0 percent averaged nationally. Minnesota’s economy grew faster than the national economy for the first few years after the recession but has been growing slower than the U.S. economy since 2015.