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Fed: Good news for Minnesota economy in 2013

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The Federal Reserve Bank of Minneapolis had some cheery news for Minnesota about the new year.

That state's job market will grow faster in 2013 than it has in six years and unemployment will fall to 4.7 percent, Fed economists say, the Star Tribune reported.

Minnesota's unemployment rate was 5.7 percent in November.

Fed economists Toby Madden and Rob Grunewald forecasted that state employers would add 59,000 jobs this year and they pointed to positive signs: retail hiring, improving housing market and resilient agriculture sectors, the newspaper reported.

The bank's economists anticipate job growth of 2.2 percent in the state in 2013, higher than the historical average growth rates of 1.4 percent, MPR noted.

The Minneapolis Fed also forecast that growth in personal income will exceed 5 percent this year, the Business Journal reported.

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