In its forecast for the new year the Fed says agriculture and mining look strong in Minnesota but the housing construction market remains sluggish.
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The economy remains strong in rural areas of 10 Midwest and Plains states because of the health of agricultural businesses there. The overall economic index on the new monthly Rural Mainstreet survey rose to 58.5 in May from April's already healthy 57.1. Any score above 50 on the index suggests growth in the months ahead.
Minnesota is creating jobs, unemployment is falling, and the number of workers for every job opening is shrinking. That additional work has not yet turned the housing market around, but experts say the overall outlook for the state is strong.
The Federal Reserve Bank of Minneapolis says the health of Minnesota's banks is gradually improving as the industry recovers from the recession. A Fed official says profits are still not great but they're moving in the right direction. A new report on the year's second quarter also shows the number of bad loans is shrinking.
The Minnesota Department of Employment and Economic Development says manufactured, agricultural and mining products were at record highs -- bringing in more than $5 billion. Canada, China and Japan are the state's largest export markets.
In as much as politicians would like us to believe that the economy has turned around, those of us building a business, earning a paycheck, or just attempting to make ends meet know this is a dismal economy. President Calvin Coolidge once said, “The business of America is business." So, why is this recession so bad and what do we do to fix it?
A new report by BMO Capital Markets paints a picture of Minnesota's economy as slowly but surely recovering. The unemployment rate of less than six percent is helped by fresh hiring in the construction industry and an easing of job cuts among government employees. Housing is still considered a weak spot, but at least prices are recovering and there are signs that more building is on the horizon.