Minneapolis Fed chief cautiously optimistic about nation's economy

Author:
Updated:
Original:

The president of the Federal Reserve Bank of Minneapolis is feeling more upbeat about the U.S. economy, Minnesota Public Radio reports.

Narayana Kocherlakota’s outlook remains about the same as it was a couple months ago, but he says new job numbers make him a little bit more optimistic about the private sector growing.

"We don't want to get too carried away with that in the sense that we've seen something like this before in the early part of 2010 and 2011," Kocherlakota said at a chamber of commerce event on Wednesday in Edina. "We don't want to draw too much [of a] conclusion from a few months of data. With that said, I think it's definitely a positive that the economy has been as strong as it has."

The Business Journal says Kocherlakota projects national unemployment to fall to 7.5 percent by the end of the year and 7 percent by the end of 2014.

Paychecks in Minnesota continue to climb faster than the national average, the Star Tribune reports. Personal income in the state grew 3.7 percent to $46,227 per person last year -- well above the national average of 2.7 percent.

"The simple story line is that we’re doing better than the U.S., and we’re glad we are,” Tom Stinson, the state economist, told the newspaper.

Next Up

Screen Shot 2020-11-25 at 7.34.43 AM

Watch: Drunk squirrel in Minnesota captures the world's attention

The squirrel was immediately cut off after nearly tipping over.

Screen Shot 2020-11-25 at 7.15.09 PM

Small town gym refusing to close facing lawsuit from attorney general

The gym is facing a lawsuit and a temporary restraining order to halt their operations.

credit card, payment

Money Gal Coaching: Bouncing back after living your best life

Kelly Blodgett started Money Gal Coaching after paying down nearly $50K in debt in 18 months.

flickr-mall-of-america-mitchell-hirsch-march-2019

When do stores open on Black Friday this year?

Many major retailers will be open Black Friday, some for extended hours.

police tape, crime scene

Man found dead outside home near Cass Lake

The man was reportedly shot outside the property.

Minnesota_Welcome_Sign_-_Minnesota_Welcomes_You_-_Taylors_Falls_(28269804891)

Gov. Walz announces $1M in grants to boost Minnesota tourism

The money will be used for marketing efforts to attract people to Minnesota's hard-hit tourist spots.

coronavirus, ICU

Nov. 25 COVID-19 update: 72 deaths ties Minnesota's single-day high

A COVID-19 update will not be provided on Thanksgiving Day.

Texa-Tonka

Revival to open its fourth Twin Cities location

The fried chicken and smoked meat maestros are moving to St. Louis Park.

Duluth and Case Recreation Center

St. Paul to open two extra temporary shelters for homeless people

Mayor Melvin Carter announced the new shelters will be opened in the event of excess demand.

vote, election

Minnesota once again had the highest election turnout in the country

Amid the COVID-19 pandemic, a record percentage of voters also sent in absentee ballots.

Related

Dayton says he’s ‘cautiously optimistic’ about stadium bill

Dayton Says He’s ‘Cautiously Optimistic’ About Stadium Bill

Farmers, environmentalists cautiously optimistic about program to cut pollution

Federal officials hope Minnesota farmers can set a national example of how to reduce water pollution by changing farming methods. Top U.S. agriculture and environmental officials were in St. Paul to roll out a new program that still needs some work on its details.

Minneapolis Fed chief says state weathered recession 'notably better' than nation

Federal Reserve President Narayana Kocherlakota says Minnesota is further along in the economic recovery than the nation as a whole and fared better during the recession, as well.

Minneapolis Fed chief expects several years of high unemployment

The president of the Minneapolis Federal Reserve Bank expects modest improvements in unemployment numbers over several years. Narayana Kocherlakota spoke at a lucnheon Friday, adding that the overall recovery will take longer: "If you're thinking five years, I don't think you'll be disappointed,"