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.