A statewide survey finds that professional business service firms such as engineers, accountants and consultants have a somewhat bright outlook: nearly half of the respondents expect to see increases in revenue; 40 percent expect an increase in profits; about a third expect revenue and profits to stay the same.

The Plains states where the production of corn and soybeans is key are being hit harder by excessive drought conditions in the wake of the hottest month on record in the continental U.S., contributing to a surge in global food prices, the Associated Press says. The expanse of the U.S. still gripped by extreme or exceptional drought – the two worst classifications – rose to 24.14 percent this week, up nearly 2 percentage points from the previous week.

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?

31 percent of Minnesota business owners and managers surveyed by the state chamber of commerce and a public relations firm see the state's economy improving. That's up from just 13 percent in last year's Business Barometer survey. As for what obstacles they face, high taxes was the most common concern followed by health care costs and finding qualified workers.

In its forecast for the new year the Fed says agriculture and mining look strong in Minnesota but the housing construction market remains sluggish.