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For the month of April 2008, reported May 1, 2008
For the first time since October of last year, Minnesota’s Business Conditions Index moved higher. The index, a leading economic indicator from a survey of supply managers in the state, rocketed to 55.1, its highest level since September 2007 and up from 44.8 in March. Components of the overall index for April were new orders at 57.3, production at 57.2, delivery lead time at 61.2, inventories at 43.6, and employment at 50.0. “Minnesota’s economy has more closely mirrored the national economy than other states in the region. Even with the significant downturn in residential construction in the state, Minnesota’s unemployment rate has risen by only 0.2 percent over the past year. I expect the state’s unemployment rate to stabilize at its current level until the end of the summer, when it will begin to move lower. For April, growth in Minnesota’s durable goods sector, except for transportation equipment and parts manufacturers, more than offset weakness among nondurable goods producers such as food processors,” said Goss.