Posted 12/5/2023, 5:30:20 PM
Minnesota Economy Grows Steadily But Lags National Rate
- Minnesota's economy grew 0.7% in Q2 2023, slower than the national rate of 2.1% growth
- Minnesota's growth has lagged the broader U.S. economy for some time
- Inflation-adjusted output hit $381B in Q2; utilities, manufacturing, and transportation drove gains
- Low unemployment suggests Minnesota may see a "soft landing" amid concerns of a broader U.S. slowdown
- Personal income rose 3.9% in Minnesota between Q1 and Q2 2023, faster than most states