Wells Fargo Economists Praise Minnesota’s Economy
That’s what we heard recently from experts at Wells Fargo in their April outlook, who said Minnesota’s healthy economy makes the state stand out for its exceptionalism:
Even amid some slowing in the manufacturing sector and declining energy production in the Bakken, Minnesota’s economy remains a real standout. The North Star State’s unemployment rate has held steady at an exceptionally low 3.7 percent, or 1.8 percentage points below the national average.
They went on to praise our economic trajectory and predicted that we should continue to see solid gains if things continue on their current path. It specifically mentioned our improving manufacturing sector, and the booming labor market that is on its way to boosting incomes and injecting gains into the retail, housing, and leisure markets.
Another positive fact stood out, as mentioned by the Star Tribune: the Latino unemployment rate in the state fell 3 percentage points in one year, which is a huge drop.
The outlook did say that we had some sore spots when it came to layoffs at Target and on the Iron Range, as well as the disparity between black and white unemployment. But economists say that most everything else about the state’s economy is healthy.
Considering just five years ago the state faced a $1.2 billion budget deficit, it seems we’re at a pretty good place that’s headed toward even more progress.