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For the month of June 2009, reported July 1, 2009
For the 11th consecutive month, Minnesota’s Business Conditions Index fell below growth neutral. The leading economic indicator based on a survey of supply managers, advanced to 43.9 from May’s 42.0 and April’s 42.6. Components of the overall index for June were new orders at 47.0, production at 48.2, delivery lead time at 37.3, inventories at 40.2, and employment at 37.3. “Over the past year, Minnesota has lost more than 35,000 manufacturing jobs. Our survey indicates that these losses continued for June. Economic activity was particularly weak for durable or heavy manufacturing. According to government employment data, 7,000 new Minnesota workers entered the work force over the past three months adding to the state's rising unemployment rolls. I expect Minnesota’s rising unemployment rate to moderate in the months ahead topping out at 8.5 percent in the third quarter of 2009,” said Goss.