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Minnesota

Mid-American Economy

For the month of January 2010, reported February 1, 2010

Minnesota's leading economic indicator, based on a survey of supply managers, slipped for January. The Business Conditions Index sank to 51.4 from December’s 53.5 and November’s 57.1.  This was the sixth straight month that Minnesota's index was above growth neutral, pointing to expanding economic conditions for the first half of 2010.  Components of the overall index for January were new orders at 55.8, production, or sales, at 55.3, delivery lead time at 51.3, inventories at 43.3, and employment at 51.3.  “According to government data, Minnesota added almost 5,000 temporary jobs via employment agencies over the past six months of 2009.  This compares to 3,000 temporary jobs lost for the same period of 2008. This and our monthly survey point to a state economy on the mend with permanent job gains for the first quarter of 2010.  Even so, I expect the employment gains to be very modest,” said Goss.