Minnesota Business Services Firms Expect Mostly Contracting Conditions in the Next Year
September 21, 2020
ST. PAUL – Minnesota business service firms expect mostly contracting conditions during the next four quarters due to the COVID-19 pandemic, with slightly more than half (52%) anticipating a decline in consumer spending and corporate profits, according to a joint survey released today by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.
Business services firms – such as engineers, accountants and architects – have a mixed outlook on their own profit projections over the next four quarters, with 49% expecting to see a drop, 34% expecting no change, and 17% anticipating an increase in profits.