Grow Minnesota! Quarterly Economic Snapshot Summer 2022
September 1, 2022
Minnesota’s economy showed mixed signals in the first half of 2022. Continued inflation, hiring challenges, a cooldown in GDP output, and uncertainty in consumer spending has negatively impacted business confidence and expectations for the coming year. On the other hand, Minnesota continued to recover job losses, increase labor force participation, reach record low unemployment levels, grow state exports, and maintain elevated business formation levels so far this year.
While uncertainty and signs of cooling in the economy cloud the near-term outlook, Minnesota’s overall economic performance has remained relatively steady at the mid-year point.