GROW MINNESOTA! QUARTERLY ECONOMIC SNAPSHOT FALL 2022
December 2, 2022
Minnesota’s economy continued to show mixed signals through October of 2022.
Minnesota experienced two consecutive quarters of negative GDP growth, which is often used as a benchmark indicator of a recession. This has been coupled with low consumer sentiment and falling business investment in the U.S. economy, all of which would seem to point to weak economic conditions in normal times.
These are not normal times, however. In unusual fashion, these trends have occurred alongside continued strength in the labor market and stable overall demand in the economy. Unemployment remains at historic lows – despite a slow, steady uptick in recent months – and employers continued to add jobs this fall. Indeed, October was the strongest month of job growth for Minnesota in 2022, putting the state closer to recovering the 418,000 jobs that were lost in early 2020.