GROW MINNESOTA! QUARTERLY ECONOMIC SNAPSHOT: SUMMER 2023
September 6, 2023
The Quarterly Economic Snapshot is an overview of key indicators measuring Minnesota’s current economic performance. Analysis is provided in partnership with Grow Minnesota! and the Minnesota Chamber Foundation.
OVERVIEW AND HIGHLIGHTS:
Minnesota’s economy remained stable and continued to grow in the first half of 2023 despite earlier predictions that the U.S. would fall into a mild recession sometime this year. Minnesota – like the U.S. economy – has experienced falling inflation levels alongside GDP gains and continued low unemployment rates into the middle of 2023. Better-than-expected data at the national level has increased the likelihood that the U.S. will avoid a recession and approach a so-called “soft landing” that has so far eluded federal policymakers.
Other positive trends for Minnesota include recent gains in labor force participation, state exports, and new business applications, all of which can add capacity to the state’s economy.
At the same time, there are notable headwinds to consider.