In Minnesota, Above-Average Economy Hides Familiar Pains
Friday, May 13, 2011
When it comes to economic recovery, Minnesota is about as good as it gets.
During the recession, the state’s unemployment rate never reached the double-digit peak suffered by the nation as a whole. Since the recovery began, it is among a handful of states whose rate has fallen at a faster clip than most other states. Minnesota’s rate is now 6.6 percent, well below the 9 percent across the country now.
Economists point out that some of the drop in state unemployment merely reflects people giving up on the job search or retiring early, as well as an aging work force with fewer young people hunting for jobs.
“It really seems slow here,” said David Vang, an economist at the Opus College of Business at the University of St. Thomas. “So if we’re rapid, other places must be terrible.”
Originally published: 05/13/2011, New York Times