Minn. (MN)—the Federal Reserve Bank of Minneapolis forecasts for Minnesota a solid and strong economic forecast for 2012. These finding are based on the statistical models from the Federal Reserve and the employment situation is expected to grow faster-than-average of 2.8 percent.
A video presentation was featured by the Federal Reserve Bank on its website featuring Tobby Madden, the Regional Economist for the Federal Reserve in Minneapolis and Rob Grunewald-Associate Economist from the same institution. They both explained thoroughly the results and indeed are acknowledging good economic performance in 2012.
Both economists predicted strong economic activity not just for Minnesota but for the rest of the Ninth Federal Reserve District, which is Montana, Dakotas, Minnesota, Northwestern Wisconsin and the upper Peninsula of Michigan.
“The economy in Minnesota performed better than the nation in 2011, and it looks like growth will increase in 2012,” said Madden…” “The surveys and the statistical model both point to solid economic performance in 2012,” Madden said. “Businesses are optimistic for their own operations and expect moderate improvement in Minnesota.”
Elsewhere data from LinkUp-the Job Search Engine based in Minneapolis-shows that in Oct. the North Star state added a total of 19,650 jobs and in Nov. fell short with 18,500. However, the data here is general snapshot for the state and factors the company’s own methodology in this scenario.
What also may have fueled consumer confidence during this holiday season was the gas prices in the state dropped to below $3.20 a gallon in Dec. 2011, according to the Twin cities Business blog. Furthermore, overall the Federal Ninth District outperformed the rest of the country since the recovery began full swing back in June of 2009.
Still the Land of 10,000 Lakes suffered in the housing sector, particularly in the Minneapolis and St. Paul area, where home prices fell 6.5 percent lower in 2011 by comparison the year before.
The next calendar year will be another exciting time for business leaders in the state to begin the hiring spree, and is advisable to update resumes and contact recruiters from different temporary agencies.