Report: Minnesota factories stay in growth modeby Annie Baxter, Minnesota Public Radio
St. Paul, Minn. — Minnesota factories stayed in growth mode in August, but hiring is expected to contract, according to the latest Mid-America Business Conditions Index from Creighton University.
For the 25th straight month in a row, supply managers said they anticipate expansion in the next 3-6 months. Medical equipment companies and metal product manufacturers in Minnesota reported the strongest growth.
However, the leading indicator suggests growth in the state is slowing.
Minnesota's index dropped to 56.3 in August. The state's reading was 57.5 in July. A reading above 50 signals expansion. Employment dropped to 48.6, which indicates contraction.