Minnesota manufacturing index takes big January jumpby Annie Baxter, Minnesota Public Radio
Manufacturing in Minnesota continued to signal economic expansion in January. That's according to the latest Business Conditions Index from Creighton University.
Minnesota's index was above the growth neutral benchmark for the 30th straight month in January at 57.5. That was up from 56.9 in December. A reading above 50 points to growth.
Creighton economics professor Ernie Goss says flooding in Thailand prompted computer and electronic components producers in Minnesota to scale back production. "Otherwise," he notes, "durable and nondurable goods manufacturers are reporting solid improvements in business activity."
Components of the index, including new orders and inventories, pointed to economic growth. However, the employment portion of the index was flat.
The overall index for the nine-state Mid-America region surged in January. It recorded its biggest jump since October 2009.
A big jump in a monthly survey index suggests more economic growth is ahead for nine Midwest and Plains states.
The survey of supply managers covers Arkansas, Iowa, Kansas, Minnesota, Missouri, Nebraska, North Dakota, Oklahoma and South Dakota.
(The Associated Press contributed to this report.)