Optimism for economy continues, albeit mutedby Annie Baxter, Minnesota Public Radio
ST. PAUL, Minn. — A survey of factory supply managers shows continued, though slightly more muted, optimism about the economy in the coming months.
The Creighton University Business Conditions Index for Minnesota logged in at 54 in July, down slightly from June's reading of 56.2. Readings above 50 point to economic expansion.
The downtick in the index reflects a global economic slowdown, especially in Asia and Europe, that's biting into business in Minnesota, said Creighton University economics professor Ernie Goss.
"What's really pulling at Minnesota and pulling at the regional economy is a pullback in exports, new export orders," Goss said. Manufacturers with ties to the auto industry are faring well, he added.
The overall Mid-America index , which covers nine states, also tumbled slightly in July, though at 53.5, it, too, suggesting that the economy will continue to expand at a slow pace," Goss added.