Minnesota's Small Business Employment Drops in May

Date: June 16, 2015

But national average is up.

Small business employment in Minnesota declined in May, according to Intuit’s monthly small business index.

Minnesota’s 0.13 percent decrease was in contrast to the nation as a whole, which saw small business employment increase 0.13 percent during May. Wisconsin had a rise in small business employment, while Iowa saw a decline.

Across the country, small business’ hourly employees worked 41 minutes more than during the previous month, and pay increased 0.5 percent. Revenues per business also grew, with real estate, rental and leasing rising the most.

The Creighton University Mid-America Business Conditions Index, which includes Minnesota, also fell for May. That index, which factors in new orders, production or sales, employment, inventories and delivery lead time, predicts slow economic growth over the next three to six months for the region.             

“Minnesota’s economy has expanded in 2015, but at a slower pace than for the same time period in 2014,” said Ernie Goss, Ph.D., director of Creighton’s Economic Forecasting Group, in the report. “Our surveys over the past several months point to even slower, but positive, growth in the months ahead for the state. Despite the strong dollar making Minnesota goods less competitively priced abroad, durable goods manufacturers, including metal producers, expanded for May and for 2015. Growth for the heavy manufacturing, or durable goods, will slow in the months ahead, spilling over into the broader state economy.”


Related Content: Small Business News | Economy | Minnesota

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