What are the forces moving the Minnesota economy? Adam Belz tries to identify the trends and show the connections between Minnesota and the larger U.S. and global economies. You can connect with him on Twitter: @adambelz
MN legislators move toward $9.50-an-hour minimum wage – StarTribune
Oil pipeline under Straits of Mackinac drawing concern – AP
“Baffling” delays for Essar project on Iron Range – Duluth News Tribune
China’s housing bubble is different, but it’s still a housing bubble – NY Times
Minnesota student loan default rates are spiking – Fed Gazette
Auto makers post choppy February sales – WSJ
30,000 year-old virus revived in Siberia – LA Times
Boeing unveils self-destructing smartphone – Chicago Tribune
The invention of the concept of the economy – NPR
Iowa ag industry keeps an eye on Ukraine – Des Moines Register
Studs Terkel’s Working, a report from a vanished world – Midwesterner
Markets are punishing Russia more swiftly than diplomats could – Quartz
Luxury retail has been relying on price increases for sales growth – WSJ
Minneapolis has its jobs back but not St. Paul – Pioneer Press
Booming Boeing, Airbus are squeezing suppliers – Reuters
Wilson Tool out to grow by buying other manufacturers – StarTribune
S&P says Chicago is not on the Detroit path – Chicago Tribune
Research could transform dying paper mills – Milwaukee Journal Sentinel
8 takeaways from Warren Buffett’s annual letter – Josh Brown
Survey: Are IT and automation the central reasons for stagnant wages? – Chicago Booth
No, that mid-sized American city is NOT dying – Pacific Standard
China emerges as India’s top trade partner, just ahead of US – Financial Express
A new ear-worn, face-controlled computer in Japan – Phys.org
U.S. economy expanded slower in 4Q than previously estimated – Bloomberg
Home prices due to cool in 2014 – WSJ
Tyler Cowen makes an interesting, brief point about Ukraine – Marginal Revolution
ADM picks headquarters location in downtown Chicago – Tribune
Hold the barges. Lake Pepin’s ice is extra thick this year – StarTribune
Cliffs delays closing of Upper Peninsula taconite mine – Duluth News Tribune
5 ways Yellen distinguished herself in Senate testimony – WSJ
The (revised) Outlook List of Things We Do Not Say – Washington Post
Paul Krugman to leave Princeton for CUNY – CUNY
Marc Andreessen’s bullish view on journalism – Andreessen Horowitz
Kocherlakota giving extremely technical paper in NY this morning – Monetary Policy Forum
Inequality is greater in big cities than in rural areas, according to recent research from Brookings, and inequality is growing in Minneapolis.
Brookings calculated the ratio of the 95th percentile in income to the 20th percentile, and found that the national average is 9.1 -- that is, people at the 95th percentile get 9.1 times as much income as people at the 20th percentile. It's $191,770 versus $20,968.
The ratio – or the gap between the 95th and the 20th percentiles -- is larger in big cities, at 10.8.
Minneapolis is pretty much average for a big city – at 10.9 – and is far less unequal than several other large cities, such as Atlanta, San Francisco and Miami.
But even in Minneapolis, inequality grew from 2007 to 2012. Thanks to larger proportional declines in income for people in the 20th percentile than for the richest people in Minneapolis, the ratio rose 0.4 points.
The research showing higher inequality in big cities pairs nicely with the recent Equality of Opportunity project, which shows that rural areas offer more economic mobility for people who grow up lower in the income distribution – that is, a better chance of rising in society.
I put together a map of Minnesota and one of the Upper Midwest that shows this, and you can check it out here.
Iowa-based grocer Hy-Vee is coming to Twin Cities – StarTribune
Friedman: How to get a job at Google – NY Times
El-Erian vs. Gross, the showdown atop PIMCO – WSJ
Defense Dept. wants to cut ship orders from Marinette Marine – Journal Sentinel
Analysts expect Target to report $8-9 billion loss on Canada push – NY Times
9th District mid-cap firms outperformed S&P MidCap 400 in 2013 – FedGazette
Amid economic angst, I-Falls looks back on labor unrest – MPR
Ticket sales on Kanye West tour slump, prices slashed – New York Post
This Vivian Maier photo exhibit looks very cool (thru March 1) – MPR
Alec Baldwin says farewell to public life – New York Mag