Saturday January 5, 2013
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
Minnesota posts 8th-fastest personal income growth in U.S.
Posted by: Adam Belz under Business trends, Economics Updated: December 19, 2012 - 12:46 PM
Minnesota’s personal income growth was among the fastest in the nation in the third quarter, according to estimates released Wednesday by the Bureau of Economic Analysis.
Earnings grew 0.8 percent in Minnesota over the three month period that ended Sept. 30, and are projected to be $248 billion for the year. The growth was driven by farm earnings, durable goods manufacturing jobs, management positions, health care, and state and local government wages.
Personal income in the finance and insurance industry fell during the quarter. Overall, income growth has slowed each of the past two quarters, after growing 2 percent in the first quarter of the year.
Minnesota ranked #8 among states for earnings growth, and the Upper Midwest shows up well in the rankings. North Dakota led all states, with the oil and gas boom driving personal income growth of 1.4 percent. Also in the top ten were Arkansas, Montana, Indiana, Idaho, Oregon, Texas, Ohio and Mississippi.
Nationally, personal income grew by half a percentage point in the quarter, a rate that's slowed since the first quarter, when it grew 1.6 percent.
Opening Belz, Dec. 19
Posted by: Adam Belz under Business trends Updated: December 19, 2012 - 11:12 AMWe’ve nationalized the home mortgage market. Now what? – ProPublica
Pakistani Islamists, believing polio vaccine a western plot, kill 6 health workers – Guardian
Opening Belz, Dec. 18
Posted by: Adam Belz under Business trends Updated: December 19, 2012 - 10:52 AMEconomics may be dismal, but it’s no science – John Kay
Coffee industry has set its sights on China – Financial Times
Correction appended: Diana Nelson will be the new chair at Carlson. This post originally incorrectly identified her position.
Opening Belz, Dec. 11
Posted by: Adam Belz under Business trends Updated: December 11, 2012 - 10:30 AMRight-to-work battle brings Michigan “to a moment startling in its symbolism” – NY Times
Seminar: Behavioral economics/tax cheating on Wednesday, 4 p.m. – U of M
Opening Belz, Dec. 10
Posted by: Adam Belz under Business trends Updated: December 10, 2012 - 11:01 AMJoseph Kabila’s buddy Dan Gertler earns billions in ravaged Congo – Bloomberg
After cancer relapse, Hugo Chavez names successor in Venezuela – WSJ
Intelligence agencies admit Chinese economy will overcome U.S. in two decades – Reuters
Ford submits demolition plan for shuttered St. Paul factory – Pioneer Press
Girl overcomes dim prospects in blue-collar New Castle, Penn. – Washington Post
Minneapolis ad agency adjusts to life after Target – StarTribune
For some, Google+ paves over paradise to put up a parking lot – Buzzfeed
Samsung started in 1938 exporting dried Korean fish – Washington Post
That deadly fire in Bangladesh? Those workers were making clothes for you – NY Times
You, too, can try to balance the federal budget! – WSJ
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