Most sectors and households continue to enjoy a very strong economy. Construction and manufacturing are striding workhorses that continue to provide impetus to the economy as a whole. Retail sales of general merchandise are very strong. Oil and iron ore production levels are at decade highs. Banks reportedly have good loan volumes in a competitive environment.
Unemployment is low and price pressures are scarce.
But declining prices for hogs, corn and soybeans combined with already low wheat prices and concerns about moisture availability have sharply curtailed farm profitability and optimism for the new year. Warm weather and poor snow cover hurt revenues for many winter recreation firms. Many businesses are cramped by labor shortages. Manufacturing and Business Services Manufacturers generally report good orders. Medical electronics and devices continue strong in Minnesota.