Wednesday, June 25, 2008

Worrisome graph of the day 

The Minnesota Coincident Indicator series is one of the fifty state series created by the Philadelphia Federal Reserve. The latest data on employment has moved this indicator down substantially, decreasing the odds that we are going to avoid a local area recession here in St. Cloud, though the local area data was more positive for May. I am still waiting for the next budget report (and its estimates of sales and income tax collections), but if that picture above stands, the recession call may be just academic soon.

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