Encouraging Numbers, at First Glance

By MOTOKO RICH
NYT

MINNEAPOLIS — When it comes to economic recovery, Minnesota is about as good as it gets.

During the recession, the state’s unemployment rate never reached the double-digit peak suffered by the nation as a whole. Since the recovery began, it is among a handful of states whose rate has fallen at a faster clip than most other states. Minnesota’s rate is now 6.6 percent, well below the 9 percent across the country.

Farmers in the state’s large agricultural sector have benefited from surges in the prices for their corn and soybeans. Among big companies with headquarters in the state, 3M and General Mills have recently reported strong earnings growth, and Target and United Healthcare are hiring.

Dig a little, though, and the foundation looks wobblier. Economists point out that some of the drop in state unemployment merely reflects people giving up on the job search or retiring early, as well as an aging work force with fewer young people hunting for jobs.

(More here.)