financetom
Economy
financetom
/
Economy
/
Minnesota's economy under Walz in five charts
News World Market Environment Technology Personal Finance Politics Retail Business Economy Cryptocurrency Forex Stocks Market Commodities
Minnesota's economy under Walz in five charts
Aug 7, 2024 4:10 AM

(Reuters) - Vice President Kamala Harris, the Democratic nominee to succeed U.S. President Joe Biden, has selected Minnesota Governor Tim Walz, a champion of progressive economic policies such as universal school meals, to be her running mate in the Nov. 5 election.

Here is a high-level look at how the state's economy has done since Walz became governor in January 2019.

GROWTH

The Minnesota economy has trailed overall U.S. growth under Walz, data from the U.S. Bureau of Economic Analysis shows.

Heading into the COVID-19 recession in early 2020, the state economy essentially matched the U.S. growth rate. Since the recovery began in the second quarter of 2020, state growth has lagged national growth by 5.5 percentage points.

EMPLOYMENT

Job growth in Minnesota under Walz has not kept up with the U.S. pace, especially after the COVID-19 job losses in early 2020, according to the Bureau of Labor Statistics.

Total nonfarm payrolls have grown by just 0.5% - 14,700 jobs - since Walz became governor versus 5.8% for the U.S. overall. The state has not fully recovered all the jobs lost during the health crisis, with payrolls down by 15,400 since February 2020, one of more than a dozen states still to have a COVID-19 jobs deficit.

UNEMPLOYMENT

Joblessness - at 2.9% as of June - has been notably lower in Minnesota than in across the U.S., BLS data shows.

The unemployment rate peaked at 11.2% in the spring of 2020, 3.6 percentage points below the national peak, and it has remained low - not rising above 3% since December 2021.

That dynamic is the result of a drop in the ranks of the unemployed - down 10% since Walz assumed office - alongside essentially no net growth in the state's workforce.

PERSONAL INCOME

Income growth in Minnesota has kept pace with the national average during Walz's administration, climbing 30% through the first quarter of 2024, the latest BEA data available at the state level.

INFLATION

Like the rest of the country, Minnesota experienced the wave of inflation that arose during the pandemic.

It has eased notably faster in the state's largest metro area tracked by BLS price data - Minneapolis-St. Paul-Bloomington - than in the rest of the country.

As of May, the latest month for which BLS data is available, the annual inflation rate in that area was 2.6% versus 3.3% nationally.

Comments
Welcome to financetom comments! Please keep conversations courteous and on-topic. To fosterproductive and respectful conversations, you may see comments from our Community Managers.
Sign up to post
Sort by
Show More Comments
Related Articles >
Economic activity on the rise and inflation may be improving, Fed survey shows
Economic activity on the rise and inflation may be improving, Fed survey shows
Jul 15, 2026
July 15 (Reuters) - U.S. economic activity increased slightly in recent weeks, employment rose, and companies and households indicated that inflation may have improved, the Federal Reserve said on Wednesday, in a report that will help shape the policy debate when Kevin Warsh leads his second interest rate-setting meeting in two weeks. Contacts generally expected the economy to continue to expand in...
Busiest US container port sets cargo record in June
Busiest US container port sets cargo record in June
Jul 15, 2026
LOS ANGELES, July 15 (Reuters) - The Port of Los Angeles, the busiest U.S. container seaport, said on Wednesday it set a June cargo record as shippers ranging from retailers to data center builders rushed in goods to avoid higher fuel costs and new U.S. import tariffs. The Southern California port handled 1,002,734 20-foot equivalent units (TEUs) last month, 12% more...
US Economy Expanded at 'Slight to Moderate Pace,' Beige Book Shows
US Economy Expanded at 'Slight to Moderate Pace,' Beige Book Shows
Jul 15, 2026
02:24 PM EDT, 07/15/2026 (MT Newswires) -- The US economy expanded at a slight to moderate pace in 11 of the 12 Federal Reserve districts, while the other district reported no change, the Federal Reserve's most recent Beige Book update released Wednesday showed. This was little changed from the previous Beige Book, the Fed said. Consumer spending was slightly higher,...
Federal Reserve Watch for July 15: Warsh Repeats FOMC Will Take Ownership of Inflation, Act as Needed
Federal Reserve Watch for July 15: Warsh Repeats FOMC Will Take Ownership of Inflation, Act as Needed
Jul 15, 2026
03:18 PM EDT, 07/15/2026 (MT Newswires) -- Fed Chairman Kevin Warsh (voter) repeated that the FOMC will take ownership of inflation and take actions if needed to bring it back toward the 2% goal but did not provide forward guidance. Warsh again said that monetary policy caused inflation through its policy and that would not be the case under his...
Copyright 2023-2026 - www.financetom.com All Rights Reserved