Latest Minneapolis Fed report not so glimmerous

Last time we posted on the Federal Reserve’s Beige Book report on current economic conditions, we noted The Fed saw some glimmers that the economic turmoil in the Upper Midwest may be bottoming out.

The newest report, released today, seems a little glummer in its roundup of Minnesota economic data. Highlights include:

Minnesota’s tourism department says 57 percent of lodging businesses saw revenue and occupancy fall in April and May versus the same period a year ago.

Architects reported continued weak demand for their services (Note: A phenomenon we’ve identified in the past.

Minnesota Department of Employment and Economic Development reports job seekers taking 20 weeks to find new jobs compared with 13 weeks a year ago.

Minneapolis Fed’s annual survey of professional services companies in May showed decreased sales revenue, employment and profits from a year ago; profits are expected to fall further over the next year.

Oddest positive nugget:

an executive at a food processing company in Minnesota noted that sales of refrigerated party trays were strong.

It’s not all gloom. Overall the contraction in the Upper Midwest economy has “moderated” since the last report. And consumer spending stayed soft but “improved somewhat from the past few months.” But the report doesn’t reveal a lot of evidence that an upswing is underway.

Just like the Fed, we’re taking your insights on the economy these days. Tell us what the economy’s like around you these days. We’ll share those insights on our MinnEcon map project. Check out some responses below we got recently pointing us to some good news in the economy.

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