The government on Monday will release quarterly state-level personal income data that will illuminate the spending power and prosperity of Minnesotans.
Personal income numbers for Minnesota dropped slightly in the first quarter of the year. But the decline was largely attributed to changes in federal tax laws.
Toby Madden, an economist at the Federal Reserve Bank of Minneapolis, expects that the state’s personal income numbers in the second quarter will get a boost.
“Some of this might be coming in the construction area, where during the second quarter we saw an increase in construction activity and rents had been increasing as well,” he said. “Those could be two signs of strength in the second quarter report.”
The personal income report is an important measure of the economy because it reflects how much people can afford to spend on goods and services.