We're Number 48!
The federal government just released state-by-state personal income statistics for the first quarter of 2005--and the news from Minnesota is not encouraging. According to the Bureau of Economic Analysis, Minnesota ranked 48th in growth of personal income from the last quarter of 2004, recording a .3 percent drop. Washington and North Dakota were the only other states to post declines.
According to an Associated Press story, bureau economists attribute Minnesota's troubles to a farm economy weakened by higher fuel costs and lower commodity prices, while Minnesota state economist Tom Stinson thinks the numbers are a "statistical anomaly" and, possibly, the product of a flawed data set.