Fed: Minn. recession to last through 2009
|Photo courtesy of Surviving Economic Loss|
How bad will it get?
Nonfarm employment in Minnesota is expected to fall 2.3 percent this year. How we compare to the rest of the upper Midwest: North Dakota is predicted to rise 1.1 percent, but the Upper Peninsula will drop 6 percent, followed by Wisconsin (3.2 percent), South Dakota (2.6 percent), and Montana (0.5 percent).
Minnesota will have the second highest unemployment rate at 7.8 percent by the end of 2009. How we compare: Wisconsin (6.9 percent), Montana (5.8 percent), North Dakota (4.4 percent), and South Dakota (4.2 percent).
Look on the bright side: the Upper Peninsula's unemployment could hit an estimated 14 percent by the end of the year.
In other bad Minnesota news, Gov. Tim Pawlenty says the state deficit could hit $6 billion to $7 billion in the next economic forecast is released in early March. That nearly 20 percent of the state's overall budget, the Star Tribune says.