Tyler Schipper, economist and associate professor in the College of Arts and Sciences at the University of St. Thomas, spoke with Axios Twin Cities to discuss the possibility that Minnesota is going into a recession.
From the article:
Minnesota is one of 22 states at high risk of a recession, according to a new analysis from Mark Zandi, chief economist at Moody’s Analytics.
Why it matters: It’s just one economist’s opinion, but Zandi’s 50-state index highlights real pain points in Minnesota’s economy: a creeping unemployment rate; and a growing toll from broader forces like trade wars, an immigration crackdown and federal job cuts. ...
- Minnesota’s economy is not seeing the “broad declines across many industries” that typify a recession, University of St. Thomas associate professor and economist Tyler Schipper told Axios.
- Plus: Zandi’s forecast uses state-level data, which has greater margins for error, Schipper cautioned.
The intrigue: “It’s a much stronger argument to say we’re in a jobs recession,” Schipper said, given the rise in long-term unemployment and the difficulty of finding work.
- Minnesota may not be in a recession, he said, “but people are going to increasingly feel like it’s a recession.”
