Minnesota Business Firms Expect Stable Conditions in 2020
Tuesday, July 16, 2019
Annual survey by DEED, Federal Reserve Bank of Minneapolis measures stability of business services
ST. PAUL – Minnesota business service firms feel positive about the economy, with 86 percent expecting sales revenue to increase or remain stable next year, according to a joint survey released by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis.
Business services firms are less optimistic however that labor availability will grow or remain stable in 2020. Seventy-nine percent expect labor availability to remain stable, while 13 percent expect a decline. Only 8 percent of respondents anticipate labor availability to grow next year.
The results were based on a random sample of 1,200 Minnesota business services firms in May and June.