Editorial: Economic signs are pointing to a rebound
There are some encouraging economic signs in Minnesota and the Midwest that the recession may have bottomed out. Nationally, economists are stating the recession has ended.
However, that economic indicators are not strong enough yet to help the thousands who have lost their jobs in recent years.
Still it is good to see some encouraging indicators on the economic front.
Minnesota reported this week that the state unemployment rate fell 0.1 percent to 8 percent in August. This is the second month in a row that the state unemployment rate has fallen. Minnesota's state rate of 8 percent remains below the national jobless rate of 9.7 percent.
The Rural Mainstreet Index grew in September to 36.5, compared to August's 32 and July's 32.6, according to an Associated Press report.
While there are some positive economic signs, it does not mean the economy is strong and robust. The economy has been battered over the past two years.
Low prices in dairy, livestock and grains are a growing concern across west central Minnesota and other rural areas. The current downturn in the agriculture sector hits hardest in rural America.
The end of the recession is defined as the point at which economic activity begins to increase. While economic activity may now be increasing, the rebuilding of the job base is still going to be a long road.
Still, it is good to see some positive signs in the economy. It is something to build on.