Minnesota Business Firms Expect Unchanged Conditions for 2019
St. Paul, MN (KROC AM News) - Ninety percent of Minnesota business services firms expect sales revenue to increase or remain stable next year, meaning they feel positive about the economy.
A joint survey released today by the Minnesota Department of Employment and Economic Development (DEED) and the Federal Reserve Bank of Minneapolis stated they feel positive about the economy, however business services are less optimistic that productivity and employment levels will grow or remain stable in 2019.
Sixty-eight percent expect their supply of workers to remain stable, which is down 77 percent from last year. Only seven 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.
“Business services firms such as accounting, public relations and technology firms, interact with much of the state’s overall economy,” said DEED Commissioner Shawntera Hardy. “The fact that that these businesses expect stable conditions in the next year is an encouraging sign.”
A large majority of respondents reported no changes in employment, capital expenditure and wages, customer demand and profits due to the new federal law and changes in the federal tax legislation.
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