REGIONAL ECONOMIC CONDITIONS

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20250411-135803-eb5-RegionalEconomicConditions.pdf

Erick Garcia Luna from the Federal Reserve Bank of Minneapolis spoke about Regional Economic Conditions during the Midway Chamber Economic Development event on March 27, 2025.
He presented the charts above, pointing out that there are fewer job openings with lower turnover right now following a peak after COVID.
Overall the labor pool is shrinking. with .56 unemployed person per 1 open job. The lack of people to fill jobs has been discussed by economists for years as Baby Boomers retire and fewer babies are born.
“There are other differences among groups. Foreign-born men tend to participate in the labor force at higher rates than native-born men and women, regardless of nativity. Among women, rates tend to be slightly higher among native-born workers,” pointed out Garcia Luna. “But the gap seems to be closing, and quickly in some cases. In Minnesota, labor force participation among foreign-born women has been higher than that of native-born women since 2021.”
The graphics above show the pieces of inflation, and how much rising housing costs contribute. Find the full presentation in the link at the left.