King notes the state’s economy might not be nearly as bad as the Tics need it to be:

When state economist Tom Stinson first came forward to say the state was in a recession, he was quoted as saying

“We should normally add somewhere around 23,000 jobs or a little bit more just to keep up with labor market growth,” Stinson said. Instead, the year-over-year job total fell by 700.

Last week DEED reported a revision of the number of jobs in Minnesota to a gain of 15,300 from January 2007 to January 2008. Most of these jobs came from revision of the previous data. This isn’t booming growth by any stretch of the imagination, but it puts Minnesota quite close to the national average. I wonder if that revision makes him a little less certain of his recession forecast. It would for me. The revisions in the St. Cloud data are equally profound.

Pop  your Xanax, lefties.

If I’ve noticed anything in 30 years of watching economies (as a participant, not an academic), it’s that if the “experts” are saying we might be in a recession, it’s already well underway and bottoming out.  If they say we might be growing, the boom has been going on for months.

This entry was posted by by Mitch Berg on Thursday, March 6th, 2008 at 5:50 am and is filed under Minnesota Politics, Money. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.