How’s Minnesota’s economy? The answer depends on your income bracket

UNDATED-AP- On paper, Minnesota’s economy looks solid. Jobs remain near record highs, economic output is growing, major employers are hiring and the state’s unemployment rate remains below the national average. But the way people experience the economy depends on their income bracket. Economists say the top 10% of income earners are responsible for 50% of the consumption. However, consumer confidence is down. Economics professor Tyler Schipper says when averages look good but half the population feels terrible, that means the income distribution has widened. When high-income households continue to spend, the economy’s overall indicators look resilient even if many other households are straining to just keep up with the basics.