Business confidence steady, but slowing

A survey of supply managers in Minnesota showed continued, albeit slowing, business confidence in June.

The Creighton University Business Conditions Index for Minnesota forecast economic expansion for the 23rd straight month at about 55 in June, but that was down from May's reading of about 63. Scores above 50 signal growth.

Creighton University economics professor Ernie Goss says business confidence dropped significantly in both Minnesota and the rest of the nine-state Mid-American region surveyed. Goss said the decline stemmed from higher energy prices, as well supply disruptions due to flooding and the Japanese tsunami. But he thinks political uncertainty could play a role as well.

Still, Goss expects Minnesota manufacturers will add about 12,000 jobs more jobs by the end of the year.