North Dakota Is In A Recession – Or Is It?

BISMARCK, N.D. (AP) — Moody's Analytics says North Dakota is in recession, but Minneapolis Federal Reserve officials aren't going that far.

Moody's says the pace of job gains in North Dakota is the lowest in half a decade. The oil slump has hurt the state's economy, and Moody's points to a "lack of strong growth drivers outside energy and agriculture" as a weakness.

State government is trying to close a more than $1 billion spending gap blamed largely on slumping oil activity, through cuts mandated by Gov. Jack Dalrymple.

But Minneapolis Fed Regional Outreach Director Joe Mahon tells The Bismarck Tribune (http://bit.ly/1LFLOSo ) that the Fed's forecast for North Dakota is for moderate growth over the coming year.

He says overall the state seems to be growing, driven by major metropolitan areas such as Fargo.