Red Lake Nation News - Babaamaajimowinan (Telling of news in different places)

Nearly 3 Million Jobs Strong

 


The unemployment rate maintained a steady 3.1 percent in June (US, 4 percent), as the state added 6,600 jobs. Minnesota has nearly 3 million jobs now, the most in state history. Another threshold was reached: Over the past two months, Minnesota has gained 17,300 jobs – our strongest growth spurt in more than a year.

Sector details:

• Manufacturing gained 2,000 (+0.6%) jobs in June. June’s 0.6% growth rate was the highest for this sector since July 2011 and higher than the US average of 0.3%. Further good news: The May preliminary over-the-month employment growth of 1,400 (+0.4%) was revised upward to a gain of 1,700 jobs (+0.5%). The year bodes well for manufacturing. The first six months of the year registered the longest streak of over-the-month gains since December 2014. Job gains were divided equally between Durable Goods Manufacturing (1,000 over-the-month jobs, 0.5% growth rate), and Non-Durable Manufacturing (1,000 jobs, 0.8% growth rate).

• The May preliminary Leisure and Hospitality number has been revised upward significantly for over-the-month job gains of 4,500 (+1.7%). In June, the sector continued its growth streak with preliminary job gains of 2,700 for a 1.0% growth rate (US, 0.2%). Most job gains came from Accommodation and Food Services (+2,500); Arts, Entertainment, and Recreation added 200 jobs. Unadjusted over-the-year numbers show this sector gained 13,728 jobs in June for a massive 4.8% growth rate (US, 2.5%). Considering our unusually cold March and April when this sector lost jobs, June’s large increase is likely an adjustment.

• With a loss of 600 jobs in June (-0.1%), the usually strong Education and Health Services industry has experienced seasonally adjusted losses in each month of the first six months of 2018. In contrast, national numbers show a 0.2% gain in June over May. Furthermore, May’s revised numbers now show a loss of 900 jobs (-0.2%). Job loss was concentrated in Health Care and Social Assistance (-1,300 or -0.3%), while Educational Services gained 700 jobs (+1.1%).

• Professional and Business Services posted a job gain of 900 seasonally adjusted jobs in June, for a 0.2% growth rate. This is even with the national growth rate. All of the job gains were contributed by Professional, Scientific, and Technical Services which gained 1,700 jobs; Management of Companies and Enterprises added no jobs; and Administrative and Support and Waste management and Remediation Services lost as many as 800 jobs. Additionally, the adjusted job gain of 2,700 (+0.7%) reported for May was revised upward to a gain of 2,900 (0.8%) jobs.

Minnesota's black unemployment rate fell from 6.1 percent in May to 5.6 percent in June, a low dating back to 2000, according to unofficial data from the Current Population Survey. Minnesota's Hispanic unemployment rate increased from 4.4 percent in May to 5.3 percent in June. Sample sizes are small, however, and this can result in measurement error.

Here are the numbers.

Metropolitan Statistical Areas

All regions gained jobs over the past 12 months:

• Minneapolis-St. Paul MSA (up 2.0 percent)

• Duluth-Superior MSA (up 1.5 percent)

• Rochester MSA (up 0.2 percent)

• Cloud MSA (up 1.6 percent)

• Mankato MSA (up 4.5 percent)

Summer Statistical Snapshot

Here is the economic snapshot for June and labor highlights:

• 1-year growth in employment was 5 percent, ranking 28th nationwide. (US, 1.7 percent)

• Minnesota’s job creation since January 2011 was 302,600 or an 4 percent increase. (National growth rate, 13.8 percent)

• Minnesota’s labor force participation rate was 6 percent, ranking 3rd highest nationwide. (US, 62.9 percent)

• Minnesota’s percent of long-term unemployment (>27 weeks) was 14.0 (US, 23 percent)

• The unemployment rate was 3.1 percent, seasonally adjusted, the 12th lowest (US, 4.0 percent)

Minnesota Lands on Forbes List for Best Employers

The State of Minnesota has been named one of America's best large employers for 2018 in a Forbes Magazine analysis. The final list ranks the 500 top-scoring large employers in America and includes the University of Minnesota, as well as several other large Minnesota companies. Read more.

Permalink: http://mn.gov/deed/newscenter/social-media/deed-developments/index.jsp?id=1045-347248

 

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