Author
Despite the fact that Minnesota’s unemployment rate fell in both July and August, the state’s job market is back on its heels. In July, the state saw its first increase in jobs in some time. Though unemployment dropped again in August (by one-tenth of a percentage point), the decrease was a result of 6,200 individuals dropping out of the labor force and no longer being counted.
A September state report showed about 31,000 job vacancies in the second quarter of this year—40 percent lower than the level a year ago. That might still sound like a lot, but it means that there are just 1.2 job openings for every 100 filled jobs; there are also some 250,000 jobless workers fighting for those openings—or about 8 workers for every spot.
The state got some decent news about its manufacturing sector. A monthly report of supply managers by Creighton University showed Minnesota’s index was above 50 (a signal of growth) for both August and September.
Ron Wirtz is a Minneapolis Fed regional outreach director. Ron tracks current business conditions, with a focus on employment and wages, construction, real estate, consumer spending, and tourism. In this role, he networks with businesses in the Bank’s six-state region and gives frequent speeches on economic conditions. Follow him on Twitter @RonWirtz.
