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Business North - The Daily Briefing - Business Newspaper Online
Minnesota employers drop 4,100 jobs in February: State unemployment rate of 4.6 percent remains below national rate
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3/21/2008 |
ST. PAUL - Minnesota employers dropped 4,100 jobs in February, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED). The state's unemployment rate was 4.6 percent, two-tenths under the U.S. rate of 4.8 percent.
The state has added 12,500 jobs over the year, marking a 0.5 percent gain. The U.S. job growth rate for the same period is 0.6 percent.
“Minnesota continues to feel the effects of a sluggish national economy, related to the downturn in housing and tight credit markets,” said DEED Commissioner Dan McElroy. “However, there are bright spots in our economy, including businesses in a number of industries that continue to seek talented workers and make investments for the future.”
Employers added jobs in four major industrial sectors during the month. The gains occurred in Other Services (1,000 jobs), Education and Health Services (800 jobs), Financial Activities (600 jobs) and Manufacturing (200 jobs).
Job losses occurred in Trade, Transportation and Utilities (2,700 jobs) and in Construction (2,000 jobs). Professional and Business Services and Government also lost jobs.
Over the year, the state’s strongest-performing sector was Education and Health Services, which added 13,300 jobs and grew 3.2 percent, ahead of the national rate. Minnesota also outpaced the nation in Manufacturing, Information and Financial Activities.
Earlier this week, DEED released the Minnesota Job Vacancy Survey, which pointed to job openings across a broad range of occupational groups, including computer and mathematical, transportation, health-care practitioners, production and others. According to the survey, the state had more than 50,000 job vacancies in the fourth quarter of 2007.
Over the year, the Twin Cities metropolitan statistical area grew at the same 0.5 percent rate as the state as a whole. The Duluth, Rochester and St. Cloud areas continue to outpace the state in over-the-year job growth. These data are not seasonally adjusted.
For additional information on the February employment information, please visit www.positivelyminnesota.com
Seasonally adjusted
Not seasonally adjusted
Unemployment Rate
February 2008
January 2008
Minnesota
4.6%
4.5%
U.S.
4.8%
4.9%
Employment
February 2008
January 2008
Feb. '07-Feb. '08 Level Change
Feb. '07-Feb. ‘08
Percent Change
Minnesota
2,779,800
2,783,900
12,500
0.5%
U.S.
137,993,000
138,056,000
810,000
0.6%
Over The Year Employment Growth by Industry Sector (NSA)
OTY Job Change
OTY Growth
Rate (%)
US OTY Growth Rate
Total Non-Farm Employment
12,500
0.5
0.6
Natural Resource & Mining
-80
-1.4
4.6
Construction
-6,420
-6.2
-3.3
Manufacturing
-2,160
-0.6
-2.2
Trade, Trans & Utilities
1,670
0.3
0.3
Information
550
0.9
-0.7
Financial Activities
460
0.3
-1.4
Prof & Business Services
-90
0.0
1.3
Ed & Health Services
13,320
3.2
2.9
Leisure & Hospitality
2,360
1.0
2.5
Other Services
-1,330
-1.2
0.8
Government
4,220
1.0
1.1
Minnesota and Regional Current Employment Statistics Trends, February 2008
Over the Year
Percent Employment Change
(Not Seasonally Adjusted)
Over the Year
Numeric Employment Change
(Not Seasonally Adjusted)
Minneapolis- St. Paul MN-WI MSA
0.5%
9,700
Duluth-Superior MN -WI MSA
0.9%
1,150
Rochester MSA
1.8%
1,870
St. Cloud MSA
1.4%
1,430
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