Minnesota's employers add 6,900 jobs in November
Minnesota's employers added 6,900 jobs in November according to figures released recently by the Minnesota Department of Employment and Economic Development (DEED). The state unemployment rate fell to 4.4 percent, placing it three-tenths of a poi...
Minnesota's employers added 6,900 jobs in November according to figures released recently by the Minnesota Department of Employment and Economic Development (DEED). The state unemployment rate fell to 4.4 percent, placing it three-tenths of a point below the national unemployment rate of 4.7 percent.
"We welcome this improvement after some job weakness and are encouraged by these data," said DEED Commissioner Dan McElroy. "The gap between the state and the national unemployment rates is the largest we've seen this year."
Over-the-year, employers have added 2,566 jobs in Minnesota, which reflects an upward revision of October's jobs by 400. The Minnesota job growth rate is 0.1 percent compared to the national rate of 1 percent.
Construction (up 1,900 jobs) and professional and business services (up 1,800) realized the largest monthly gains in November, followed by leisure and hospitality (up 1,600) and trade, transportation and utilities (up 1,500). Financial activities held steady during the month. Minnesota outpaces the nation in over-the-year job gains in education and health services and financial activities.
Declines in November occurred in four of 11 broad industry groups. Manufacturing experienced the greatest decline (down 500 jobs) followed by government and other services (each down 300) and natural resources and mining (down 200).
While manufacturing experienced a decline in jobs in November, most manufacturers reported increases in product orders, productivity and production levels in 2007, according to an annual survey conducted by DEED and the Federal Reserve Bank of Minneapolis.
Respondents to the just-released Minnesota Manufacturing Business Conditions Survey also indicate optimism that 2008 will result in solid growth amid concerns over energy prices, international competition, and import costs. Manufacturers anticipate some employment growth and increases in profits in 2008, even as consumer spending and economic growth are expected to be thin.
As one of 12 regional Reserve Banks that serve as the nation's central bank, the Federal Reserve Bank of Minneapolis is responsible for making and carrying out monetary policy, supervising and regulating banks and bank holding companies, and providing financial services to depository institutions and the U.S. Treasury.