| Unemployment Rates |
| |
Sept
2008 |
Aug
2008 |
Sept
2007 |
| Minnesota |
| Seasonally Adjusted |
5.9% |
6.2% |
4.6% |
| Not Seasonally Adjusted |
5.8% |
5.8% |
4.5% |
| United States |
| Seasonally Adjusted |
6.1% |
6.1% |
4.7% |
| Not Seasonally Adjusted |
6.0% |
6.1% |
4.5% |
Source: Local Area Unemployment Statistics (DEED/BLS).
For more national, state and substate LAUS details, go here.
|
Monthly Unemployment Rate
Minnesota's seasonally adjusted unemployment rate for September fell three-tenths of a percentage point to 5.9 percent. This was driven by an over-the-month decrease of 7,100 in the number of unemployed.
The national unemployment rate remained steady at 6.1 percent in September.
Calendar of scheduled releases is here.
|
Source: Current Employment Statistics (DEED/BLS).
For more national, state and substate CES details, go here.
|
Nonfarm Jobs
Minnesota lost 18,800 jobs over the year in September, bringing annual growth to -0.7 percent. Three sectors showed over-the-year growth: Trade, Transportation & Utilities, Financial Activities, and Educational & Health Services. Four sectors in Minnesota are performing better than the nation over the year: Construction, Manufacturing, Trade, Transportation & Utilities, and Financial Activities.
Nationally, annual job losses mounted, bringing over-the-year employment change to -0.4 percent.
Calendar of scheduled releases is here. |
| Minnesota Nonfarm Employment |
|
September - Seasonally Adjusted |
|
Minnesota |
U.S. |
| Number of Jobs Gained or Lost |
Percent Change |
Percent Change |
| Total Nonfarm Employment |
-2,300 |
-0.1 |
-0.1 |
| Natural Resources & Mining |
0 |
0.0 |
1.1 |
| Construction |
-1,000 |
-0.9 |
-0.5 |
| Manufacturing |
-300 |
-0.1 |
-0.4 |
| Trade, Transport & Utilities (TTU) |
700 |
0.1 |
-0.2 |
| Information |
600 |
1.1 |
-0.1 |
| Financial Activities |
-1,000 |
-0.5 |
-0.2 |
| Professional & Business Svcs |
-500 |
-0.2 |
-0.2 |
| Education & Health Services |
2,100 |
0.5 |
0.1 |
| Leisure & Hospitality |
-700 |
-0.3 |
-0.1 |
| Other Services |
-1,100 |
-0.9 |
0.1 |
| Government |
-1,100 |
-0.3 |
0.0 |
Source: Current Employment Statistics (DEED/BLS).
For more national, state and substate CES details, go here. |
Industrial Sector Highlights
Minnesota's nonfarm economy lost 2,300 jobs in September, down 0.1 percent over the month on a seasonally adjusted basis. This brings jobs losses for the quarter to 11,500. Eight of 11 major industry sectors lost jobs during the month.
Education & Health Services added the most jobs, although its annual growth rate has slipped over the past two months in part because of losses in private education and colleges. Trade, Transportation & Utilities also added jobs with surprisingly strong growth in retail trade, up by 1,600 jobs from last month.
Government lost 1,100 jobs mostly in local government education, i.e. public schools. Other Services was also down 1,100 with particular weakness in its religious, grant making, civic and professional organizations industry.
Financial Activities and Construction both lost 1,000 jobs this month, although these industries continue to head in opposite directions over the longer term. Construction has lost 6,200 jobs since last September while Financial Activities continues to buck the national trend with a 2,200 job gain over the year, mostly in banking and insurance.
Other industries losing smaller numbers of jobs in September include Professional & Business Services, which saw losses in professional and technical industries; Leisure & Hospitality, which saw losses in accommodation and food service; and Manufacturing, which lost jobs in its durable goods sector.
Calendar of scheduled releases is here.
|
Source: Unemployment Insurance Statistics (DEED).
For more details, go here.
|
Unemployment Insurance (UI) Claims
During October, Minnesota's statewide initial claims increased by 6,200 or 31.1 percent from one year ago to 26,000. The most substantial increases over the year were in the Manufacturing and Administrative & Waste Services industries.
On a seasonally adjusted basis, claims rose 14.9 percent over the month to 29,100 in October.
Calendar of scheduled releases is here.
|
Source: Minnesota Job Vacancy Survey (DEED).
For more details, go here.
|
Job Vacancies
The number of job vacancies fell 17.3 percent from one year ago, to 51,700, during second quarter 2008. Over the year declines were largest in computer & mathematical, office & administrative support, sales & related, and production occupations. The largest increases were in community & social service, farming, fishing & forestry, and healthcare practitioners & technical occupations.
About 30,500 open positions, or 59 percent, were located in the Twin Cities seven-county metro area. The remaining 21,300 job vacancies were in Greater Minnesota.
Overall, there were 2.9 unemployed workers for each job vacancy statewide. This ratio indicates that the second quarter 2008 labor market was the least favorable for job seekers during the history of the job vacancy series dating back to fourth quarter 2000.
Next Scheduled Update: February 2009
|
 |
Labor Market Index
The Minnesota Labor Market Index slumped for the third consecutive month slipping 1.4 percent to 134.9. Minnesota’s index was pushed down by declining seasonally adjusted wage and salary employment and adjusted average weekly manufacturing hours. A slight decrease in adjusted initial claims for unemployment kept the index from a steeper slide. The U.S. index tumbled for the 11th consecutive as all three components at the national level contributed to the slide. The duration and magnitude of the national index’s decline over the last year is similar to the index’s behavior during the previous six recessions dating back to 1970. Minnesota’s index has dropped 1.4 percent since last August while the U.S. index is 4.9 percent lower than a year ago.
Source: Minnesota Employment Review, DEED. |