Latest Jobs Report Shows Some Softness in Minnesota Jobs Market
St. Paul, MN (KROC-AM News) - Minnesota’s economy posted a seasonally adjusted net gain of 3600 jobs in April but state analysts say the job market in Minnesota continued to exhibit signs of softness last month.
The Minnesota Department of Employment and Economic Development says the net gain over the past 12 months is nearly 14,500 jobs, but since the start of this year, there has only been a net gain of around 700 jobs. On an annualized basis, that works out to a job growth rate of only a half percentage point.
Minnesota’s seasonally adjusted unemployment rate last month was 3.3-percent. That was up a tenth of a point from March but is three-tenths of a point above the jobless rate reported for last April. State officials also note the number of people classified as unemployed rose exceeded 100,000 for the first time since August 2017.
On a more positive note, the statistics show employment in the state’s construction sector has increased by over 11,500 positions during the past year, possibly signaling a busy summer for construction activity in Minnesota.