Minnesota jobs report could be better
The Minnesota Jobs Report for July came out Thursday, and while the numbers look encouraging, they could be better.
The Minnesota Department of Employment and Economic Development (DEED) said the state gained 4,300 jobs in July, with the unemployment rate holding steady at 5.2 percent. That compares favorably with the national unemployment rate of 7.4 percent.
But while overall numbers are up, we’d prefer to see more growth in some of the major categories with higher paying jobs that indicate stronger economic growth. Manufacturing, for instance, saw a loss of jobs, down 1,400. Construction jobs were down 1,700. The big gainer for the month was government, which added 4,000 jobs. Leisure and hospitality were up 1,400 jobs, and financial activities were up 2,300 jobs.
Over the past year, the state has seen an increase of 71,940 jobs, with 55,820 coming in the private sector. The rate of growth is higher than the national rate, according to DEED.
Only one sector of the jobs report showed a loss of jobs, but again, it was a big one, manufacturing.
The figures for July are good, but until manufacturing starts to take off, with more full-time, bettery paying jobs, we aren’t ready to say the economy is back on its feet.