State and National Employment and Unemployment

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Unemployment

The statewide unemployment rate held steady in July at 4.5% but only because the labor force shrank as participation fell another two-tenths to 70.1% of the working age population. This participation rate has dropped a full half point over the last three months.

The national unemployment rate edged up to 6.2% in July.


  
Unemployment Rates

 

July
2014

June
2014

July
2013

Minnesota

Seasonally Adjusted

4.5%

4.5%

5.1%

Not Seasonally Adjusted

4.3%

4.6%

5.0%

United States

Seasonally Adjusted

6.2%

6.1%

7.3%

Not Seasonally Adjusted

6.5%

6.3%

7.7%



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Annual Employment

Annual job growth jumped to 68,344 or 2.5% in July, due essentially to an even weaker jobs report last July. This weakness last year was driven primarily by a one month dip in local education jobs, thus the surge in over the year growth is expected to be short-lived.

Private sector growth over the year stands at 46,831 or 2.0%. Minnesota’s total employment growth rate exceeds the national rate of 1.9% while the private sector growth rate falls slightly short of the 2.2% US rate.

Over the year growth in government employment took a huge jump in July due to that weakness in local government last July. Minnesota’s goods-producing sectors continue to perform well, with manufacturing gaining the most jobs over the year since January 1998. Information is back down over the year after 8 months of annual gains.

Non-farm Employment graph



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Monthly Employment

Employment conditions weakened considerably in July as the state lost 4,200 jobs on a seasonally adjusted basis during the month and June’s gain was revised downward by 3,600.

The seasonally adjusted losses in July could be attributed almost entirely to the private education component of the education & health care sector. Private ed was down a seasonally adjusted 4,800 jobs as educational institutions offset June’s slower summertime layoffs with continued cuts into July.

Trade, transportation & utilities produced the largest monthly gain with a 1,600 increase, while information was off 1,000. Manufacturing gained 700 while construction shed the same number. Leisure & hospitality added 600 jobs after four consecutive months of decline, financial activities lost 200, other services added 200, and government shed 100. Logging & mining and professional & business services both held steady during the month.


Minnesota Nonfarm Employment

 

July - Seasonally Adjusted

Minnesota

U.S.

Number of Jobs
Gained or Lost

Percent
Change

Percent
Change

Total Nonfarm Employment

-4,200

-0.1%

0.2%

Total Private

-4,100

-0.2%

0.2%

Mining and Logging

0

0%

0.9%

Construction

-700

-0.6%

0.4%

Manufacturing

700

0.2%

0.2%

Trade, Transportation, and Utilities

1,600

0.3%

0.1%

Information

-1,000

-1.8%

0.1%

Financial Activities

-200

-0.1%

0.1%

Professional and Business Services

0

0%

0.2%

Education and Health Services

-5,300

-1.1%

0.1%

Leisure and Hospitality

600

0.2%

0.1%

Other Services

200

0.2%

0.1%

Government

-100

0.0%

0.1%


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