Annual job gains slipped again in March to 21,250 or 0.7 percent. This is the smallest annual increase since December 2010 and the third consecutive month of job gains below 25,000 and growth below 1 percent in Minnesota. Private sector gains over the year fared even worse, falling to 14,164 or 0.6 percent, the lowest these measures have been since August 2010.
U.S. job growth was stronger in both total and private sector gains at 1.6 percent and 1.9 percent respectively.
The slowing rate of job growth overall means that more sectors are shedding jobs. Six of the 11 sectors lost jobs over the year: Professional & Business Services, down 1,414, Financial Activities, down 1,141, Other Services, down 1,388, Leisure & Hospitality, down 786, Information, down 538 and Logging & Mining, down 58 jobs.
Five sectors gained jobs over the year: Education & Health Services added 8,939, Trade, Transportation & Utilities added 7,389, Government added 7,086, Manufacturing added 3,010 and Construction added 151 jobs.
Minnesota added 2,900 jobs over the month in March on a seasonally adjusted basis and February’s losses were revised to 200 from 1,300. Private sector employment was up by 3,000 in March on top of an upward revision in February.
U.S. seasonally adjusted employment rose by 0.1 percent in March.
Six of the eleven major industry sectors added jobs during the month. The largest increase was in Trade, Transportation & Utilities, up 1,900, with most of these gains coming from retail trade and transportation, warehousing & utilities. Manufacturing added 1,500 jobs, mostly in durable goods manufacturing. Education & Health Services added 800 jobs across the sector.
The largest losses were in Other Services and Construction, where only specialty trade contractors added jobs over the year, both down 1,000 on a seasonally adjusted basis.