by Derek Teed
It is important to see a general snapshot of the health of the Minnesota economy by looking at the unemployment statistics. With these statistics we can compare the U.S. and Minnesota. Minnesota has a much larger Labor Force Participation Rate at 70% versus the U.S. at 63.6%. Minnesota's Unemployment Rate is also .6% lower than the U.S. (see Table 1).
|Table 1. Minnesota Unemployment Statistics, July 2019|
|Geography||Labor Force||Labor Force Participation Rate||Employment||Employment to Population Ratio||Unemployment||Unemployment Rate|
|Source: DEED Local Area Unemployment Statistics (LAUS). Seasonally Adjusted.|
Another important thing to consider is which specific jobs are most numerous in Minnesota by 6-digit SOC code. In Table 2 we see the occupations that employ the most people. It is important to think about these occupations, because public policy decisions and the changing economy will most likely impact these people based on how many there are.
|Table 2. Largest 6-Digit SOC Code Occupations by Total Employment in Minnesota, 1st Quarter 2019|
|SOC Code||SOC Title||Total Employment|
|25-XXXX||Teachers, which includes 25-1011 to 25-2059||105,870|
|39-9021||Personal and Home Care Aides||75,830|
|35-3021||Combined Food Preparation and Serving Workers, Including Fast Food||66,060|
|Source: DEED Occupational Employment Statistics (OES)|
It is also important to think about which type of jobs had the largest overall impact on Minnesotans. This can be accomplished by looking at the largest increases in Total Wages paid out by different 3-digit NAICS industries from 2011 to 2018. This shows us what industries increased the combination of their employment and wages the most, thus having the most impact on Minnesotans over time. In Table 3 we see the Total increase in Wages paid out in Professional, Scientific, and Technical Service (541) was $5.6 billion, which is the largest increase of any 3-digit NAICS industry.
|Table 3. Largest Percent Increases by Industry in Minnesota from 2011 to 2018|
|Industry (NAICS)||Number of Jobs 2018||Number of Firms 2018||Total Wages Paid 2018||Average Annual Wage 2018|
|Total, All Industries||2,881,140||175,211||$167,150,000,000||$58,032|
|Professional, Scientific, and Technical Service (541)||163,394||22,225||$15,471,603,215||$94,640|
|Ambulatory Health Care Services (621)||156,836||7,721||$11,732,317,563||$74,776|
|Educational Services (611)||230,907||4,275||$11,586,261,270||$50,180|
|Management of Companies and Enterprises (551)||81,229||1,471||$10,339,222,898||$127,400|
|Merchant Wholesalers, Durable Goods (423)||74,113||6,996||$6,190,694,730||$83,512|
|Source: DEED Quarterly Census of Employment and Wages (QCEW)|