11/21/2016 4:00:00 PM
Minnesota employers eliminated 12,500 jobs from their payrolls in October – seasonally adjusted figures – and the overall unemployment rate was a steady 4 percent. The U.S. unemployment rate was 4.9 percent in October.
This is a snapshot in time, because over the year, Minnesota has added 31,375 jobs, a 1.1 percent gain. Go here for the complete DEED press release on the October numbers.
This is the picture most readers don’t see: The strength of October’s leading indicators.
If you consider recent political developments, we’ve just been reminded that our economy is always susceptible to the impact of sudden or unpredictable events, especially as our expansion enters its eighth year. Employment growth, unemployment trends and leading indicators continue to suggest a slow but steady recovery.
Significant disparities, while much improved, continue to plague our workforce. One notable response is DEED’s recently announced equity competitive grants that will improve economic opportunities for people of color, women, youth, people with disabilities and/or veterans in the state.
A shortage of workers exists in many regions and fields. This most certainly will worsen in the years ahead.