This unemployment rate for the Minneapolis / St Paul area has nudged down to 5.4%. If the rate starts dipping below 5% and runs between 2% and 5 % for a while, we should see home prices begin to balance out. This is great news, however this rate has no indication of the people that have given up looking for work – so it may be a false barometer. (for that we will need to monitor the employment to population ratio).
(unemployment rate for Minneapolis-St Paul-Bloomington, MN-WI MSA – Not Seasonally Adjusted)
2011-01-01 7.0 2011-02-01 6.9 2011-03-01 6.8 2011-04-01 6.3 2011-05-01 6.3 2011-06-01 7.0 2011-07-01 7.4 2011-08-01 6.7 2011-09-01 6.0 2011-10-01 5.4
They also break it down by County. Hennepin County is at 5.5% unemployment rate, not seasonally adjusted. Below is Hennepin County’s unemployment rate.
Do to a comment suggesting we look at civilian participation rate, I went looking for that information. So far what I have been able to gather is from the Minnesota Department of Employment and Economic Growth. It looks like we have the same number of jobs as we did in October 1999. Which suggests that the unemployment rate is down because of people leaving the workforce.
- Case Shiller Index, Minneapolis / St Paul market overcorrecting? (craigkamman.com)
- Unemployment Rate (economistsoutlook.blogs.realtor.org)
- Minneapolis / St Paul Unemployment Rate down for September 2011 (craigkamman.com)