You have probably read that Minnesota’s unemployment rate is down to 5.9%, but we also lost 13,700 jobs last month. The unemployment rate is rapidly becoming an obsolete number to track, with the current way it is calculated – it is not reflective of the jobs anymore.
For a better understanding of what the employment situation is like in Minnesota, we can look at the total number of jobs from MNDeed.
Here is a screen shot from MNDeed’s data center website. These are the non-farm payroll jobs, not seasonally adjusted. From this snapshot, it appears like we are at about 2004 levels for jobs, ironically enough – we are at about 2004 inventory levels for homes for sale in the Twin Cities too. Wonder if there is a connection??
Looks like we have a long ways to go in adding jobs. Remember, not only do we need to get back to 2008 levels but we also need to add jobs from there to account for the increase in population..
- MN lost 14k jobs in November, but jobless rate falls again (Twin Cities Business Journal)
- Minnesota Unemployment Rate down to 6.9% yet we lost 7,500 jobs – what are the real numbers? (craigkamman.com)