The Minneapolis / St Paul Unemployment Rate is climbing back up. For July 2012 the unemployment rate is up to 5.9%. This has been a steady climb upwards since April 2012. Previous high in last 12 months was 6.2%.
I am not a big fan of the unemployment rate because it does not include those who have fallen off the unemployment insurance and given up looking for work. I prefer the employment to population ratio, which I recently posted an update for Minnesota but don’t have the data necessary for just the Twin Cities.
This is still a decent metric, it just doesn’t paint the entire picture. For example, we can’t tell from this data if this is a result of job losses or if this is because people have returned to looking for work. Either way you look at it, the unemployment rate should be between 3% – 5% for the Twin Cities based on the below chart.
Last 4 Months Rates2012-04-01 5.1 2012-05-01 5.2 2012-06-01 5.8 2012-07-01 5.9