April jobs report showed 7,400 growth in jobs said the Minnesota Department of Employment and Economic Development (DEED) today. In addition, Minnesotas unemployment rate is going down and the labor participation is moving up. The best news is growth in the construction industry, which is http://www.lc125.com/how-to-identify-big-savings-opportunities-in-construction-projects/ showing significant strength according to Steve Hine, state labor market economist.
6,600 new jobs in construction
Construction led all types of employment in April with 6,600 new jobs. Job growth was also robust in professional and business services industry adding 3,400 workers.
Unemployment rate drops to 3.7 percent
Minnesota saw its unemployment rate drop another tenth of a percent down to 3.7 percent this April. This is much lower than the U.S. unemployment rate in April, which was 5.4 percent.
More people working
Minnesotas labor force participation rate of 70.7 percent is at its highest level since 2011. This means 70 percent of those who could work are working.
Continued growth for 2015
DEED reported Minnesotas three months growth at 25,500 jobs and twelve-month growth at 46,114. That is likened to a 1.7 percent annual growth rate. The national growth rate is 2.2 percent for the same period.
Metro area shows most growth
Twin Cities metro area job seekers are benefitting most, with more than 34,000 new jobs in the last 12 months. (a 1.8 percent rise), with the Mankato and Duluth-Superior Metropolitan Statistical Areas show about half the gain at 0.7 percent, with Rochester close at 0.6 percent. St. Cloud has been flat for the last 12 months.
National job creation is slow
Last weeks report from the Bureau of Labor Statistics showed little change in job openings and hires for the month of March. The 5.0 million job openings in March compare to 5.1 million in February. Hires of 5.1 million in March were about the same as the 5.0 million in the previous month
States job and economy
Minnesota Department of Employment and Economic Development leads the states business recruitment, economic development, workforce development, international trade and community development.