Looking Out While Looking In

Minnesota broke through the 3 million jobs mark in June for the first time ever, according to DEED figures, and that is impressive. 

The state added 4,400 jobs in June, the unemployment rate is a steady-going 3.7 percent (May was the same), and all regions gained jobs in the past 12 months.

Yes, the eight-year expansion continues to roll. Read more.

But take note: Much of the strength in annual growth stemmed as much from the weakness in June 2016 as from the strength in June 2017. June 2016 had an over-the-month 6,200 job decline, whereas July followed with a 14,800 job increase over June.

Here are more details:

• June marks eight years since the end of the Great Recession and the beginning of the recovery. Over the course of the expansion, Minnesota added 314,261 jobs (11.7 percent increase). The U.S. experienced the same rate of increase. Of the jobs added in Minnesota, 97.5 percent were in the private sector.
• Six of the 11 major industry sectors shed jobs between May and June, despite the overall jobs gain. Largest losses: Education & health care services (down 2,700), other services (down 1,500) and financial activities (down 1,300).
• All eleven major sectors are up over a year ago for the second consecutive month.
• The private-sector average work week bounced back up by three-tenths of an hour to 34.2 hours (April was the same).
• Private-sector average wage rates fell by another 34 cents to $27.91 per hour. Yet, the annual rate of wage increase ticked up a tenth point to 4.8 percent, well above the 2.5 percent for all private-sector workers nationwide.

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