Minnesota has recovered 90 percent of the jobs it lost during the Great Recession, according to a report released Tuesday by the Minnesota Department of Employment and Economic Development.
“The Minnesota labor market is staging a robust comeback, with all 11 industrial sectors showing year-over-year growth rates for the first time since 2000,” said DEED Commissioner Katie Clark Sieben in a news release. “At the current pace of job growth, we soon will have recovered all the jobs that were lost in the recession.”
Employers in the state hired 12,100 workers in January, but the jobless rate still climbed to 5.6 percent for the month, Finance & Commerce reports. That's up from a revised 5.4 percent in December.
Minnesota’s unemployment figure is still better than the national rate of 7.9 percent in January.
The Associated Press says job gains in January were strongest in the trade, transportation and utilities sector. Other leaders were construction, and leisure and hospitality.
Last week, DEED said job vacancies in Minnesota climbed 18 percent from a year ago in the fourth quarter of 2012, according to the Star Tribune. Employers reported 58,860 job vacancies, compared with 49,890 openings during the same period in 2011.
Read the full news release below:
ST. PAUL – Minnesota employers added 12,100 jobs in January, according to figures released today by the Minnesota Department of Employment and Economic Development (DEED). The department also released revised figures from the federal Bureau of Labor Statistics showing the state gained 16,700 more jobs over the previous 21 months than originally reported.
January’s job gains combined with the revised federal figures means the state has recovered nearly 90 percent of the 160,000 jobs that were lost during the Great Recession, with 50,000 jobs added over the past year.
The state unemployment rate climbed to a seasonally adjusted 5.6 percent in January from a revised 5.4 percent in December. The U.S. unemployment rate in January was 7.9 percent.
“The Minnesota labor market is staging a robust comeback, with all 11 industrial sectors showing year-over-year growth rates for the first time since 2000,” said DEED Commissioner Katie Clark Sieben. “At the current pace of job growth, we soon will have recovered all the jobs that were lost in the recession.”
Minnesota’s job growth is outpacing national growth in seven of the 11 industry sectors.
Trade, transportation and utilities led all sectors in January, adding 4,100 jobs. Other gains occurred in construction (up 2,600), leisure and hospitality (up 1,700), government (up 900), other services (up 900), education and health care (up 700), manufacturing (up 600), information (up 400), professional and business services (up 200), and logging and mining (up 100).
Financial activities was the only sector that lost jobs in January, down 100.
Over the past year, trade, transportation and utilities led all sectors with 13,300 new jobs. Other job gains occurred in education and health services (up 11,700), government (up 5,200), professional and business services (up 5,100), manufacturing (up 3,400), leisure and hospitality (up 2,800), construction (up 2,700), information (up 2,200), financial activities (up 2,100), other services (up 1,100), and logging and mining (up 200).
In the state Metropolitan Statistical Areas, job gains occurred in the past 12 months in the St. Cloud MSA (up 1.1 percent), Duluth-Superior MSA (up 1.1 percent), Minneapolis-St. Paul MSA (up 2 percent) Mankato MSA (up 1.9 percent) and Rochester MSA (up 1.3 percent).
DEED is the state’s principal economic development agency, promoting business recruitment, expansion and retention, workforce development, international trade and community development. For more details about the agency and our services, visit us at www.PositivelyMinnesota.com. Follow us on Twitter at www.twitter.com/PositivelyMN.