Minnesota Unemployment Rate Rises
07/16/2009 - 12:15 PM
New unemployment and job loss numbers are out from the Minnesota Department of Employment and Economic Development. During the month of June, Minnesota lost about 16,700 jobs and the unemployment rate jumped from 8.1% to 8.5%. That compares to a national unemployment rate of about 9.5%.
Across the state...the construction industry is adding jobs but at a slower rate than normal for this time of year. Temp jobs, an indicator that the economy is growing, were flat this month.
Minnesota has been on roller coaster ride of job losses and gains over the past 8 years. Large job losses started in 2001 with that recession...and bottomed out by 2004. Then Between 2004 and 2008 Minnesota began gaining the jobs back that it had lost. But DEED labor market research director Dr. Steve Hein says the state and the country are now moving the other way.
A small silver lining in a grim economic cloud...both DEED officials say on the national front the TED spread...a predictor of possible economic growth has returned to normal since 2006. Small numbers that will hopefully add up to put the state and the country back on the positive path.
For more information about job resources, contact the Minnesota Workforce Center. They can be reached at 1-888-Get-Jobs. You can visit their website as well at www.mnwfc.org
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