March, April and May were not good months for job news in Minnesota. However, after three months of declining jobs in the state, the number of jobs in Minnesota began to grow again in June. According to the state of Minnesota, 7,200 jobs were added in June 2012. This was the largest job gain since January 2012. Jobs were primarily added in the professional sector, the manufacturing sector, and the government sector.
Caution Urged by Some
Despite the good news, some experts are urging Minnesotans to be cautious. Specifically, there is concern about the global economy. There is also concern that the initial job numbers reported in May were too optimistic. An estimated 4,700 Minnesota jobs were lost in May, which is five times more than were originally reported. Additionally, Minnesota has only recovered about 53% of the more than 156,000 jobs lost since the economic downturn began.
The Federal Reserve Bank of Minnesota predicts that a slightly higher rate of job growth will continue in the state until the end of 2012, but foresees slower job growth in the state during 2013. Some experts caution that it is these longer term trends that are more important than job numbers provided in any given month.
For individuals, it is also important to look at individual sectors and areas of the state. The Minnesota leisure and hospitality sector, for example, is reported to have fewer jobs available than it has had in the past 10 years. Similarly, some areas of the state have seen more improvement than others.
Our Minnesota job loss attorneys wish everyone looking for work the best for finding the right job.