Minnesota posted “robust job gains” of 9,500 in December and 45,900 in the past year, says Steve Hein of the Minnesota Department of Employment and Economic Development (DEED) this morning. In addition, Minnesota’s unemployment rate held steady at 4.6 percent but compares favorably to a much higher U.S. unemployment rate of 6.7 percent, according to numbers released by DEED at the same time.
Expansion beats previous growth cycle
Hein said Minnesota added 176,900 jobs over the 51 months since the recessionary trough. This compares favorably to the 125,600 jobs added between Nov 2003 to 2008, the last post recessionary economic recovery.
Growth not robust
The state’s 1.7 percent growth rate is just slightly better than national rate of 1.6 percent last year, according to the report. While every sector of employment grew jobs, the core of middle-class employment, manufacturing, lost 400 jobs in 2013. However, DEED Commissioner Katie Clark Sieben said “eleven out of 12 major industrial sectors gained jobs last year, and leading indicators point to continued growth in 2014.”