Despite a slowdown in job growth in February, Minnesota's job market rebounded in March with the addition of 11,500 jobs. This brings the state's unemployment rate down to 2.5% from 2.7% in February. The private sector accounted for 5,500 of these new jobs. Minnesota has experienced job gains in 10 out of the last 12 months, demonstrating a consistent trend of growth. The state's labor force also saw an increase of 3,710 people, with the labor force participation rate remaining steady at 68.0%. The unemployment rate in Minnesota remained unchanged at 2.7%, outperforming the national average of 3.9%.
In terms of sector-specific job growth, seven supersectors in Minnesota saw gains on a seasonally adjusted basis. The top gainers were Financial Activities, which added 1,800 jobs, Manufacturing with 1,300 jobs, and Construction with 1,100 jobs. However, four supersectors experienced job losses, with Government seeing the biggest decline of 1,600 jobs. On an annual basis, Minnesota gained a total of 44,507 payroll jobs, representing a 1.5% increase. The private sector accounted for 23,889 of these jobs, reflecting a 0.9% increase over the year. Education & Health Services and Government were the supersectors with the highest annual growth, adding 25,018 jobs and 20,618 jobs respectively. On the other hand, Professional & Business Services saw the biggest decline, losing 10,196 jobs.
Average hourly wages for all private sector workers in Minnesota increased by 33 cents in April, reaching $37.13. This represents a 3.5% increase over the year. Inflation, as measured by the Consumer Price Index, rose by 3.4% over the year in April. The wage growth in Minnesota continues to outpace inflation, indicating positive economic conditions.
The latest update on tax receipts from Minnesota Management and Budget shows that state revenues are coming in well above expectations. May's haul was 16.7% higher than forecast, carrying fiscal year-to-date receipts 2.1% above official projections. Lobbyist Brian Rice previously explained that this is due to an overly negative view of the U.S. economy in the national forecasts Minnesota uses.
A new report from the Workers Compensation Research Institute finds that on-the-job injuries increase as the temperature rises, with workers being about 5% more likely to injure themselves at 90 degrees compared to 65-70 degrees. Construction workers are 20% more likely to get hurt on the job at 95 degrees.
USAFacts recently delivered a massive report to Congress, including charts on federal revenue and spending, food insecurity, and wealth distribution.
The Companion Animal Parasite Council forecasts a great summer for tick-borne illness in Minnesota, with more than 10% of dogs tested expected to be positive for Lyme disease and anaplasmosis in the northern two-thirds of the state.
The soil moisture content in most of Minnesota is at or near record levels, leading to catastrophic flooding in parts of the state. [3057dbb4]