Ever wonder how you can add employment and yet the unemployment rate stays the same? It always seems like “fuzzy” math to me… But then again, I am no economist – I am only looking into the employment situation because this is the key factor holding the real estate market down.
Basically the report indicates Minnesota added 28,400 jobs in August, of which 22,600 were government workers going back to work after the State shutdown. (wow. that’s a big number!)
According to their news release: 5,800 private sector jobs were created and we still hold at a 7.2% unemployment rate.
…other sectors that gained jobs during the month were trade, transportation and utilities (up 4,100), construction (up 2,200), education and health services (up 1,400), manufacturing (up 1,200), and professional and business services (up 700).
The construction industry has added 7,500 jobs in the past four months, the first gain in jobs during the summer construction season since before the housing crash in 2006.
Job losses occurred in Minnesota last month in leisure and hospitality (down 3,300), financial activities (down 200), other services (down 200) and information (down 100). Mining and logging was unchanged.
Read Full Report from State of Minnesota DEED (Department of Employment and Economic Development)
- Minnesota Unemployment Rate up to 7.2% August 19,2011 (craigkamman.wordpress.com)
- Hennepin County & Minneapolis/St. Paul, Minnesota Unemployment Rates August 31 2011 (craigkamman.wordpress.com)
- US Bureau of Labor Statistics Report: Unemployment Rate unchanged – Sept 2 2011 (craigkamman.wordpress.com)