A new jobs report released for the month of May in the state of Minnesota has revealed that the Land of 10,000 Lakes lost 1,900 jobs last month.
This was seen to be a disappointing outcome, particularly because of discouraging figures in the private sector. Minnesota’s private sector saw 14,400 jobs added in the month of April, which was the second largest monthly gain since 1990; thus, a drop of 4,600 private sector positions in May was a bit unexpected.
Minnesota still boasts both the nation’s highest employment and labor force participation ratios. 68.3 percent of the total share of the population has a job, while its labor force participation rate is 71 percent. Both rates slipped slightly during May.
The industry experiencing particular stagnation is manufacturing. Since late 2014, there have been few to no jobs added in this sector.
With this being said, many sectors are thriving.
The two current highest growth sectors in Minnesota are private education and healthcare. These two sectors alone have seen an increase of 19,200 jobs over the past year, nearly two-thirds of the total positions added.
Workers in professional, technical, and scientific fields have also been in big demand in Minnesota. 4,100 new jobs in these fields have been added over the past 12 months, which includes vocations such as being a lawyer, accountant, engineer, architect, and consultant.
Ultimately, the news of May’s loss of jobs in Minnesota may be revised after further examination. There is no need to necessarily fret as a Minnesotan.