Every month, news is released about job gains and job losses in Minnesota. The news from May 2012 brought concern that job growth in Minnesota could be leveling off.
Data released in mid-June showed that while the state unemployment rate remained flat at 5.6%, the job growth seen in Minnesota during the early part of 2012 has stagnated. According to the Director of the State’s Labor Market Information Office, Minnesota has hit a “soft spot,” as has the job market nationally.
Of particular concern is the number of jobs in the state’s tourism industry and in traditionally well paid professions. Typically, tourism picks up jobs in the month of May as employers gear up for the summer season. There was a four percent employment decline in Minnesota’s leisure and hospitality sector from May 2011 to May 2012. In May 2012 alone, approximately 2,900 jobs were lost in the entertainment sector. The 2,100 jobs added by hotels and restaurants did not make up the difference.
Professionals, too, are feeling the effects of Minnesota job loss. Jobs are being lost in the accounting, legal, and information technology professions after peaking in January 2012. 2,400 jobs were lost in the professional, scientific and technical services in May.
While the losses have not been steep, they have some experts worried about the future. One economist with Wells Fargo Securities has told the Star Tribune that some areas of the Minnesota economy may be in recession.
Our Minnesota debt relief lawyers wish all Minnesota job seekers luck in their job search.