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February 2012 Minnesota Jobs Report is In – What You Need to Know

Posted on Apr 14, 2012

The most recent Minnesota unemployment numbers were recently released. As of February 2012, Minnesota had regained only half of the jobs lost in the recession, and the jobs that were regained do not necessarily mean financial security for Minnesota families.

During February 2012, Minnesota gained about 6,200 jobs, bringing the most recent three-month total of jobs gained to 32,300. It is estimated that Minnesota lost more than 156,000 jobs in the recession and has since regained about 81,400. The unemployment rate in Minnesota has been hovering around 5.6% or 5.7% in the first few months of 2012. While Minnesota has a lower unemployment rate than the national average, Minnesota also is creating jobs at a slower rate than the national average.

The sectors with the most significant job growth have included education, health care, government, construction and hospitality. Other sectors such as business and professional services lost jobs during February 2012.

Some experts warn that the jobs that are being added to the Minnesota job market do not have salaries sufficient to support a family. They urge people to remember that it is the quality of the jobs and the amount of the paychecks that matter as much as the quantity of jobs added.

Economists predict that the job growth rate will be around 1.3 percent in Minnesota this year. That is slightly below the national average of 1.6 percent and does not account for the types of jobs created.

Our Minneapolis debt relief lawyers extend our best wishes to anyone looking for a job in this difficult climate, and hope that your search ends soon.

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