The Minnesota job loss statistics and unemployment rate were recently released for April 2012. At first glance, the numbers released for April 2012 may seem inconsistent. It has been reported by the Minneapolis St. Paul Business Journal and others that Minnesota lost approximately 3,100 jobs during the month of April. Furthermore, the statistics released by the Minnesota Department of Employment and Economic Development indicate that Minnesota’s annual job growth rate is approximately half of the national average.
Yet, the Minnesota unemployment rate fell to 5.6% from the 5.8% reported in February and March 2012.
How Can There be Fewer Jobs and Fewer Unemployed Minnesotans?
It is suspected that unemployment is decreasing as jobs are decreasing for two primary reasons. First, some unemployed people are simply giving up and not reentering the job market. They may be going back to school or they may have simply stopped looking for work. Second, baby boomers may be retiring at a pace that outnumbers new workers entering the job market.
Different Industries are Experiencing Different Job Numbers in Minnesota
There was not a job loss in all industries in the state during April 2012. The three industries with the most significant decreases in jobs were transportation, government and business. Other industries, such as manufacturing and financial firms, saw an increase in hiring during April.
Our Minneapolis bankruptcy lawyers understand that the job market remains tight and the economic times remain challenging. We extend our best wishes to Minnesota job seekers in all industries for a quick and successful end to their job searches.