According to data released by the Bureau of Labor Statistics (BLS) there were fewer unemployed job seekers in April 2022 than in any other month since data became available in January 1990. With only 766 unemployed, this was the first time that unemployment in Greater Mankato dropped below 1000 since November 1999 when unemployment was at 924. Due to a smaller labor force in 1999, that reflected an unemployment rate of 2.5% while the April 2022 unemployment rate fell to an all-time low of 1.3%.
Since January, the region has added 1,600 jobs and increased employment by 1,060. Between March and April, 600 jobs were added and employment increased by 268. This is shrinking the gap that exists from employment, where numbers have returned to pre-pandemic levels and jobs, where numbers have lagged behind. This shrinking gap could be caused by more people from outside the region taking jobs locally, individuals working remotely for a company outside of our region deciding to work for a local business, and individuals deciding to work multiple jobs.
Note that the difference between these two statistics is that jobs record the number of paychecks being issued by companies in Blue Earth & Nicollet County regardless of where employees live. Employment records the number of people living in Blue Earth & Nicollet County who work, regardless of where they work. A deeper explanation of this difference can be found at the end of the January employment figure report.
Despite both job and employment growth, 346 individuals exited the labor force between March and April. The data suggests that these individuals were formerly unemployed and looking for work but have either become discouraged in their ability to find the job they are seeking or there is a barrier that is keeping them from working (lack of childcare or other similar barriers).
Job growth has been steady with job gains each month from February through April. 84% of the jobs that were lost at the beginning of the pandemic have returned. Current nonfarm payroll is at 56,900 with employment of 60,354.