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Closures Impact Employment Figures
Mankato, MINN (April 20, 2017) – The Minnesota Department of Employment and Economic Development released the March 2017 employment figures today. The Mankato – North Mankato Metropolitan Statistical Area (MSA) saw a loss of 171 jobs or 0.3% year over year in the month of March.
However, this was the second month of growth in Goods Producing (manufacturing) occupations. The sector again grew by 2.5% year over year in March. There appears to be a trend emerging of manufacturers, both existing and new to the marketplace, being able to implement their growth strategies by hiring newly available talent from other sectors.
In terms of the other sectors this is the sixth straight month of year over year employment decline. Recent closures have impacted employment figures in the region. Reabsorption of employees was well underway from a January closure, however, additional closures in the retail sector are showing up in employment figures. The retail closures are due to changing national patterns in how consumers purchase goods.
The other sectors varied only slightly from the previous month. Private service providing occupations dropped 1.6% or 614 jobs. Government jobs rose by 2.0% or 205 jobs. The total net for all service providing jobs (private and public) is a decline of 0.8% or 409 jobs.
“The strength of the Greater Mankato economy has always been balance and diversity,” said Jonathan Zierdt, President & CEO of Greater Mankato Growth, “If one industry sector stumbles, another can pick up the slack. This industry balance insulates our regional economy from booms and busts.”