You are here
June Job Numbers Buck Seasonal Trends in Mankato – North Mankato MSA
Mankato, MINN (July 21, 2016) – The Minnesota Department of Employment and Economic Development (DEED) released the Current Employment Statistics (CES) figures for the month of July today. The Mankato – North Mankato Metropolitan Statistical Area (MSA) had a total of 56,694 jobs, up 2.4%, or 1,333 jobs, from last July.
The MSA has not seen June job figures like this in quite some time. The total number of jobs has not increased from May to June since 2012.
The change in this pattern is driven by the private sector, which has not reported job growth from May to June since 2004 when there was an increase of three jobs. From 2005-2015, on average the MSA has typically shed 265 jobs from May to June. However, in 2016 there was an increase of 110 jobs in the private sector.
Within the private sector, service providing jobs propelled job growth (4.2% higher from this time last year). This is the highest rate of growth in this sector since March of 2006.
Manufacturing dropped 1.9% year-over-year, marking 13 months of job losses in this sector. Much of this relates to cyclical patterns in the manufacturing industry. Many area manufacturers have ties to the agricultural sector and metal fabrication for farm machinery. There is currently a surplus of supply of farm machinery inventory, so the decline in manufacturing jobs is expected to be temporary as the surplus is absorbed.
“Our economy has healthy shifts in sector success due to the diversification of the regional businesses located here” said Jonathan Zierdt, president & CEO of Greater Mankato Growth, Inc. “It’s that diversification that keeps our economic ecosystem from suffering as drastically during recessions or industrial down swings. The large gain in jobs in the private service providing sector could indicate that the many businesses who have been seeking to hire are now finding and filling those vacancies.”
When it comes to judging the economic strength of a region relative to jobs, one of the best sources is CES data, which measures the number of paid employees in a particular region, excluding self-employment and farm jobs.
For more CES data and graphics, visit greatermankato.com/current-employment-statistics-jobs-data.
Another measure of area employment is the Local Area Unemployment Statistics (LAUS). LAUS is not as much an indicator of the strength of the business climate, because it measures the total number of people who live in a particular region who are employed, rather than the businesses in the region employing them. For more LAUS unemployment data, visit greatermankato.com/workforce-labor-statistics.
About Greater Mankato Growth
Greater Mankato Growth (GMG) is committed to advancing business for a stronger community. As the Chamber of Commerce and Economic Development organization serving the regional marketplace, GMG exists to intentionally develop the regional center by promoting, supporting and serving as a catalyst for economic development through business growth, retention and attraction, talent growth retention and attraction, regional livability and advocacy of the marketplace. Greater Mankato Growth, Inc. includes two affiliates: Visit Mankato, which focuses on visitor attraction and servicing, and the City Center Partnership, which focuses on development in the City Center.
About the Regional Economic Development Alliance
In 2009, the Regional Economic Development Alliance (REDA) began with a progressive group of communities and counties joining together with Greater Mankato Growth in business attraction and development efforts. REDA participants include Eagle Lake, Lake Crystal, Le Sueur, Madison Lake, Mankato, North Mankato, Saint Peter, Blue Earth County and Nicollet County. By working together, the group is able to efficiently provide regional and individual city and county information to businesses interested in the Greater Mankato marketplace. As a result of promoting the individual strengths of each community, along with the combined assets of the regional marketplace, all experience collective success.