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Mankato – North Mankato MSA Loses Jobs for the First Time in Three Years
Mankato, MINN (November 19, 2015) – The Minnesota Department of Employment and Economic Development (DEED) released the Current Employment Statistics (CES) figures for the month of October revealing a loss in total jobs in the Mankato – North Mankato Metropolitan Statistical Area (MSA) compared to October of 2014.
Total jobs in the MSA this October were 56,334 compared to 57,332 last October. The largest loss of jobs occurred in the private service providing sector (3.3%), however goods producing jobs gained the highest amount of jobs (1.6%). This marks the end of a 36-month streak of positive job gains in the marketplace.
“The job numbers this month aren’t a complete surprise” Jonathan Zierdt, president & CEO of Greater Mankato Growth, Inc. “A dropping unemployment rate and slower job creation pace are trends happening across the state and country which we are experiencing here as well.”
The local economy does however remain quite strong. The private sector job numbers are still at records levels with an average employment level of 46,360 in 2015 to date. In 2014 this sector had an average employment of 46,199.
This month’s job figures show a continuation of the regular seasonal trend of an increase of jobs added month to month (September to October), just not at the same intensity as the two prior years. In comparison to previous Septembers in 2014 and 2013, the MSA’s unemployment rate is significantly lower. The unemployment figures for September 2015 (the point when the 36-month streak ended) show the available labor force was reduced by 339 over the past year while the number of those employed dropped by only half that amount.
“The combination of a smaller labor force and a very low unemployment rate challenge our businesses to add jobs despite having continued demand for their products or services. This constraint leaves businesses unable to grow due to the lack of available workforce.” said Zierdt.
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, Inc. 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., the regional Chamber of Commerce and Economic Development organization, includes two LLCs: Visit Mankato, LLC, which focuses on visitor attraction and servicing, and the City Center Partnership, LLC, 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 and Blue Earth 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.