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Mankato – North Mankato MSA November Job Loss Following Seasonal Trends | manufacturing up, public sector down
Mankato, MINN (December 17, 2015) – The Minnesota Department of Employment and Economic Development (DEED) released the Current Employment Statistics (CES) figures for the month of November 2015 revealing a year-over-year loss in total jobs of -1.4% in the Mankato – North Mankato Metropolitan Statistical Area (MSA). While this is the third month in a row of job loss, and only the third month in three years of job loss, the numbers don’t come as a surprise.
Total jobs in the MSA this November were 56,520 compared to 56,872 last November. The manufacturing sector (goods producing) gained jobs, with growth of 1% and was the only sector experiencing growth. The largest loss occurred in the public sector (-2%).
The significant year-over-year loss (-1.4%) is due to a spike in public sector employment in November 2014. Private sector employment followed seasonal trends dropping -0.8%, which is better than the four-year average of -1%. However, the spike in public sector growth last year skewed the total job figures in 2014 outside of the typical growth range, while November 2015 fell back to the typical range.
Greater Mankato Growth, Inc. President & CEO Jonathan Zierdt said “When you dive into the data, seasonal patterns tend to emerge. While one cannot always predict fluctuations, there are times when context around these trends provide clarity. Because the marketplace bucked seasonal trends last November it gives a false reading of greater loss than is actually happening in the MSA.”
Following a seasonal trend from October to November, the Mankato-North Mankato MSA typically sheds .6% of jobs on average over the last four years. Coupled with the job loss in October, the November figures are right on pace with November of the previous year.
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, 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.