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Reabsorption of Employees Underway
Mankato, MINN (March 23, 2017) – The Minnesota Department of Employment and Economic Development released the February 2017 employment figures today. The Mankato – North Mankato Metropolitan Statistical Area (MSA) saw a loss of 120 jobs or 0.2 percent year-over-year in the month of February.
This is the fifth straight month of year-over-year employment decline. Recent announcements of imminent closures have impacted employment figures as the market recalibrates. Employees are being reabsorbed by area businesses, however it takes time as people transition to a new employer. In January, the MSA was down 182 jobs. In February, that number shrunk to 120.
There was a sharp rise in Goods Producing (manufacturing) occupations – 2.6 percent (243 jobs) after DEED’s revised January numbers. That rise of 2.6 percent is the first in this sector in 21 months. It is likely a series of events, first, closures in one industry resulting in employees looking at new occupations. Subsequently, manufacturers, both existing and new to the marketplace, are able to implement their growth strategies by hiring newly available talent. The coming months will reveal if this is a trend or not.
Private service providing occupations dropped 1.4 percent (547 jobs). Government jobs rose by 1.7 percent (184 jobs). The total net for all service providing jobs (private and public) is a decline of 0.7 percent (363 jobs).
“Employment in the Greater Mankato area is experiencing a transition,” said Jonathan Zierdt, President & CEO of Greater Mankato Growth, “As national trends impact our local marketplace, our traded-economy is realizing the opportunity to absorb newly available talent and implement their growth strategies. That’s a positive impact for our regional economy.”