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February Job Report has encouraging signs for Minnesota economy

" good thing is that a lot of firms are looking to hire workers into permanent roles"

The State of Minnesota has got back just over half of the jobs that were shed during the Great Recession and that is about 156,300 jobs lost during that period. The economy created 6,200 new jobs in the month of February, but the state saw its unemployment rate go up slightly. The interesting thing to note is that even though jobs were created, they may not be of the high-paying variety and the money may not be good enough to support a family.

Minnesota’s economy seems to be doing pretty good overall compared to the rest of the United States and this is even reflected in the unemployment rate of 5.7 percent that is much less than the national unemployment rate of 8.3 percent.

It was Minnesota’s renowned health sector that added a lot of jobs last month with the education industry also contributing to the job growth followed by construction and hospitality. The bad thing is that a lot of business service jobs were lost last month and this is where the high salaries are. Education jobs are usually the $40K jobs and may not be the best in supporting a family.

Anyway, the one good thing is that a lot of firms are looking to hire workers into permanent roles instead of looking to temp agencies to fill their vacancies. This is definitely an encouraging sign and many economists expect the job growth to continue for the next few years even though the 1.1 percent annual rate of job growth is lower than the national growth rate of 1.6 percent currently.