The State of Minnesota's July 2012 unemployment rate was published at 5.8%. This is a 0.2% increase over June and ties March for the highest rate in 2012. Minnesota's rate has remained in the mid-to-high 5% range since November of 2011. Compared to last month, there are approximately 6,000 more unemployed individuals in MN. The number of individuals employed in the State dropped by roughly 5,500 and the civilian workforce numbers were relatively flat. MN'sMinnesota's rate is still much lower than the U.S. average for the month of 8.3%.
Even though the rate is up in July, the overall employment numbers are still better when compared to July 2011 (when the rate was 6.6%). For the year-over-year comparison, there are approximately 24,000 fewer unemployed workers in Minnesota in July 2012 vs. July 2011. For that same time period, there are about 18,600 more people employed in the state. However, during the past year the overall workforce has shrunk by about 5,600. When combined, these statistics result in the 0.8% drop in the unemployment rate for Minnesota over the past year.
If we look at MN's industry statistics for July, we see the results are mixed. Up for July were the business sectors of Construction, Trade Transportation and Utilities, Financial Activities, and Leisure & Hospitality. Down for the month were Manufacturing, Information (slightly), and Education & Health Services.
Another more detailed way to review the July results is to compare the employment statistics for the major metropolitan areas in MN. A couple metro areas had improvements in July including Rochester (dropped to 4.9% from 5.0%) and the Fargo Area (down from 3.3% to just 3.0%). Up for the month was the City of Mankato which rose to 5.3% (from 5.0%). The City of St. Cloud rose from 5.7% to 5.8%. The northern City of Duluth rose from 7.0% in June to 7.1% in July. Lastly, the Twin Cities Metro Area (Minneapolis & St. Paul) had their rate rise in July from 5.8% to 5.9%.
Our last comparison is to the other states in the region. Neighboring states with higher unemployment rates than MN include Wisconsin (7.3%), Illinois (8.9%) and Michigan (9.0%). States with lower rates are Iowa (5.3%), North Dakota (3.0%), and South Dakota (4.4%).
Please check back when the August employment numbers for the State of MN are released later this Summer. Also remember that previously published numbers may be adjusted by the Department of Labor.
Even though the rate is up in July, the overall employment numbers are still better when compared to July 2011 (when the rate was 6.6%). For the year-over-year comparison, there are approximately 24,000 fewer unemployed workers in Minnesota in July 2012 vs. July 2011. For that same time period, there are about 18,600 more people employed in the state. However, during the past year the overall workforce has shrunk by about 5,600. When combined, these statistics result in the 0.8% drop in the unemployment rate for Minnesota over the past year.
If we look at MN's industry statistics for July, we see the results are mixed. Up for July were the business sectors of Construction, Trade Transportation and Utilities, Financial Activities, and Leisure & Hospitality. Down for the month were Manufacturing, Information (slightly), and Education & Health Services.
Another more detailed way to review the July results is to compare the employment statistics for the major metropolitan areas in MN. A couple metro areas had improvements in July including Rochester (dropped to 4.9% from 5.0%) and the Fargo Area (down from 3.3% to just 3.0%). Up for the month was the City of Mankato which rose to 5.3% (from 5.0%). The City of St. Cloud rose from 5.7% to 5.8%. The northern City of Duluth rose from 7.0% in June to 7.1% in July. Lastly, the Twin Cities Metro Area (Minneapolis & St. Paul) had their rate rise in July from 5.8% to 5.9%.
Our last comparison is to the other states in the region. Neighboring states with higher unemployment rates than MN include Wisconsin (7.3%), Illinois (8.9%) and Michigan (9.0%). States with lower rates are Iowa (5.3%), North Dakota (3.0%), and South Dakota (4.4%).
Please check back when the August employment numbers for the State of MN are released later this Summer. Also remember that previously published numbers may be adjusted by the Department of Labor.
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