See if you can figure this one out: Minnesota’s unemployment has dropped to a low while also losing jobs. How in the H-E-Double-Hockey-Sticks does that happen?
Here’s Five Fast Facts About Minnesota’s Unemployment:
- 👇 Drop And Loss - In March, unemployment dropped to an impressive 2.8%. At the same time we lost 5,700 jobs. The data comes from two different surveys (one for households and one for employers) that don’t always match up.
- 🩳 Not That Much - Most of the jobs that were lost reflect small percentages in different kinds of jobs. For example, the manufacturing sector lost 1,300 jobs or 0.4% total.
- ☝️ Gains, Too - To make things even more confusing: there were job gains in hospitality, education, health services, and even government positions.
- 🏆 Participation Trophy - Also of note: the state’s labor force participation rate, which is the number of people actively working) is 68%. By way of comparison, the national rate sits at 62%. So we’re outperforming most states!
- 😊 Stay Calm - A representative from the Department of Employment and Economic Development (DEED) said the numbers are of no need for concern since people are still moving off of unemployment and things will naturally balance out over time.
🔥Bottom line: Data can be weird at times, as this batch clearly demonstrates. The big takeaway here is that people in Minnesota are indeed working, and that doesn’t look like it’s going to stop any time soon. Of course if DEED isn’t being honest about the numbers balancing out, we could be singing a different song in the near future.
What do you think?
Let us know by connecting with us on Facebook and Instagram! Also, remember to share this newsletter with your friends & coworkers!
Btw, If you’ve read this far and haven’t yet signed up for the weekly Paycheckology newsletter, CLICK HERE!
