Jobs bounce back in May after weather-related hiring pause
Thursday, August 16, 2018
Minnesota’s unemployment rate for May dropped to 3.1 percent, with the addition of 10,200 jobs.
With those gains, the state has added 29,188 jobs in the past year, a 1 percent growth rate.
- Manufacturing gained 1,400 jobs in May. Minnesota’s over-the-month growth rate in manufacturing of 0.4% in May was again higher than the US average of 0.1%. Given revised April and preliminary May job numbers, 2018 bodes well for manufacturing. The past four months registered the longest streak of over-the-month gains since December 2014. Job gains were concentrated in Durable Goods manufacturing which gained 1,200 (+0.6%) over-the-month jobs, while Non-Durable Manufacturing gained 200 jobs (+0.2%).
- Leisure and hospitality bounced back in May with a preliminary adjusted job gain of 2,200 over April (+0.8). However, the preliminary over-the-month loss of 3,600 (-1.3%) in April was further revised to a loss of 3,700 (-1.4%). All of the seasonally adjusted job gains over-the-month came from Accommodation and Food Services (+2,300); Arts, Entertainment, and Recreation lost 100 jobs.
- Education and health services, usually a strong industry, has now shed jobs in each of the past five months, with the seasonally adjusted over-the-month losses of 600 jobs in May (-0.1%). Furthermore, the originally reported job loss of 200 (0.0%) in April was made worse by revision; revised numbers now show a loss of 900 jobs (-0.2%). All of the job loss was concentrated in Health Care and Social Assistance (-800 or -0.2%); Educational Services gained a small number of jobs (+200 or 0.3%).
- Professional and Business Services posted a strong job gain of 2,700 seasonally adjusted jobs in May, for a growth rate of 0.7% – much higher than the 0.1% national growth rate.