Minnesota Jobs Gain Highest Since April 2005

Here’s some good news out of Minnesota: the state’s Department of Employment and Economic Development reports 15,600 jobs were added in January, the largest one-month gain in state employment since April 2005.

The unemployment rate in Minnesota fell to 7.3 percent from 7.4 percent in January, which is well below the national rate of 9.7 percent.

“We’re encouraged by the improvements in the labor market,” said DEED Commissioner Dan McElroy. “The unemployment rate has been trending downward in recent months, but it’s still too early to say whether the state economy has reached a turning point.”

According to the report, eight of the state’s 11 industrial sectors added jobs in January. Trade, transportation and utilities led the way with 4,000 jobs being added. The two sectors to report job losses were education and health services (700 jobs) and financial activities (500 jobs).

Hiring at temp services, which can be a key economic indicator, rose 5.1 percent from a year ago.