Friends,
We got some more great economic news on Thursday. Minnesota employers added 9,500 jobs in October. When you combine those numbers with updated September figures, Minnesota has gained 49,679 jobs in 2014 – more than 28,300 jobs in just the past three months.
Our state’s unemployment rate – already one of the lowest in the nation – fell even lower. In October, it fell 0.2 percent to a seasonally adjusted 3.9 percent, our lowest unemployment rate since June 2006. The last time unemployment was lower than 3.9 percent was June 2001. Our lowest rate was 2.5 percent in 1999.
The U.S. unemployment rate in October was 5.8 percent.
We’ve added jobs in nearly every sector over the past year. The professional and business services sector added 11,722 jobs, manufacturing 10,451, education and health services 9,536, construction 6,877, leisure and hospitality 5,051, government 3,508, trade, transportation and utilities 2,788, information 910 and logging and mining 616.
The best news may be that this jobs boom is statewide. The Mankato area leads the way with a 2.7 percent increase in employment in 2014. The St. Cloud area has seen a 1.7 percent increase. Minneapolis-St. Paul area (up 1.7 percent) and Rochester area (up 0.9 percent) have also added jobs since January.
Minnesota is back on track. We’ve restored all the jobs that we lost during the Great Recession and then some.
Earlier this month, Forbes magazine ranked us 9th overall in the nation for the best climate for business. Minnesota received especially strong marks for our economic climate, our workforce and our overall quality of life, where we ranked second in the country. The factors that go into economic climate include job growth and GDP growth in the past five years. The quality of life category takes into account poverty rate, crime rate and health statistics.
Hopefully, these new numbers will shed some light on the state of Minnesota’s economy and guide our decision-making in the near future. We simply can’t go back to recycled ideas that put corporate interests ahead of the middle class. We have to continue on the path Minnesota is on – a path to continued prosperity for all.
Happy Thanksgiving to all
I wanted to take a moment to wish each and every one of you a very Happy Thanksgiving.
We have much to be thankful for this year – and not just that we don’t live in Buffalo, N.Y.! Our state is stronger than it has been in six years. Our schools, health care system and quality of life are the envy of the nation.
I make this pledge to you – I will honor the trust you placed in me again this year and fight for our district at the Minnesota House of Representatives. You and your families will be at the forefront of my thoughts and efforts as I continue to work for an even better Minnesota.
Bless you all,
Jerry