minneapolis-st. paul employment update | december 2016
TRANSCRIPT
Total jobs vs. unemployment rate: MSP
Source: JLL Research, Bureau of Labor Statistics
Job growth/loss by sector (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Industrial employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
• Minneapolis-St. Paul has the fourth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates.
• Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,800 jobs have been added in the industry year-over-year (Y-O-Y).
• While office-using sectors were responsible for 52% of growth this month, educational and health services continue to drive regional employment gains and currently account for 37% of Y-O-Y job growth.
• Nationwide, unemployment dropped by 30bp to a cyclical low of 4.6 percent. This is possible by consistent job growth and a slight decline in the labor force participation rate to 62.7 percent.
• With continued wage growth and inflation now at 1.6 percent, nearing the Federal Reserve’s 2.0-percent target and unemployment at its lowest point since August 2007, the stage has been set for a rate hike by the end of the year.
Employment Update
Minneapolis-St. Paul | December 2016
4.6%U.S. unemployment
1.6%U.S. 12-month job growth
3.1% MSP unemployment
1.4%MSP 12-month job growth
4.0%Minnesota unemployment
1.1%Minnesota 12-month job growth
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Peak: 1,908,991 jobs
2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 20161,550,000
1,600,000
1,650,000
1,700,000
1,750,000
1,800,000
1,850,000
1,900,000
0.0%1.0%2.0%3.0%4.0%5.0%6.0%7.0%8.0%9.0%
Total EmploymentUnemployment
Leisure & Hospitality Manufacturing
Information Trade, Transportation & Utilities
Mining and Logging Government
Other Services Financial Activities
Professional & Business Services Educational & Health Services
-1,000-500-300
5001,400
2,5002,5002,900
8,8009,700
2011 2012 2013 2014 2015 2016-20.0-15.0-10.0
-5.00.05.0
10.015.020.025.0
Financial ActivitiesProfessional and Business ServicesInformationGovernment
In thousands
2011 2012 2013 2014 2015 2016-5.0
0.0
5.0
10.0
15.0
20.0
25.0Mining, Logging & ConstructionTrade, Transportation & UtilitiesManufacturingOther Services
Industry employment stratificationMinneapolis-St. Paul
Source: JLL Research, Bureau of Labor Statistics
©2016 Jones Lang LaSalle IP, Inc. All rights reserved.
Employment statisticsMinneapolis-St. Paul
October 2014 October 2015 October 2016
Total Non-farm Employment
1,920,6001.5%
1,955,7001.8%
1,982,2001.4%
Unemployment Rate 3.1% 2.9% 3.1%
MSP supersectors October 2014 October 2015 October 2016
Mining, Logging & Construction 79,000 7.9% 82,300 4.2% 83,700 1.7%
Manufacturing 192,500 2.8% 194,60
0 1.1% 194,100 -0.3%
Trade, Transportation, & Utilities
345,200 1.4% 350,20
0 1.4% 350,700 0.1%
Information 39,400 -1.3% 39,200 -0.5% 38,900 -0.8%
Financial Activities 144,400 -0.6% 147,50
0 2.1% 150,400 2.0%
Professional & Business Services
304,300 1.6% 308,20
0 1.3% 317,000 2.9%
Educational & Health Services 311,200 2.2% 320,60
0 3.0% 330,300 3.0%
Leisure & Hospitality 174,000 0.6% 179,20
0 3.0% 178,200 -0.6%
Other Services 79,600 1.5% 80,700 1.4% 83,200 3.1%
Government 252,800 0.6% 253,20
0 0.2% 255,700 1.0%
For more information, please contact:
Tyler Hegwood │ [email protected]
18%
17%
16%13%
10%
9%
8%
4%4%2%
Professional and Business Services Financial Activities
Leisure and Hospitality Information
Educational and Health Services Mining, Logging and construction
Manufacturing Trade, transportation and Utilities
Other Services Government