minneapolis-st. paul employment update | february13, 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 unemployment gained 60 basis points and fell four spots nationally into an eight place tie with the Indianapolis metro. New workforce highs were achieved in Professional and Business Services and Other Services while Education and Health services saw a slight pullback from its recent run in growth. Y-O-Y Education and Health Services maintained the top spot creating 13,000 jobs over the trailing 12 month period. In contrast, the Leisure and Hospitality sector lost 5,300 jobs in 2016.
• Among office using sectors, all have seen a month-to-month contraction in growth except Professional and Business Services which has finished 2016 net positive 12,700 jobs.
• Nationwide, unemployment rose for the second consecutive month and now sits at 4.8 percent, boosted by an increase in the labor force participation rate to 62.9 percent. However, the expansion of the civilian labor force is not keeping up with job growth, which will keep slack minimal in the near-term.
• Wage growth continues but at a slower pace than December.
Employment Update
Minneapolis-St. Paul | February 2017
4.8%U.S. unemployment
1.6%U.S. 12-month job growth
3.6% MSP unemployment
1.4%MSP 12-month job growth
3.9%Minnesota unemployment
1.5%Minnesota 12-month job growth
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
Peak: 1,907,773 jobs
2011 2012 2013 2014 2015 2016-20.0-15.0-10.0
-5.00.05.0
10.015.020.025.0
Financial Activities Professional and Business ServicesInformation Government
In thousands
2011 2012 2013 2014 2015 2016-5.0
0.0
5.0
10.0
15.0
20.0
25.0Mining, Logging & Construction Trade, Transportation & UtilitiesManufacturing Other Services
Leisure & Hospitality
Manufacturing
Information Trade, Transportation & Utilities
Government
Financial Activities Mining and Logging
Other Services
Professional & Business Services
Educational & Health Services
-5,300
-1,100
-4001,400
1,400
1,6001,900
2,200
12,700
13,000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
1,550,000
1,600,000
1,650,000
1,700,000
1,750,000
1,800,000
1,850,000
1,900,000
0.0%
2.0%
4.0%
6.0%
8.0%
10.0%
Total EmploymentUnemployment
Industry employment stratificationMinneapolis-St. Paul
Source: JLL Research, Bureau of Labor Statistics
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Employment statisticsMinneapolis-St. Paul
December 2014 December 2015 December 2016
Total Non-farm Employment
1,920,7001.7%
1,953,9001.3%
1,981,0001.4%
Unemployment Rate 3.2% 3.1% 3.6%
MSP supersectors December 2014 December 2015 December 2016
Mining, Logging & Construction 68.1 4.6% 71.1 4.4% 73 2.7%Manufacturing 193.3 2.9% 194.8 0.8% 193.7 -0.6%Trade, Transportation, & Utilities 356.2 1.7% 355.8 -0.1% 357.2 0.4%Information 39.6 -1.5% 39.4 -0.5% 39 -1.0%Financial Activities 145.0 -0.3% 148.8 2.6% 150.4 1.1%Professional & Business Services 302.9 1.7% 305.1 0.7% 317.8 4.2%Educational & Health Services 312.6 2.3% 321.1 2.7% 334.1 4.0%Leisure & Hospitality 170.1 1.3% 174.9 2.8% 169.6 -3.0%Other Services 78.9 0.9% 81.2 2.9% 83.4 2.7%Government 252.1 0.6% 254.4 0.9% 255.8 0.6%
For more information, please contact:Carolyn Bates | Senior Research Analyst | [email protected] | +1 612 217 5136Tyler Hegwood │Research Analyst | [email protected] | +1 612 217 5155
18%
17%
16%13%
10%
9%
8%
4%4%2%
Trade, transportation and Utilities Educational and Health Services
Professional and Business Services Government
Manufacturing Leisure and Hospitality
Financial Activities Other Services
Mining, Logging and construction Information