State of our Minnesota Economy

07/02/2008

The Minnesota Economy is not substantially unaffected by events in the larger national economy and the data is reflecting it.

Minnesota's seasonally adjusted unemployment rate for May jumped to 5.4 percent, up sixth-tenths of a point from April, at least in part as a result of substantial statewide job losses in April. This is the highest the unemployment rate has been since 1991. The number of people unemployed jumped to 158,404, its highest level since 1983. The share of the state’s working age population that is working dropped to 68.9 percent, its lowest since 1988.

The national unemployment rate rose half a point to 5.5 percent in May.

Knowledge is power and knowing what the stuation is is the forst step in dealing with it. Here is a link to the Minnesota Department of Economic Development's website giving further information.

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