Minnesota's jobless rate inches up

Minnesota's jobless rate inches up

Minnesota's jobless rate inches up

Madera County's unemployment rate for July was 7.4%, up from 7% in June and above 7.2% a year ago.

Stanislaus County had an unemployment rate of 6.6 percent in July, up from a revised rate of 6.5 percent in June, the EDD reported.

Meanwhile, Minnesota's labor force participation rate held at 70 percent. The rate has hovered between 4.5% and 4.7% for more than a year, all near record lows and indicating an economy near full employment. Virginia has the third best rate among the states east of the MS along with MA. The U.S. added an average 218,000 per month to end a year ago and that rate has slowed to 141,000 since January. Industry sectors that added jobs were trade, transportation, and utilities (+1,600), professional and business services (+1,300), manufacturing (+1,200), and construction (+500). "We are optimistic that we will have more positive economic development announcements in the near future". California's 113-month employment expansion is the longest period of growth the state has seen since the 1960s, according to the EDD.

In July, employment decreases were recorded in five out of nine major private industry sectors. Nationally, over-the-year growth was relatively unchanged in July at 1.5 percent.

According to him, 267,939 jobs were created by the formal private sector. "Even as we celebrate this success, we remain committed to ensuring every worker has the skills and resources they need to take advantage of these opportunities".

July's loss represents the first decline after four continuous months of gains that added 7,000 jobs.

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