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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
2005 2007 2009 2011 2013 20151,550,000
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
• The local unemployment rate of 2.7% has once again hit its lowest point since 2001. Coupled with a monthly labor force growth of 10.3 thousand jobs, Minneapolis-St. Paul currently has one of the strongest economies of any major metro in the United States.
• As is typically the case, MSP’s office-using sectors dominated hiring by taking 34.9 percent of the 12-month total employment growth, while the industrial sectors experienced a gain of 8.1 percent.
• At the national level, 2015 ended on a very high note, with December gaining 292,000 net new jobs and revisions in October and November resulting in a three-month increase of 851,000 jobs.
• The national rise in hourly earnings by 2.5 percent is significantly more meaningful, which will likely lead to accelerated GDP growth from the end of 2015 and into 2016 as consumer spending elsewhere pushes up the largest component of output: personal consumption expenditures.
Employment Update
Minneapolis-St. Paul | January 2016
5.0%U.S. unemployment
1.9%U.S. 12-month job growth
2.7% MSP unemployment
1.6%MSP 12-month job growth
3.5%Minnesota unemployment
1.1%Minnesota 12-month job growth
Peak: 1,891,323 jobs
2.7%
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics2011 2012 2013 2014 2015
-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 2015-5.0
5.0
15.0
Mining, Logging & ConstructionTrade, Transportation & Utilities
Government
Trade, Transportation & Utilities
Information Other Services
Mining and Logging Financial Activities
Manufacturing
Educational & Health Services
Leisure & Hospitality
Professional & Business Services
-2,600-700-400-300
1,3001,700
2,2008,400
9,10012,000
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
November 2013
November 2014 November 2015
Total Non-farm Employment
1,894,0002.1%
1,922,5001.5%
1,953,2001.6%
Unemployment Rate 2.1% 1.5% 1.6%
MSP supersectors November 2013
November 2014 November 2015
Mining, Logging & Construction 70,400 12.1% 73,600 4.5% 74,900 1.8%
Manufacturing 187,600 0.9% 193,20
0 3.0% 195,400 1.1%
Trade, Transportation, & Utilities
346,900 1.3% 350,10
0 0.9% 349,400 -0.2%
Information 40,000 -2.0% 39,600 -1.0% 39,200 -1.0%
Financial Activities 145,100 0.7% 146,30
0 0.8% 148,000 1.2%
Professional & Business Services
298,200 2.0% 306,10
0 2.6% 318,100 3.9%
Educational & Health Services 306,200 3.6% 310,50
0 1.4% 318,900 2.7%
Leisure & Hospitality 168,400 2.7% 170,10
0 1.0% 179,200 5.3%
Other Services 78,200 -0.1% 79,200 1.3% 78,900 -0.4%
Government 253,000 2.0% 253,80
0 0.3% 251,200 -1.0%
18%
16%
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
For more information, please contact:
Carolyn Bates │ [email protected]
