Minnesota employers added 9,500 jobs in October, which dropped the overall state unemployment rate to 3.9 percent, the lowest since 2006.
The current national unemployment rate is 5.8 percent.
Update: State officials initially said that the reported 28,300 new jobs since August shows the highest three-month growth span on record, although those records only go back to 1990. Later Thursday, though, they walked that back and said:
A closer look at the data, however, indicates four other three-month periods have experienced stronger job growth in Minnesota since 1990.
Some October job sector details:
Increases:
- Trade, transportation and utilities, 5,200 new jobs
- Education and health services, up 4,500
- Manufacturing, up 2,300
- Other services, up 1,200
- Construction, up 900
- Logging and mining, up 100
Decreases:
- Leisure and hospitality, down 2,100
- Professional and business services, down 1,300
- Government, down 700
- Financial activities, down 400
- Information, down 200
Jobs Up
It will be years before the standard of living will begin to rise again. The job picture is far from rosie. Thousands of age 50+ have been forced into retirement, self employment, or minimum wage service jobs. This economy has been fueled by the Federal Reserve pumping millions into the system. Inflation as a result will fuel expansion but decrease the value of the dollar. When my fellow Boomers are back to work at good paying jobs, then I will celebrate, until then I would take a hard look at what these rates truly mean.
Inflastion inflation inflation
This inflation stuff is very sneaky. The inflationistas have been warning about it ever since the financial crisis, yet it still remains out of sight. How dare the Federal Reserve keep pumping money into the economy, just because that’s its job.
I know lots of 50+ folks
that have recovered quite nicely. Most of them however, have kept their skill sets up to date, don’t disparage younger coworkers and are team players open to new ideas and innovation rather than being set in their ways and refusing to adapt to a changing workplace.
This jibes with my on-the-ground observation
I see help wanted signs in almost every retail establishment I visit in the Roseville, MN area. I see this as the beginning of the end of the anemic recovery. Shortages of help in sectors will finally start pushing wages up, leading to a healthier recovery (finally! hopefully!).
As one of those 50-somethings, I would agree with both of those comments. Today’s economy places greater emphasis for success on working with technology in a variety of industries, working on teams with a variety of ages and ethnicities, being supervised by workers of various ages and ethnicities who have been promoted due to their technology skills, and networking your way into a job.
If you are missing out on one or more of those skills or abilities, then you likely will be missing out.