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<br />The Financial Activities supersector has experienced a
<br />lull the past two months, registering a second
<br />consecutive loss of 300 jobs in May. Real estate showed
<br />poor results for May and was the main cause of the
<br />small loss. Finance and insurance posted very limited
<br />growth mainly from depository credit institutions and
<br />insurance carriers and related. Over the past 12 months,
<br />3,000 jobs were added in the supersector. The vast
<br />majority of the gains came from depository credit
<br />intermediation and insurance carriers. Nondepository
<br />credit intermediation showed a loss of G00 over the year.
<br />m`kE` ~lpltand$usinessServices(PBS)
<br />May proved [o be a very good month in Professional
<br />and Business Services as 3,000 jobs were added. The
<br />estimates show that the March-through-May period
<br />produced a gain of 13,000, the largest seasonally
<br />adjusted three-month job increase on record. For the
<br />sewnd consecutive month all three of the major
<br />supersector components grew strongly. The outstanding
<br />gains of the pas[ few months have catapulted
<br />Professional and Business Services to the fastest rate of
<br />over-the-year growth of any supersector at 4.S percent.
<br />The addition of 14,700 jobs the past 12 months was the
<br />largest number of jobs added by any supersector. Gains
<br />in professional, scientific, and technical services were
<br />fairly consistent across component industries with legal
<br />services lagging a little bit. Likewise, growth in the
<br />component industries in administrative, support, waste
<br />management, and remediation was universally strmrg.
<br />
<br />Education and Health Services employment increased
<br />1,700 for the month from increases in hospitals and
<br />ambulatory health. The employment gains that
<br />occurred in hospitals for May reverse two months of
<br />relatively poor growth for the subsector. The rate of
<br />growth for the past 12 months was 2.9 percent. While
<br />educational services lost about 200 jobs over the year,
<br />health care and social assistance added 11,500 jobs.
<br />i
<br />~ t !Y [~(t } t
<br />i ri } ~~f~f~~l~/,74~i~d)l~
<br />Seasonally adjusted estimates of Leisure and
<br />Hospitality employment showed a loss of 2,900 in May.
<br />This decline reverses most of the 3,900 increase in
<br />April. As usual, the determining factor was the
<br />performance of food services and drinking places. The
<br />seasonal increase in food services and drinking places
<br />was below normal for May. Given the strong increase
<br />in April, it appears that a larger portion of seasonal
<br />hiring took place in April this year. Accommodation
<br />showed the same pattern. The estimates showed a
<br />gain of 5,400 over the past 12 months, with arts,
<br />entertainment, and recreation increasing 2.2 percent,
<br />accommodation up 3.8 percent, and food services and
<br />drinking places up 2 percent.
<br />' Q~''d1!IC~S
<br />.a.~lr.
<br />Weakness in personal and laundry services and to a
<br />lesser extent religious, grantmaking, civic, and
<br />professional organizations led to a drop of 1,300 in
<br />Other Services for the month. This was enough of a
<br />decline to move over-the-year growth back into
<br />negative territory with a loss of 500. This decline
<br />reverses a trend of four consecutive months with over-
<br />Che-year gains.
<br />~~~;~,, rtrrierjf
<br />A loss of 500 in Government employment was
<br />indicated by seasonally adjusted data largely in local
<br />government education and to a lesser degree in federal
<br />government. The supersector showed a gain of 6,000
<br />over the past year. State government grew by 2.1
<br />percent and local government by 1.6 percent.
<br />by Jerry Brown
<br />Ivgnrarmicmproymen ~D,,D00,5
<br />~t1C~U5tt'
<br />y May April March
<br /> 2006 2006 2006
<br />Total Nonagri<ultaral 2,]56.3 2,]55.9 3,741.0
<br />'. Goods-Producing 483.6 484.4 480.6
<br />Natural Resources and Mining 5.9 5.9 6.0
<br />Construction 129.4 131.6 130.1
<br />Manufacturing 347.3 346.] 344.5
<br />Service-Providing 3,l]3J 2,2]1.5 2,360.4
<br />Trade,Transportation and Utilities 533.9 532.1 531.8
<br />Information fi0.8 60.1 59.6
<br />Financial Activities 181.6 187.9 182.2
<br />Professional and Business Services 317.0 314.0 308.0
<br />Educational and Health Services 395.6 393.9 394.1
<br />Leisure and Hospitality 246.9 249.8 245.9
<br />Other Services 118.0 119.3 118.4
<br />Government 419.9 420.4 420.2
<br />'. Source: CurrentEmploymen[Statistics,
<br />'. Department of Employment and Economic Developmenq 2006.
<br />9 Minnesota Employment Review June 2006
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