5. EDSR 09-11-2006 - Laserfiche WebLink

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Appendix G: Economic Data (cont.) Date: Tuesday, August I5, 2006 For Immediate Release Conran: Kit Borgman 651/297-1192 Kit. BorQman(astate. mn. u Minnesota Accounts for 10 Percent of U.S. Job Growth again in July -- State added 11,600 jabs in 13th straight month of job gains ST. PAUL- Minnesota added jobs for the 13th straight month in July with an increase of 11,600 jobs, according to figures released today by the Department of Employment and Economic Development (DEED). On average, Minnesota's job gains over the past four months account for 10 percent of the nation's job growth. Over-the-year job growth is up 79,250 jobs, or 2.9 percent, on an unadjusted basis -the highest rate since March 2000, and more than double the national growth of 1.3 percent. The over-the- year number tops the strongest similar 12-month period in the boom years of the 1990s -when jobs grew by 70,000 between July 1994 and July 1995. For the past four months, Minnesota has been adding jobs more than four times faster than the average monthly gain in 2005, while the nation's growth rate has fallen off more than 30 percent over the same time span. The seasonally adjusted unemployment rate rose two-tenths of a point to 3.8 percent in July. Most of this rise is due to an increase of 6,100 people in the labor force -the first increase in the labor force since February. "The state has been adding jobs at an average of more than 11,000 per month for the past four months and is strongly outpacing the national rate," said DEED Acting Commissioner Ward Einess. "This fantastic job growth provides great momentum for Minnesota's economy." Seasonally Adjusted Unemployment Rate July June G8 Communications Offce • Web site: www.deed.state.mn.us Phone: 651/297-1192 or 1-800-657-3858 • Fax 651/215-3841