The local labor force has declined slightly since July’s peak, but year-over-year numbers show an increase of over 35,000 non-farm jobs since September 2014. As is typically the case, MSP’s office-using sectors dominated the hiring by taking 45.9 percent of the 12-month total employment growth while the industrial sectors accounted for 2.3 percent of the annual growth.

1. 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
• The local labor force has declined slightly since July’s peak, but year-over-
year numbers show an increase of over 35,000 non-farm jobs since
September 2014.
• As is typically the case, MSP’s office-using sectors dominated the hiring by
taking 45.9 percent of the 12-month total employment growth while the
industrial sectors accounted for 2.3 percent of the annual growth.
• After two months of underperformance, the national labor market headed
back into growth mode with 271,000 net new jobs. This was the highest
monthly total over the course of 2015 and brought the year-to-date job
creation total to 2.1 million. Performance at this level could trigger an interest
rate hike by year-end as the economy continues to approach the Federal
Reserve’s targets.
• Once again, office-using industries contributed to 30.3 percent of monthly
gains, although in net terms they added 82,000 new jobs as PBS saw a very
strong rebound in October.
Employment Update
Minneapolis-St. Paul | November 2015
5.0%U.S. unemployment
2.0%U.S. 12-month job growth
3.1%MSP unemployment
1.8%MSP 12-month job growth
3.8%Minnesota unemployment
1.3%Minnesota 12-month job growth
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
1,550,000
1,600,000
1,650,000
1,700,000
1,750,000
1,800,000
1,850,000
1,900,000
1,950,000
2005 2007 2009 2011 2013 2015
Peak: 1,890,385 jobs
3.0%
unemployment rate
total jobs
-3,300
-1,100
-200
200
1,100
2,800
4,200
8,600
9,700
13,300
Other Services
Government
Information
Mining and Logging
Trade, Transportation & Utilities
Manufacturing
Financial Activities
Leisure & Hospitality
Educational & Health Services
Professional & Business Services
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
-20.0
-10.0
0.0
10.0
20.0
2011 2012 2013 2014 2015
Professional & Business Services
Information
Government
Financial Activities
-5.0
5.0
15.0
2011 2012 2013 2014 2015
Trade, Transportation & Utilities Manufacturing
Other Services Mining, Logging & Construction

2. Industry employment stratification
Minneapolis-St. Paul
Source: JLL Research, Bureau of Labor Statistics
©2015 Jones Lang LaSalle IP, Inc. All rights reserved.
Employment statistics
Minneapolis-St. Paul
Sept 2013 Sept 2014 Sept 2015
Total Non-farm
Employment
1,880,600
2.2%
1,909,000
1.5%
1,944,300
1.8%
Unemployment Rate 4.9% 3.9% 3.7%
MSP supersectors Sept 2013 Sept 2014 Sept 2015
Mining, Logging & Construction 74,000 11.1% 77,600 4.9% 77,800 0.3%
Manufacturing 186,900 0.4% 191,700 2.6% 194,500 1.5%
Trade, Transportation,
& Utilities
338,200 2.0% 342,100 1.2% 343,200 0.3%
Information 40,000 -1.7% 39,400 -1.5% 39,200 -0.5%
Financial Activities 145,000 1.1% 145,000 0.0% 149,200 2.9%
Professional & Business
Services
295,600 1.9% 301,600 2.0% 314,900 4.4%
Educational & Health Services 300,900 3.5% 306,900 2.0% 316,600 3.2%
Leisure & Hospitality 176,700 2.4% 180,200 2.0% 188,800 4.8%
Other Services 79,300 1.3% 79,800 0.6% 76,500 -4.1%
Government 244,000 1.5% 244,700 0.3% 243,600 -0.4%
18%
16%
16%12%
10%
10%
8%
4%
4% 2%
Trade, transportation and Utilities Educational and Health Services
Professional and Business Services Government
Manufacturing Leisure and Hospitality
Financial Activities Mining, Logging and construction
Other Services Information
For more information, please contact:
Carolyn Bates │ carolyn.bates@am.jll.com
C