Minneapolis-St. Paul has the fifth-lowest unemployment rate in the nation among all large metros, according to the most recent BLS estimates. Once again, MSP achieved record-breaking employment totals for professional and business services, a fundamental component to the metro’s economic growth. A net total of 8,300 jobs have been added in the industry year-over-year (Y-O-Y). While office-using sectors were responsible for 31% of growth this month, educational and health services continue to drive regional employment gains and currently account for 39% of Y-O-Y job growth. Nationwide, unemployment rose by 10bp to 5.0% in September on the back of rising labor force participation, which also saw a bump to 62.9%. At the same time, initial unemployment claims continue to fall, with the moving average resting near a cyclical low of 250,000 per week. U.S. job openings have jumped by 3.9% over the year even as employment is only up 1.7%. This signals strong demand by employers but lagging labor force growth that is failing to keep up with demand.

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
• Minneapolis-St. Paul has the fifth-lowest unemployment rate in the nation
among all large metros, according to the most recent BLS estimates.
• Once again, MSP achieved record-breaking employment totals for
professional and business services, a fundamental component to the metro’s
economic growth. A net total of 8,300 jobs have been added in the industry
year-over-year (Y-O-Y).
• While office-using sectors were responsible for 31% of growth this month,
educational and health services continue to drive regional employment gains
and currently account for 39% of Y-O-Y job growth.
• Nationwide, unemployment rose by 10bp to 5.0% in September on the back
of rising labor force participation, which also saw a bump to 62.9%. At the
same time, initial unemployment claims continue to fall, with the moving
average resting near a cyclical low of 250,000 per week.
• U.S. job openings have jumped by 3.9% over the year even as employment is
only up 1.7%. This signals strong demand by employers but lagging labor
force growth that is failing to keep up with demand.
Employment Update
Minneapolis-St. Paul | October 2016
5.0%U.S. unemployment
1.7%U.S. 12-month job growth
3.6%MSP unemployment
1.8%MSP 12-month job growth
4.0%Minnesota unemployment
1.6%Minnesota 12-month job growth
Office employment trends (12-month change): MSP
Source: JLL Research, Bureau of Labor Statistics
-1,400
-800
800
1,700
1,800
2,600
2,900
5,600
8,300
13,500
Manufacturing
Information
Financial Activities
Mining and Logging
Trade, Transportation & Utilities
Government
Other Services
Leisure & Hospitality
Professional & Business Services
Educational & Health Services
0.0%
1.0%
2.0%
3.0%
4.0%
5.0%
6.0%
7.0%
8.0%
9.0%
1,550,000
1,650,000
1,750,000
1,850,000
1,950,000
2005
2006
2007
2008
2009
2010
2011
2012
2013
2014
2015
2016
Total Employment
Unemployment
Peak: 1,907,773 jobs
-20.0
-10.0
0.0
10.0
20.0
30.0
2011 2012 2013 2014 2015 2016
Financial Activities
Professional and Business Services
Information
Government
In thousands
-5.0
0.0
5.0
10.0
15.0
20.0
25.0
2011 2012 2013 2014 2015 2016
Mining, Logging & Construction
Trade, Transportation & Utilities
Manufacturing
Other Services
In thousands

2. Industry employment stratification
Minneapolis-St. Paul
Source: JLL Research, Bureau of Labor Statistics
©2016 Jones Lang LaSalle IP, Inc. All rights reserved.
Employment statistics
Minneapolis-St. Paul
August 2014 August 2015 August 2016
Total Non-farm
Employment
1,907,400
2.3%
1,946,300
2.0%
1,981,300
1.8%
Unemployment Rate 3.6% 3.4% 3.6%
MSP supersectors August 2014 August 2015 August 2016
Mining, Logging &
Construction
79,400 6.1% 85,800 8.1% 87,500 2.0%
Manufacturing 193,300 2.7% 196,800 1.8% 195,400 -0.7%
Trade, Transportation,
& Utilities
345,900 1.6% 352,000 1.8% 353,800 0.5%
Information 39,900 -1.5% 40,000 0.3% 39,200 -2.0%
Financial Activities 145,600 -0.5% 150,500 3.4% 151,300 0.5%
Professional &
Business Services
303,500 2.1% 306,900 1.1% 315,200 2.7%
Educational & Health
Services
304,800 2.7% 313,500 2.9% 327,000 4.3%
Leisure & Hospitality 185,000 2.5% 189,400 2.4% 195,000 3.0%
Other Services 80,800 0.9% 80,400 -0.5% 83,300 3.6%
Government 229,200 4.3% 231,000 0.8% 233,600 1.1%
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