April 2022 Employment Figures – Unemployment Hits All-Time Low

According to data released by the Bureau of Labor Statistics (BLS) there were fewer unemployed job seekers in April 2022 than in any other month since data became available in January 1990. With only 766 unemployed, this was the first time that unemployment in Greater Mankato dropped below 1000 since November 1999 when unemployment was at 924. Due to a smaller labor force in 1999, that reflected an unemployment rate of 2.5% while the April 2022 unemployment rate fell to an all-time low of 1.3%.

Since January, the region has added 1,600 jobs and increased employment by 1,060. Between March and April, 600 jobs were added and employment increased by 268. This is shrinking the gap that exists from employment, where numbers have returned to pre-pandemic levels and jobs, where numbers have lagged behind. This shrinking gap could be caused by more people from outside the region taking jobs locally, individuals working remotely for a company outside of our region deciding to work for a local business, and individuals deciding to work multiple jobs.

Note that the difference between these two statistics is that jobs record the number of paychecks being issued by companies in Blue Earth & Nicollet County regardless of where employees live. Employment records the number of people living in Blue Earth & Nicollet County who work, regardless of where they work. A deeper explanation of this difference can be found at the end of the January employment figure report.

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March 2022 Employment Figures – Jobs & Employment Hold Mostly Steady

Preliminary figures for March were released by the Bureau of Labor Statistics and showed minor changes to both jobs and employment numbers in the Greater Mankato Area. The region saw job (nonfarm payroll) growth of 200 increasing to 56,400. This follows adjustments to the February numbers that added an additional 200 jobs to what was reported in February.

Conversely, the region saw employment fall by 193 to 60,114. While this sets a historic record for the highest employment seen in March, seeing a reduction in employment between February and March is unusual for our region. The 193 person decrease reflected a reduction of 3 tenths of one percent.  A deeper explanation of the difference between these two statistics and why the number of jobs is less than employment can be found at the end of the January employment figure report.

The total labor force saw a similar decrease as 146 people exited the labor force bringing the March labor force to 61,478.

Unemployment remained at a historic March low of 1,364. Traditionally, our region only sees unemployment numbers this low between September and December. The 2.2% unemployment rate remains much lower than the state unemployment rate of 2.8% and the federal unemployment rate of 3.8%.

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COVID-19 Business Loan/Grant Resources

With COVID-19 hitting businesses tremendously hard, all levels of government and other organizations have made a number of financial resources for businesses available. Below is a comprehensive list of those resources with links to where you can learn more. Continue reading “COVID-19 Business Loan/Grant Resources”