Although the city was declared one of the best for business in the nation in 2007, those searching for Minneapolis jobs may have a more difficult time in store for them than they would have in previous years. According to the Federal Reserve Bank of Minneapolis, Minnesota should expect the economy to slow down somewhat. The same goes for job and wage growth. Despite this news, the Federal Reserve says it sees no recession in sight.
Partially due to Minneapolis job creation, Minnesota often out performs other states in the Federal Reserve’s Ninth District. This year Montana and both North and South Dakota are expected to out do the state, mostly because of their larger stakes in booming commodity markets, including metals, oil, natural gas, and coal.
Minneapolis jobs are already naturally more competitive due to the wealth of college educated talent available in the area. With many recent graduates from such states as Michigan continuing to relocating to the city, the slow down of job growth is sure to turn the heat up on those looking for employment.
Minnesota’s unemployment rate is expected to rise to 4.9 percent, according to Federal Reserve economists, partially due to the population continuing to grow despite the fact that job growth will be crawling at one-fourth the state’s historical average. In 2007, 4.8 percent of residents were without work. The historical average is 4.7 percent.
As is the usual, home sales will effect Minnesota’s unemployment rate. According to Toby Madden, Minneapolis Fed regional economist, “The slowdown in housing will likely continue into 2008.” He went on to say that “Minnesota, even though it’s well diversified, is a little more heavily involved in housing-related production, in paint and windows, et cetera” than other areas are.
With real estate sales continuing their downward spiral, there will be fewer jobs available in these related businesses. The Federal Reserve’s predictions estimate that the rate of decline for housing permits in Minnesota to ebb to about 3 percent this year. Construction related jobs in Minneapolis and statewide will continue to be limited.
Overall, competition for Minneapolis jobs will be higher than normal, calling for those who are unemployed to take a more aggressive approach at their job search. Applying to more positions than one usually would, having the best possible resume, practicing interview strategies, and updating certifications should help in finding new employment.
Popularity: 32% [?]
