Mankato area has lowest unemployment rate in the nation, per BLS
MANKATO, Minn. (KEYC) -Each month, the US Bureau of Labor Statistics gathers data and releases reports on all aspects of the American economy, from worker compensation to price movements.
One of the most closely followed data points are unemployment numbers, and the Bureau has reported that in the month of September, the Mankato-North Mankato Metropolitan Area saw the nation’s lowest unemployment rate at just 1.3 percent.
“1.3 percent is tied for the lowest unemployment rate that we have ever seen as a region. The state of Minnesota recently set the lowest unemployment rate in the entire nation for state history, and that was 1.7 or 1.8. So 1.3 percent is absurdly low. Full employment is considered four percent,” said Ryan Vesey of Greater Mankato Growth.
The Mankato-North Mankato Metropolitan Area covers all of Blue Earth and Nicollet counties, and Greater Mankato Growth believes that the numbers are a signal of a strong economy throughout the entire Southern Minnesota region.
They also said however, that it may be a sign of an imbalance between the need for labor and the population of available workers.
“We’re growing about twelve times faster than communities that are of a similar size to ours, and one of the big drivers to that growth is the strength of our economy. So businesses are growing incredibly fast, so our population needs to grow as well. Right now the businesses are growing faster than we can grow via population, which drives that number down,” Vesey said.
October’s unemployment numbers will be released on December 1st, so it remains to be seen if the Mankato area will remain atop the list of America’s most employed cities.
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