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Minnesota's Economic Status Report - August 2009 Quarterly Meeting

A summary of Minnesota's economic challenges in 2009, with job losses, rising unemployment, and forecasts for continued weakness despite signs of improvement. Key insights on labor market trends and initiatives for workforce support.

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Minnesota's Economic Status Report - August 2009 Quarterly Meeting

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  1. Minnesota’s Economic Status ReportGWDC Quarterly MeetingDuluth, August 2009 Oriane Casale Assistant Director Labor Market Information Office DEED Labor Market Information Office www.deed.state.mn.us/lmi

  2. The recession continues… • Minnesota’s economy began to slow before nation • Weakness has been across all sectors • Labor market slack has reached historic highs • Forecasts are of continued labor market weakness despite evidence of strengthening economy Labor Market Information Office www.deed.state.mn.us/lmi

  3. 47,000 job gap 4 years Employment since the last recession Labor Market Information Office www.deed.state.mn.us/lmi

  4. Job losses have been widespread … Labor Market Information Office www.deed.state.mn.us/lmi

  5. MN employment around past cycle peaks Labor Market Information Office www.deed.state.mn.us/lmi

  6. More People Filing for Unemployment Benefits … Labor Market Information Office www.deed.state.mn.us/lmi

  7. … and receiving and exhausting benefits Labor Market Information Office www.deed.state.mn.us/lmi

  8. Jobseekers also face diminished job vacancies Labor Market Information Office www.deed.state.mn.us/lmi

  9. The short run bottom line? • Minnesota lost 100,000 jobs between second quarter 2008 and second quarter 2009. • Minnesota has reached all time highs in UI, at 44,000 new claims in May and 28,000 new claims due to permanent separations in February. • If current forecasts are accurate, Minnesota will: • Lose 21,000 jobs between second quarter 2009 and second quarter 2010 for a total of 121,000 jobs lost over two years. • Add an additional 50,000+ unemployed persons to the current 250,000. Labor Market Information Office www.deed.state.mn.us/lmi

  10. Job Declines = Rising Unemployment Rates Labor Market Information Office www.deed.state.mn.us/lmi Source: Global Insight US Economic Outlook, July 2009

  11. Regional Website - http://www.deed.state.mn.us/lmi/tools/rws/ - compares counties, EDRs, Planning Regions and state. Links to time series data and graphs comparing regions. • Research Grant Opportunities – • Green Skills Research: Leverage Job Vacancy Survey to identify green vacancies. Follow-up survey with employers to obtain detailed information on skills requirements and shortages in green occupations. Begin fall round of JVS. Initial findings in spring 2010. • Workforce Locator Tool for prospective employers, site locators and economic developers. Leverage existing program data (UI claims, DW program, MinnesotaWorks) to describe workforce in a radius search around a point. Joint project with WI and IA. • Skills Transferability Tool will help dislocated workers find occupations matching their skills and experience. Should be available October 2009. New LMI Tools and Research Labor Market Information Office www.deed.state.mn.us/lmi

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