(KNSI) – More people are looking for work, and finding it, across the State of Minnesota. That positive trend is trickling down to the Saint Cloud Area. According to the Department of Employment and Economic Development, Central Minnesota has added 2,577 jobs in the past year.
Statewide, the trends are all favorable. March’s unemployment dropped to 2.5%, tied for the lowest on record with February of 1999. The labor force participation rate improved from 67.9% to 68.1%, something economists view as important when gauging the health of the overall job market.
DEED says there is one blemish in the report, and that is wage gains. Average salaries are up 4.9% compared to last year, normally a healthy number. As inflation hits a 41-year high at 8.5%, wage growth is not keeping up. That translates to a loss of overall purchasing power. People are able to buy fewer goods and services today than a year ago, even with more money in their pocket.
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