Helped by a growing construction industry, the unemployment rate in Minnesota hit a low last seen almost six years ago, in December 2007. In the past year the unemployment rate has fallen from 5.6% to 4.8% in Minnesota. That is much better than the national unemployment rate which is hovering around 7.3%.
The logging and mining industry had the biggest year over year growth rate at 7.1%, followed by construction at 3.3%. However, Education and Health Services lead the pack with the pure increase in employees at 14,200, followed by Trade, Transportation and Utilities with an additional 13,600 new employees.
It’s great to see that Minnesota’s unemployment rate continues to improve. We certainly have seen an uptick in applications for invoice factoring in the past quarter. We have seen a strong influx of requests toward the end of the year, as companies are looking grow their working capital base to start 2014 with a leap.