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What are the forces moving the Minnesota economy? Adam Belz tries to identify the trends and show the connections between Minnesota and the larger U.S. and global economies. You can connect with him on Twitter: @adambelz

Minnesota sheds 11,400 jobs; unemployment rate drops to 5.3%

Posted by: Adam Belz under Business trends, Economics Updated: May 16, 2013 - 10:07 AM

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Minnesota’s job market posted its second straight negative month, shedding 11,400 jobs in April, the state said Thursday.

The biggest job losses were in trade, transportation and utilities, which shed 5,700 jobs, according to figures released by the Minnesota Department of Employment and Economic Development.
 
Meanwhile, the Minnesota unemployment rate fell to a seasonally adjusted 5.3 percent in April, its lowest point since May 2008 and well below the U.S. rate of 7.5 percent in April. The March figures were revised upward from 5,200 jobs lost to 3,300 jobs lost.
 
Minnesota has now fallen behind the nation in job growth over the past 12 months, at 1 percent, compared with a U.S. rate of 1.6 percent during that period.
 
"While we've seen mixed results in the labor market in recent months, the overall outlook for jobs in Minnesota remains positive," said Katie Clark Sieben, commissioner of the department. "Eight of the state's 11 major industrial sectors have gained jobs in the past year, and the unemployment rate is at a five-year low."
 
Government, hotels and restaurants, manufacturing, professional and business services, financial activities and construction all lost jobs on the month as well.
 
In the state Metropolitan Statistical Areas, job gains occurred in the past 12 months in the Minneapolis-St. Paul MSA (up 1.5 percent), Rochester MSA (up 0.9 percent), Duluth-Superior MSA (up 0.8 percent), Mankato MSA (up 0.7 percent) and St. Cloud MSA (up 0.2 percent).

Opening Belz, May 13

Posted by: Adam Belz under Business trends Updated: May 13, 2013 - 11:12 AM

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How a trader is thinking about an eventual rise in interest rates – Reformed Broker
Retail sales up, showing some economic strengthReuters
We’ve had fewer IPOs this year than last, but more money raised – WSJ
The 400 block of Nicollet is being transformed – StarTribune
Minnesota manufacturers pivot into oil industry – StarTribune
Sappi still investing in coated paper machines – Duluth News Tribune
Bobcat breaks ground on R&D facility in Bismarck – Fargo Forum
Trend: Technology elites are shutting down their gadgets – NY Times
“Grass is literally going unmowed” – Washington Examiner
Why you should take the blame – Harvard Business Review
A video that incorporates a great 2005 commencement speech – YouTube
The full transcript of the speech, by David Foster Wallace – More Intelligent Life

Opening Belz, May 10

Posted by: Adam Belz under Business trends Updated: May 10, 2013 - 10:57 AM

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Best Buy hires new CEO for China business – StarTribune
Electric car maker Tesla turned a profit in the first quarter – Reuters  
A bull stock market is nice, but only 52% of Americans own stocks – NYT
Son of disgraced Peregrine CEO says his father is dead to him – Reuters
Timelapse satellite photos of the oil sands, Powder Basin, Dubai, others – TIME
Lakes are still too icy for a good walleye opener – MPR
A Q&A with Tom Stinson, the state economist – U of M
Hong Kong trade official makes a visit to Fargo – Fargo Forum
“Sometime in the last decade, dogs achieved dominion over urban America” – Slate

Opening Belz, May 9

Posted by: Adam Belz under Business trends, Economics Updated: May 9, 2013 - 10:14 AM

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Looks like Abbott Labs has developed a disappearing stent – StarTribune
Jobless claims are down, but what the U.S. needs is more hiring – WSJ
Some stuff on how Millennials are lazy, but will save us – TIME
Shuttered Georgia-Pacific hardboard plant remains idle – Duluth News Tribune
U.S. taxpayers employ 2 million low-wage workers in the private sector – Washington Post
“Immediate deficit reduction is a drag on full economic recovery” – NY Times
British manufacturing perked up in March – Economonitor
How American universities are using Pell grants to get more rich students – Felix Salmon
Here’s the study he references – New America Foundation

Opening Belz, May 8

Posted by: Adam Belz under Business trends Updated: May 8, 2013 - 10:37 AM

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Cargill to build $100mn cocoa plant in Indonesia – StarTribune

Good news for Portugal: Investors clamor for new 10 yr bonds – Bloomberg
There’s not enough “churn” in the U.S. job market – Washington Post
Noah Smith makes the case for an economics Ph.D – Noahpinion
American has too many idle young workers – NY Times
More breweries in U.S. than at any time since the 1880s – Bloomberg
Xi Jinping’s “Chinese dream,” a slogan that tugs at emotion – Economist
Developer buys land for $100mn outlet mall in Eagan – StarTribune
Rural Minnesota less optimistic economically than Twin Cities – MPR

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