Minnesota May Not Recover Lost Jobs For Two Years – Or Longer
St Paul (KROC AM News) - It may be two years or longer before Minnesota recovers the thousands of jobs lost due to the pandemic.
That according to a report from the Minnesota Department of Employment and Economic Development.
The report is based on the trajectory of the coronavirus and the size of any future round of federal stimulus.
The state’s labor market began to rebound in May from the depths of the Covid shutdown and continued until a recent slowdown.
The DEED report says as of October, Minnesota’s economy “had recovered 52.5% of the jobs lost in March and April” when the shutdown was in effect.
The report says Minnesota’s bumpy labor market recovery is now facing new headwinds with the dramatic flare-up of COVID-19 cases in November which led to a second temporary closing of hundreds of businesses.
According to the report, “Job growth in the state over the next year will be, as it has been since the pandemic arrived, heavily influenced by the path of the pandemic and the size of any future round of federal pandemic relief spending."
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