State’s Job Vacancy Ratio Hits 15 Year Low
St. Paul, MN (KROC-AM News) - A new report from the Minnesota Department of Employment and Economic Development put the ratio of unemployed people to job vacancies statewide at 1:1 during the 4th quarter of last year. That is the lowest the ratio has been in nearly 15 years.
The number of job vacancies climbed over 8-percent when compared to the final 3 months of 2014 and the total number of job vacancies, pegged at over 96,000, was the highest for a fourth-quarter since the agency began tracking the statistic in 2001.
“These latest figures reflect a growing economy and increasing hiring demand in the state,” said DEED Commissioner Katie Clark Sieben. “At the same time, the tightening labor market underscores the need for career pathways training programs to prepare all Minnesotans, particularly from our communities of color, to fill these jobs that offer family-sustaining wages.”
Over 58-percent of the job vacancies were in the Twin Cities area, while the remaining 42-percent were found in Greater Minnesota, where the job vacancy ratio was 1.2 unemployed people per vacancy.
The department reported 37-percent of the job vacancies were for part-time employment and 12-percent were for temporary or seasonal work. The median wage offer for all job vacancies was a bit over $13.50 per hour and 57-percent offered health insurance benefits.