National jobs report signals slowdown

by Daily Editorial Board

The most recent jobs report is in, and itâÄôs bleaker than anticipated. Estimates place national job growth at 126,000 new jobs added âÄî a significant decrease from the steady 200,000 per month the United States economy achieved throughout the last year. In February, Minnesota added 11,400 jobs, according to the Joint Economic Committee. MarchâÄôs estimates are not yet available, but are likely to be lackluster, similar to the national trend. With companies like Target making large cuts at their corporate headquarters, some suspect the recovery we have witnessed in the last year is over and we should prepare for a descent back into a less-than-stellar job market. We donâÄôt believe that this is the case and feel that this is merely a blip in the road, particularly for Minnesotans. Though the numbers may sound intimidating, especially for soon-to-be University of Minnesota graduates, the state has fared relatively well with a low unemployment rate (3.7 percent) and has about the same number of jobs being added as those unemployed. This is a good sign that people may be holding out for something better instead of taking an available low-wage position. While Gov. Mark Dayton believed that Minnesotans should be âÄúoptimistic that our country is entering a period of more robust growth,âÄù in his inaugural address in January, his prediction might have been premature and a bit overstated. But there is reason to believe that things arenâÄôt actually as bleak as many are making them seem.