The long climb back is a recurring theme for us now when we talk about jobs in Minnesota. With a decade’s worth of job growth wiped out in the Great Recession, the obvious question is when do we get it back.
A new estimate indicates it will be 2013.
“Since the beginning of the recession, Minnesota has lost more than 125,000 jobs,” Creighton University economic Ernie Goss wrote in his June regional economy update.
“Based on the latest state job data and Minnesota’s recovery from the 2001 recession, I [do] not expect the state to fully restore these jobs until September 2013.”
The good news from Creighton’s survey of supply managers is that May was the tenth straight month the index has risen above “growth neutral,” indicating there are positive things going on in this economy.
If Creighton’s estimate holds true it will be a total of nearly six years between the start of the recession and when Minnesota restores the jobs the recession killed.