Tuesday, January 12, 2010

Wages fell more than employment 

Data now available from the U.S. Department of Labor�s Quarterly Census of Employment and Wages (QCEW) shows how the Great Recession�s impact has been distributed across the state. The QCEW data show that between the second quarter of 2008 and the second quarter of 2009 employment in Minnesota fell by 3.6 percent and total wages paid by the employers fell by 5.0 percent.

Job losses exceeded the state-wide average in central Minnesota, northeast Minnesota, and the Twin Cities region. Job losses in southwest, southeast and northwestern Minnesota were less than the statewide average, but still exceeded three percent.

Total wages paid by Minnesota employers fell by five percent over that same period. The declines in wages were largest in the twin cities and northeast Minnesota. Total wages grew slightly in southeast and southwest Minnesota even though the numbers of jobs declined.
From the new Minnesota budget update. The data for QCEW for Minnesota is here. (National data is due later this week.) The budget update showed income taxes were almost equal to forecast for November and December, but the latter was set to show very low growth in Q4 anyway. We're still way down on sales tax receipts, which indicates still to me a slow first half of 2010, inventory adjustment or not.

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