Slow job growth expected in 2012, economists sayby Annie Baxter, Minnesota Public Radio
St. Paul, Minn. — Wells Fargo economists project tepid job growth for Minnesota in 2012.
Over the year ending in October, payrolls in the state perked up by just 0.7 percent — below the U.S. growth rate of 1.2 percent over the same period.
Scott Anderson, a Wells Fargo economist expects jobs in Minnesota to pick up by only 0.8 percent in 2012. Job losses in September and October in Minnesota could give a hint to trouble spots ahead, Anderson said.
"The fact that we had two consecutive months of job loss is somewhat concerning, Anderson said. But more concerning is where those jobs are being lost. It's in trade, transportation, and manufacturing."
Those sectors had been leading the recovery in Minnesota, Anderson said. He thinks they may now be reflecting the trouble in Europe that some economists say will trigger a global slowdown.
That will mean Minnesota's export market, which had been a bright spot, will likely take a hit, he said.