As of December of 2012, Minnesota's unemployment rate was at 5.2 percent, more than 2 percent lower than the national average, and that of most countries. Minnesota's unemployment rate is nearly half of what it was in 2009. This is a positive sign the economy is on the mend, but companies are still treading with caution. Manpower conducted their annual employment outlook survey last month and concluded that employers are still hesitant to increase their hiring quota. Employers are still seeking a sustainable growth trend in the economy before labor markets follow pursuit.
"In the Americas, employers in all 10 countries surveyed report positive hiring intentions for the coming quarter, with hiring plans strengthening in four but declining in five in a quarter-over-quarter comparison. When compared year-over-year, Net Employment Outlooks improve in four countries and decline in six. The strongest regional outlook is in Brazil, while the weakest are reported in Costa Rica and the U.S," says Manpower.
While several of the upcoming class of 2013 UST MBA graduates will pursue careers in states other than Minnesota, none are currently planning to pursue international opportunities. Although the U.S. may not be leading the pack with an 11 percent employment outlook, Manpower reports, two of the most popular industries at UST will be on the hiring riseL business at 18%, and finance at 11%.
To review the full report click here, in summary:
- Positive Hiring Plans in More Than Three Quarters of Labor Markets: Employers in 32 of the 42 countries and territories surveyed expect to add to their workforces in varying degrees in the second quarter, compared to 29 countries and territories in the first quarter. Hiring optimism strengthens quarter-over-quarter in 21 countries and territories but declines in 15.
- Hiring Weaker Than One Year Ago: Employers in 25 countries and territories report weaker hiring forecasts compared to this time last year, with outlooks improving from 12 months ago in 15.
- Brazil, Taiwan, Turkey and India Again Lead the Way, Weakest Outlooks in Europe: Employers in Brazil, Taiwan,Turkey, India and Panama report the strongest second-quarter hiring plans globally. Those in Italy, Spain, Greece and the Netherlands report the weakest Net Employment Outlooks, with outlooks from Italy and Spain matching the weakest employer forecasts ever reported there.
- Employers in Europe in Wait-and-See Mode: While the least optimistic second-quarter forecasts prevail across the Europe,Middle East and Africa (EMEA) region, where employers in nine of 24 countries report negative outlooks, there is a clear improvement from three months ago when negative hiring plans were reported in 13 countries.
- U.S. Employers Report Steady Hiring Pace: Hiring intentions in the U.S. remain relatively stable in both quarter-over-quarter and year-over-year comparisons.