Twin Cities has best unemployment rate in nation

The Bureau of Labor Statistics is out with the latest unemployment rates by Metro area and our humble SMSA (Standard Metropolitan Statistical Area) has the lowest (best) rate (4.7 percent) of any in the whole USA, and by a solid 0.3 percentage point margin over over the runner-up (Oklahoma City).

Here’s the whole list. It’s hard to discern the pattern that explains these results.

I’m sure I’m blinded by both loyalty and ideology, but it often seems to me that righties still have some work to do in explaining the actual prosperity of states and cities (Minnesota and the Twin Cities for starters) when they talk so confidently about the kind of tax, spending and regulatory policies that should produce a favorable economic climate.

h/t: Ray Schoch.

Comments (11)

  1. Submitted by Neal Rovick on 07/03/2013 - 03:39 pm.

    Another puzzler from the “tax hellhole” of Minnesota.

    Tied for 5th with California for GDP growth (behind ND, TX, OR, and WA) in 2012. Two oil states, and 3 west coast states, then Minnesota.

    Barring petroleum and the favorable clime and ports of the west (or “left”) coast. who shall we emulate and how?

    South Dakota is in the lowest quintile, Wisconsin in the second-lowest quintile.

    https://www.bea.gov/newsreleases/regional/gdp_state/gsp_newsrelease.htm

  2. Submitted by Tom Anderson on 07/03/2013 - 09:38 pm.

    Isn’t it usually with two “O”s?

    Schooch I mean.

    • Submitted by Ray Schoch on 07/08/2013 - 07:17 am.

      Sorry, but no…

      The family name, routinely butchered in both pronunciation and spelling by several generations of our fellow Americans, has been spelled with only one vowel since our paternal ancestor, Jakob Schoch, arrived on these shores in 1853 from Bavaria.

  3. Submitted by Tom Anderson on 07/03/2013 - 09:41 pm.

    Sorry

    I need to start using larger font. Schoch it is. Have no idea what h/t: is though.

    • Submitted by Pat Borzi on 07/05/2013 - 03:11 pm.

      I think h/t means…

      …hat tip, as in, “A tip of the hat to reader Ray Schoch for pointing this out.” Brauer used to use that a lot.

  4. Submitted by rolf westgard on 07/04/2013 - 06:43 am.

    Tax revenues

    What is not grasped by the right is that tax revenues have a significant economy multiplier. Those revenues normally go right back into the economy for labor and materials for all of government’s expenses, whether its teachers, police, gravel for road maintenance, etc. They don’t usually end up in a Swiss or Bahamas bank account.

    • Submitted by Frank Phelan on 07/06/2013 - 07:11 am.

      Mostly True

      That is true for a lot of government spending, but not for military spending. Modern day military spending is largely capital intensive and not labor intensive so it does not have near the economic multiplier that non-military spending does. One fighter that costs $500B can put a lot of teachers or cops to work, or pave a lot of roads.

      And given the huge share of our military resources that are over seas, it’s “military spending”, not “defense spending”.

      Conservatives don’t think government spending creates jobs. Except when someone suggests a tiny cut to the Pentagon budget.

      • Submitted by Todd Hintz on 07/08/2013 - 12:31 pm.

        Military Spending

        Think of all the taxes that could be lowered or infrastructure improved if we didn’t have such a large military budget. So we really need thirteen aircraft carriers, more than the rest of the world combined? Could we get by with ten or eight or six? What geopolitical strategy are we pursuing that requires such an enormous armed force?

        I don’t mean to ask all these questions under the guise of a peacenik who thinks that all military intervention is bad. Rather I consider myself to be pragmatic when it comes to the use of force. There are times when you need to use it (such as WWII) and times when it’s utter folly. But lately we’ve lurched from one conflict to another trying to be the policemen of the world. We simply cannot afford to run all over the place and tamp down every little conflict that pops up.

        Instead of military spending, let’s put the creative energy, money, and personnel into the sciences and infrastructure here at home. As Frank pointed out, we’ll get more bang for the buck. (Sorry–pardon the pun.)

  5. Submitted by Paul Udstrand on 07/05/2013 - 09:12 am.

    It’s because of all our stadiums

    And sports arenas.

  6. Submitted by Clayton Haapala on 07/06/2013 - 07:54 pm.

    Storm damage

    We are still cleaning up after two weeks, but Oklahoma City and environs got a heckofa weather-induced stimulus package last month.

  7. Submitted by Todd Hintz on 07/08/2013 - 12:06 pm.

    H/T

    I wasn’t sure what H/T was either. The Minneapolis bike forum uses TOTH (tip o’ the hat) and WOTF (wag o’ the finger).

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