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Unemployment rates declining, Twin Ports economy looking up

TWIN PORTS-- As the United States starts to reopen and people go back to work, the nation's unemployment rates are looking better compared to past months.

"National numbers were around 4% and jumped to over 15% and now they're back down to around 10 to 8 range too," said Karl Schuettler, Research Director for the Northspan Group.

Research experts like Schuettler said while the Twin Ports don't replicate the national averages the area was hit hard when the pandemic forced states to enforce shelter at home orders.

"So we weren't quite as extreme. But if you look at for example just the state of Minnesota or just the state of Wisconsin the rates in this area were would be among the highest," said Schuettler.

The Twin Ports unemployment rate was roughly 3% prior to the pandemic and jumped to 10% as people were laid off.

Researchers are also noticing fewer people in the region are looking for jobs.. which could lead to lower unemployment rate numbers.

"It's been a long-term trend even before the pandemic we saw some declines in labor force participation, especially in certain demographics," said Schuettler. "I think it's no surprise to see that continue through the pandemic especially if people have to stay home to take care of kids or they can't practically come back."

Experts said while things look good right now it's hard to tell what the future will bring as the status of the pandemic is changing daily.

"Especially with fall and winter on the way, it's hard to know what to expect there."

The Northspan Group said the data they have for the Twin Ports is based on June and July unemployment rates.
They expect August's data will be released this upcoming week.

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Emma Quinn

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