ST. CLOUD TIMES — While some sectors of the local economy continue to be devastated by the COVID-19 pandemic, many area firms are now beginning to recuperate from this spring’s shock waves.
Overall, local employment was 3.1% lower in July 2020 than it was one year earlier, but this is a clear improvement from what was seen in last quarter’s St. Cloud Area Quarterly Business Report (at which time we reported an 11.5% year-over-year decline in area employment).
In addition, published job losses in the Twin Cities (and across the state) are considerably worse than what is seen locally. For example, Twin Cities employment declined 8.7% over the year ending July 2020 (and state employment dropped 8.5% over the same period).
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The Quarterly Business Report is researched and written by St. Cloud State University professors of economics Rich MacDonald and King Banaian.
