Tight Job Market Could Mean Pay Raises For St. Cloud Area Workers
ST. CLOUD - The unemployment rate remains low, which is good news for workers, but challenging for businesses looking to hire. The Minnesota Department of Employment and Economic Development says the unemployment rate in the St. Cloud metro area is at 2.9 percent in November, the same figure as in October.
St. Cloud State University Economist King Banaian says it will take a year or two to properly train the workforce to fill all the job openings that are out there.
You can also encourage and play ways to activate the number of people who are living in our community who are outside of the labor force. Why are they outside the labor force? What are the impediments to get them from deciding to come to work.
GNP Company of Cold Spring just announced this week that they're planning to bring in 26 temporary seasonal workers from other countries, because they can't fill all the job openings that they have.
Some national analysts say American workers can expect a three-percent salary increase on average.
Banaian says he also expects local businesses to increase salaries in the new year, and in turn charge more for the products they sell.