Recently, DEED announced Minnesota's latest employment numbers for January 2015. The most notable update was the state's unemployment rate held steady at 3.7 percent. Comparatively, the national unemployment rate for January was 5.7 percent.

As is the annual practice, the release of January's employment and unemployment report is accompanied by revisions to previous job figures. Every year, employment figures are revised - sometimes they are revised up, others down. Last year for the 2013 revision, employment figures were revised up by 12,661 jobs. This year, the employment revision went down by 11,620 jobs.

In the context of the 2,823,500 jobs, the revision is one half of one percent.

Primarily, the revision was due to slower labor force growth than estimated. Instead of gaining just over 18,000 new workers, the state added closer to 8,400 new workers. The labor force participation rate ended the year at 69.6 percent.

While these may be small adjustments in context to the larger economy, the drop in labor force participation rate is a reminder that the state's labor shortage is nearing as a result of baby boomer retirements.

Today, baby boomers make up roughly 30 percent of Minnesota labor force. A decade from now in 2025, boomers will make up only 10 percent of the workforce. We won't have to wait a decade to notice the impact of the exodus: we're already feeling it.

The state is working toward addressing the pressing needs of Minnesota's labor shortage by training underutilized and underprepared workers for available jobs, and working with individuals with barriers to employment to build skills that will be marketable in the workplace of tomorrow.

These jobs are being added to Minnesota's economy every day with expansions happening throughout the state. Smiths Medical, an Arden Hills-based medical device maker, recently announced plans late last year to move its headquarters to Plymouth - adding 400 jobs to the area. Cardio3, a Belgium company that develops biopharmaceutical therapies to treat heart diseases, also announced plans to expand in Rochester - adding 33 workers and investing $1.5 million in a new facility. Prophet Corp. in Owatonna, Team Industries in Detroit Lakes or Ikonics in Duluth - these are all growing companies that chose Minnesota to expand and add jobs.

While we have challenges ahead - most notably the pending labor shortage - we have great companies that are adding jobs in Minnesota because of our highly educated and productive workforce. Most immediately, we must be focused on workforce training for Minnesota's underprepared workers to help employers fill their available positions now and in the future.

DEED's labor market analysts can explain how to use and interpret the data over the phone or by email. Call 651-259-7384 or toll free 888-234-1114 or email deed.lmi@state.mn.us.