South Dakota economic growth steady in new jobs report
RAPID CITY S.D. — Across the country, job numbers are on the rise.
That’s according to latest Department of Labor report for the month of April. Nationally, employers added 263,000 jobs last month. This means that businesses have brushed aside concerns of an economic slowdown.
The unemployment rate also dropped to a 49-year-low.
But economic experts say commodity prices of soybeans and wheat are down because of ongoing trade tensions with major buyers like China. According to Dr. Jared McEntaffer, the project director of the Black Hills Knowledge Network, amidst the tariffs, South Dakota’s robust economy continues to grow.
“That’s had a big impact of the Ag sector which is also a major driver of the economy of South Dakota, North Dakota, Nebraska, and Iowa, all of these neighboring states. We’re all being held back a little bit with the ag headwinds, but relatively, South Dakota is performing a little better.”
The report also said hourly wages also increased, which combined with a low unemployment rate could spark inflation. But the wage increases don’t appear to be sparking faster price gains.