Minnesota Unemployment Rate Hits Lowest Point on Record
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Minnesota Unemployment Rate Hits Lowest Point on Record

In April, the state’s unemployment rate hit 2.2 percent, its lowest point since 1976.
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Amid global market jitters and ongoing inflation concerns, Minnesota’s economy continued to hum along last month. According to the state’s monthly jobs report, Minnesota’s unemployment rate hit 2.2 percent in April, marking its lowest point since the state began recording that information in 1976, according to the Minnesota Department of Employment and Economic Development (DEED).

That followed another historic low in March, when the state’s unemployment rate hit 2.5 percent.

Of course, it remains to be seen how Minnesota’s economy will fare in the face of inflation. Dismal earnings reports from retail giants Target Corp. and Walmart this week appeared to send jitters through the markets. Still, DEED commissioner Steve Grove sounded a positive note in a news release. “Our economy remains strong, job growth continues, and more people continue to return to work,” he said.

As in prior reports, though, Grove did note that unemployment continues to vary by race: According to DEED’s data, the unemployment rate for Black Minnesotans is more than double that of white Minnesotans.

Meanwhile, the hospitality industry continued to climb out of its Covid-induced hole. On a year-over-year basis, the state’s leisure and hospitality sector added 2,700 jobs in April, while manufacturing added 1,800. Jobs in the financial activities sector soared by 4,700 last month.

Despite all the cranes dotting the Minneapolis skyline, the construction industry actually lost jobs in April compared to the same month last year. According to DEED, the construction industry lost nearly 5,000 jobs on a year over year basis.

In the news release, DEED officials also noted that Minnesota still has not regained all the jobs lost during the early months of the pandemic. According to the agency, Minnesota lost 417,600 jobs between February and April 2020, but it has only regained 329,500 back. That equates to about 79 percent of the jobs lost.