Minnesota Unemployment Rate Inched up to 2.1% In October
The unemployment rate in Minnesota continues its gradual climb up from historic lows.
In October, the state logged an unemployment rate of 2.1%, up by one-tenths of a percent from the prior month.
It’s worth noting, of course, that Minnesota unemployment remains historically low – a fact that officials at the state’s economic development agency have repeatedly emphasized in monthly jobs reports. The state kicked off the trend in April, when Minnesota logged an unemployment rate of 2.2%. At the time, state officials said the rate was the lowest point on record since 1976. The figure hit an apparent rock bottom in June and July at 1.8%.
Minnesota’s unemployment rate continues to best the national average, which was 3.7% in October.
Meanwhile, Minnesota continues to report an increase in jobs. In October, the state added 17,400 jobs, the biggest increase so far this year, according to the Minnesota Department of Employment and Economic Development (DEED).
“With 13 straight months of job growth on the books, we continue to differentiate ourselves as a hot job market,” said DEED commissioner Steve Grove. “We just need more workers.”
Where were people finding jobs last month? According to DEED, the leisure and hospitality sector was among the biggest drivers of job growth, adding 8,800 jobs compared to the prior month. The professional and business services sector added 4,300 jobs, while manufacturing added 1,300.
Compared to October 2021, Minnesota reported nearly 103,000 more jobs, up 3.6 percent.
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