Minnesota’s Unemployment Rate in November Hits Lowest Mark Since July 2000
Despite eliminating 7,200 jobs in November, Minnesota's unemployment rate dropped two-tenths of a point to 3.1 percent, the lowest level recorded in the state since July 2000, according to seasonally adjusted figures released today by the Minnesota Department of Employment and Economic Development (DEED).
Minnesota now has the national rate beat by 1 percent. Over the course of 2017, Minnesota has added 34,566 jobs, an increase of 1.2 percent year-over-year, while nationally, jobs grew at a slightly more robust rate of 1.4 percent.
“The overall number of unemployed Minnesotans fell below 100,000 last month for the first time since March 2001,” said DEED commissioner Shawntera Hardy in a statement. “While the state lost jobs in November, Minnesotans are continuing to find work in an improving economy.”
Leisure and hospitality employers reported the biggest downturn in November, losing 7,500 jobs. Jobs in the manufacturing sector were also down, shrinking by 700 in November, while the information industry saw a reduction of 700 and government jobs dipped by 600.
On the upside, trade, transportation and utilities led the way in November with 2,300 new jobs, construction contributed another 1,800, and professional and business services were also up 1,800.
The fact that Minnesota’s unemployment rate dropped despite the state having lost jobs can be attributed to seasonal adjustments, including warmer or colder weather. Steve Hine, director of DEED’s labor market office, explained to TCB earlier this year how such occasions can occur.
For the full year, DEED also released its job stats by industry, of which eight of the state’s 11 sectors added jobs:
- Education and health services +11,435
- Trade, transportation and utilities +7,002
- Professional and business services + 5,993,
- Construction +5,384
- Other services +4,466
- Manufacturing +3,056
- Logging and mining +684
- Government +578
- Leisure and hospitality – 2,270
- Information -1,027
- Financial activities -735
Overall, DEED said that all of Minnesota’s metro areas gained jobs in the last year: Minneapolis-St. Paul’s hiring was up 2.1 percent, the Duluth-Superior area climbed by 1.5 percent, Rochester inched up by 0.3 percent, while St. Cloud‘s rate rose up 1.7 percent and Mankato added 1.9 percent.