MN Unemployment Rate Holds Steady at 2.8 Percent in October
Minnesota’s unemployment rate held steady in October after improving the month prior to 2.8 percent, the lowest rate recorded in the state since mid-1999.
According to figures released Thursday by the Minnesota Department of Economic Development, just 86,118 Minnesotans remain without jobs — the lowest this number has been since the most recent recession.
DEED determined 3,400 jobs were added in Minnesota in October. The number of job losses in September also improved from the 1,400 initially reported to only 500.
Over the last 12 months, a total of 36,450 jobs have been added in the state, amounting to a 1.2 percent growth rate.
“With an overall 2.8 percent unemployment, employers are working harder to attract and retain talent,” said DEED Commissioner Shawntera Hardy in a statement. “DEED continues to invest in programs that help connect workers to career pathways and employers.”
In October, leisure and hospitality led all sectors with job gains, adding 2,500 — despite having lost the most positions (1,700) in September.
The manufacturing sector had a similar positive turnaround, going from the area with the second most losses (1,600) in September, to adding 200 jobs in October. Likewise, education and healthcare bounced back from shedding 700 jobs a month ago to adding 100.
Other sectors that added new opportunities were: construction (up 1,500); trade, transportation and utilities (800); financial activities (400); and information (100).
Meanwhile, the other services sector shed the most jobs: 800 in October. Losses were also reported in the professional and business services industry (down 700), government (down 500) and logging and mining (down 200).
The Mankato are leads all Minnesota regions in job growth over the last year (up 2.9 percent, unadjusted), followed by the Minneapolis-St. Paul area, St. Cloud area, Duluth-Superior area, and Rochester area.