Private Sector Jobs Now Exceed Pre-Pandemic Numbers
February marks the first month since Covid rocked the country that private sector jobs have not only rebounded but exceeded pre-pandemic levels in the state, according to data released by the Minnesota Department of Employment and Economic Development (DEED) on Thursday.
Last month, the state gained 10,100 jobs, 9,400 of which were in the private sector, according to a Thursday report from DEED. While the state as a whole still hasn’t completely recovered from 2020 job losses, this marks the first time the private sector has.
Minnesota lost 416,000 jobs from February through April 2020 and, as of this February, has gained 405,900 jobs back. However, of the jobs lost in 2020, the private sector lost 385,900, and as of this month has regained 388,700, exceeding pre-pandemic numbers by 2,800 jobs.
“Minnesota’s continued job growth is great news – it’s a sign of the ongoing strength of Minnesota companies and employers,” interim DEED Commissioner Kevin McKinnon said in the news release.
From January to February, Minnesota’s unemployment rate ticked up slightly to 3%, while the labor force participation rate ticked down slightly to 68%, according to DEED. But Minnesota’s unemployment rate remains below the national average, which rose to 3.6% in February.
In January, DEED reported an unemployment rate of 2.9% in Minnesota.