Unemployment Rate Climbs Slightly in May
Minnesota’s unemployment rate ticked up 0.1 percent in May to 3.8 percent, according to the latest figures from the state’s Department of Employment and Economic Development (DEED).
The last time the unemployment rate went up in the state was June 2009.
A reported 200 jobs were cut since April. The state has cumulatively added some 38,000 jobs since May 2014, a gain of 1.4 percent.
“Minnesota’s labor force participation rate is one of the best in the country and continues to rise, reaching 70.8 percent last month,” said DEED Commissioner Katie Clark Sieben in a statement. “With baby boomers exiting the labor force, it is encouraging to see more people are seeking job opportunities in Minnesota.”
A total of 6,600 new jobs appeared in the trade, transportation and utilities sector in May—the most among all job departments. Financial activities saw a boost of 900 new jobs, as did government with 300 new openings, construction with 200 new jobs, and the information sector with 200 as well.
The sectors that lost the most jobs were: professional and business services with a 4,400 loss, leisure and hospitality lost 1,600, manufacturing dropped 1,000, education and health services fell 900, and lodging and mining lost 300 jobs.
Altogether, nine of the state’s 11 sectors have seen an increase in jobs in the past year. Trade, transportation and utilities hold the crown for largest growth, up more than 10,800 jobs in 12 months.
Minneapolis-St. Paul area has also proved to be the most versatile location for job growth as its figures have jumped 1.8 percent since May 2014. Compared to the national average for unemployment (at 5.5 percent), Minnesota seems to be resting comfortably in the green.