The Minnesota unemployment rate fell 0.1 percent in October to a seasonally adjusted 3.7 percent, according to figures released today by the Minnesota Department of Employment and Economic Development. The U.S. unemployment rate in October was 5 percent.
The state lost 1,700 jobs in October, while September's figures were revised from 5,700 jobs lost to 6,900 jobs lost. Minnesota has added 23,929 jobs in the past year, a growth rate of 0.8 percent. The U.S. growth rate during that period was 1.9 percent.
"The October figures suggest that tightening labor markets are beginning to constrain employment growth in Minnesota," said DEED Commissioner Katie Clark Sieben, in a news release "With more baby boomers retiring and leaving the workforce, we are seeing real impacts of the slowing labor growth."
Sectors that gained jobs in October were other services (up 2,200), professional and business services (up 1,300), government (up 500), manufacturing (up 400) and education and health services (up 400).
The following sectors lost jobs in October: leisure and hospitality (down 2,300), construction (down 2,200), trade, transportation and utilities (down 800), financial activities (down 500), information (down 400), and logging and mining (down 300).
ADVERTISEMENT
Over the past year, education and health services has added 11,433 jobs, followed by professional and business services (up 10,271), leisure and hospitality (up 7,792), financial activities (up 3,334), and trade, transportation and utilities (up 770).
Sectors losing jobs over the past 12 months were construction (down 3,891), government (down 3,004), information (down 918), logging and mining (down 771), manufacturing (down 700) and other services (down 387).
In the Metropolitan Statistical Areas, the following regions gained jobs in the past 12 months: Minneapolis-St. Paul MSA (up 1.8 percent) and Duluth-Superior MSA (up 0.4 percent). Three regions lost jobs: Mankato MSA (down 1.7 percent), St. Cloud MSA (down 0.6 percent) and Rochester MSA (down 0.1 percent).
