Minnesota’s unemployment rate fell two-tenths of a percentage point for the third consecutive month in October to 3.9 percent on a seasonally adjusted basis. This rate was last matched in May through June 2006, the unemployment rate’s low point during the 2002 to 2007 expansion.
For the second month in a row, the declining unemployment rate, and fewer unemployed individuals, came about as the labor force increased, although only by enough to maintain the labor force participation rate at 69.9 percent. Over the past year, the participation rate has dropped two-tenths of a percentage point as the labor force level has increased by just over 18,000 or 0.6 percent. Even this small increase is unlikely to be sustained in the coming years as the workforce continues to age.
The national unemployment rate fell one-tenth of a percentage point in October to 5.8 percent, its lowest since July 2008.
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